Market

Top Curated News from Latin America

Published

6 months ago

June 1, 2024

Coin2049 Newsletter

BeInCrypto comprehensive Latam Crypto Roundup brings the most important news and trends from across Latin America. With reporters in Brazil, Mexico, Argentina, and more, we cover the latest updates and insights from the region’s crypto scene.

This week’s roundup includes AI initiatives in Argentina, Worldcoin’s expansion in Colombia, new crypto features by Brazil’s largest neobank, and other stories.

Argentina’s Javier Milei Meets with Open AI CEO Sam Altman

President Javier Milei met with OpenAI CEO Sam Altman during his first visit to San Francisco, aiming to position Argentina as a hub for artificial intelligence (AI). The hour-long meeting was viewed by its organizers as a crucial opportunity to attract new investments. This event occurs amid potential legal restrictions faced by technology entrepreneurs in the United States.

On his official X account, President Milei shared a photo with Altman, expressing his enthusiasm for the opportunities offered by a “libertarian” Argentina. Although Altman generally avoids formal contact with other leaders, he made an exception for Milei, attracted by his passionate defense of capitalism and economic freedom.

Milei and his team criticize European regulations for stifling innovation and view Argentina as fertile ground for technological growth. They believe the country could join the United States, China, and Europe as a leading hub for AI development, thanks to its commitment to economic freedom and minimal regulation.

Javier Milei and Sam Altman. Fuente: X/Twitter)

Popular LATAM Arbitrage Platform Has Been Accused of Fraud

Solesbot, an arbitrage platform popular in Venezuela and Colombia, bills itself as an artificial intelligence-based trading bot that operates in cryptocurrency markets. Its proposal is simple: users deposit funds in a linked account and the bot is in charge of buying and selling cryptocurrencies in different exchanges taking advantage of small price differences to generate profits.

However, several members of the crypto community in Latin America have raised concerns, labeling it a Ponzi scheme. The pseudonymous developer CryptoSoftDev shared an extensive thread on his X account (formerly Twitter) detailing the platform’s operations.

First, he revealed that Solesbot operates on BSC. He then pointed out that when a user deposits USDT, it goes to one of five “collector” wallets on BSC. These wallets transfer the funds to a “distributing” wallet, intended to pay users requesting withdrawals.

“Reviewing in more detail the ‘COLLECTOR’ wallets, we noticed some infrequent operations, but of very high amounts, for example this one, 345 thousand $ in a single transfer to another wallet 4 days ago. BINGO, we have the ‘DRAINER’ wallet,” CryptoSoftDev pointed out.

CryptoSoftDev noted that the funds received by the “drainer” wallet are sent to Binance and then returned to Solesbot in the form of Ethereum (ETH), “totaling +$900k between them all.”

Despite analysts’ warnings, Solesbot continues to attract followers. Many investors claim it is possible to earn income through the platform, yet the red flags remain.

El Salvador Attracts Jack Dorsey-Backed Mining Pool

Ocean, a mining pool backed by former Twitter CEO Jack Dorsey, announced the establishment of its new headquarters in El Salvador’s capital, focusing on the business development of decentralized Bitcoin mining. The company will operate as an international Bitcoin mining hub from El Salvador, implementing a decentralization strategy by installing miners of all sizes to expand its mining reach.

Additionally, Ocean Mining will continue to support Bitcoin education in the country at locations such as El Zonte. A few months ago, Blockstream CEO Adam Back stated that El Salvador’s mining infrastructure would make it “an economic powerhouse,” describing Bitcoin as the evolution of “digital gold.”

Bitcoin mining in El Salvador has garnered global attention. Last January, the Bitcoin NGO “My First Bitcoin” received a new grant from Dorsey’s Block. The non-profit organization will use the funds to scale its digital platform and expand its offerings into new languages.

Ocean Mining hash rate — Ocean Mining Ranking. Source: Hashrate Index

Worldcoin’s World ID Lands in Colombia

Despite international controversy, Worldcoin continues its expansion in Latin America by offering World ID verifications in Colombia. This introduction aligns with a growing interest in Proof-of-Humanity in the country and throughout the region.

Currently, there are ten locations with orbs, six in Bogota and four in Medellin. However, the project recently stated that “more orbs are coming,” indicating plans to increase the availability of these machines.

While World ID could address concerns about online authenticity and set a standard for privacy, it still faces significant legal and trust challenges. The company has encountered legal issues in Spain and Portugal, where operations have been banned, along with ongoing investigations in Argentina and Chile.

Brazilian Neobank Adds Support for BTC, ETH and SOL Transfers

Brazil’s largest neobank, Nubank, has introduced a new feature allowing transactions with Bitcoin, Ethereum, and Solana. While only these three cryptocurrencies are supported initially, more will be added soon.

Nubank reported a 1,500% increase in cryptocurrency transaction volume between March 2023 and March 2024. This new feature lets customers transfer their crypto assets whenever they want.

In a separate development, USDC stablecoin issuer Circle announced the launch of its infrastructure in Brazil, partnering with Nubank and BTG Pactual. This alliance will provide direct liquidity to retail customers and institutions through the Brazilian banking system, enabling the exchange and redemption of USDC.

Circle forum in São Paulo — Circle Launches in Brazil to Catalyze USDC Adoption. Source: X/Jeremy Allaire

As the Latin American crypto scene continues to grow, these stories highlight the region’s increasing influence in the global market. From Argentina’s ambitions in AI to Brazil’s expanding cryptocurrency services, LATAM is positioning itself as a key player in the tech world. Stay tuned for more updates and insights in next week’s roundup.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Bitcoin Price Approaches $100K: The Countdown Is On

Published

31 minutes ago

November 22, 2024

Coin2049 Newsletter

Este artículo también está disponible en español.

Bitcoin price is rising steadily above the $95,000 zone. BTC is showing positive signs and might soon hit the $100,000 milestone level.

Bitcoin started a fresh increase above the $95,000 zone.
The price is trading above $95,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if it clears the $100,000 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin price remained supported above the $92,000 level. BTC formed a base and started a fresh increase above the $95,000 level. It cleared the $96,500 level and traded to a new high at $98,999 before there was a pullback.

There was a move below the $98,000 level. However, the price remained stable above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. There is also a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. Bitcoin price is now trading above $96,000 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $98,880 level. The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000.

A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,000 resistance level. Any more gains might send the price toward the $104,500 resistance level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $98,000 level.

The first major support is near the $96,800 level. The next support is now near the $95,500 zone and the trend line. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $96,800, followed by $95,500.

Major Resistance Levels – $99,000, and $100,000.

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Market

This Is Why XRP Price Rallied By 25% and Could Soon Hit $2

Published

2 hours ago

November 22, 2024

Coin2049 Newsletter

Ripple’s (XRP) price rallied by 25% in the last 24 hours following Gary Gensler’s announcement that he would resign as the US Securities and Exchange Commission (SEC) chair on January 20, 2025.

This development comes as a relief to the popular “XRP Army,” which has had to deal with suppressed price action due to the Gensler-led SEC’s nonstop petitions against Ripple. But that is not all that happened.

Ripple Bears Face Notable Liquidation Following Gensler’s Notification

Gensler’s announcement appears to be a positive development for the broader crypto market. But XRP holders seemed to benefit the most. This was particularly significant given the unresolved Ripple-SEC legal issues that have persisted throughout the SEC Chair’s tenure.

As a result, it came as no surprise that XRP price rallied and outpaced those of any other cryptocurrency in the top 10. Furthermore, the development triggered liquidations totaling $26.11 million over the last 24 hours.

Liquidation occurs when a trader fails to meet the margin requirements for a leveraged position. This forces the exchange to sell off their assets to prevent further losses. In XRP’s case, the liquidation primarily resulted in a short squeeze.

XRP liquidations — Crypto Market 24-Hour Liquidations. Source: Coinglass

A short squeeze happens when a large number of short positions (traders betting on price declines) are forced to close, driving the price higher as they rush back to buy back the asset.

At press time, XRP trades at $1.40 and currently has a market cap of $80.64 billion. With Gensler almost gone, crypto lawyer John Deaton noted that XRP price gains could be higher, and the market cap could climb to $100 billion.

“XRP soon will achieve a $100B market cap. Times are changing,” Deaton wrote on X.

Meanwhile, CryptoQuant data shows that the total number of XRP sent into exchange has significantly decreased. Typically, high values indicate increased selling pressure in the spot market. This is because it suggests that more assets are being offloaded, potentially driving prices lower.

However, since it is low, XRP holders are refraining from selling. If this remains the case, the token’s value could rise higher than $1.40.

XRP exchange inflow — XRP Exchange Inflow. Source: CryptoQuant

XRP Price Prediction: $2 Coming?

According to the 4-hour chart, XRP has been trading within a range of $1.04 to $1.17 since November 18. This sideways movement has resulted in the formation of a bull flag — a bullish chart pattern that signals potential upward momentum.

The bull flag begins with a sharp price surge, forming the flagpole, driven by significant buying pressure that outpaces sellers. This is followed by a consolidation phase, where the price retraces slightly and moves within parallel trendlines, creating the flag structure.

Yesterday, XRP broke out of this pattern, signaling that bulls have seized control of the market. If this momentum persists, XRP’s price could surpass $1.50, potentially approaching the $2 threshold.

XRP price analysis — XRP 4-Hour Analysis. Source: TradingView

However, this bullish scenario hinges on market behavior. If holders decide to secure profits, selling pressure could push XRP’s price below $1, erasing recent gains.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Dogecoin (DOGE) Shows Renewed Energy: Rally Incoming?

Published

3 hours ago

November 22, 2024

Coin2049 Newsletter

Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.

DOGE price started a fresh increase above the $0.3750 resistance level.
The price is trading above the $0.3800 level and the 100-hourly simple moving average.
There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels.

Dogecoin Price Eyes More Upsides

Dogecoin price remained supported above the $0.350 level and recently started a fresh increase like Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.

The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low.

The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500.

Are Dips Supported In DOGE?

If DOGE’s price fails to climb above the $0.400 level, it could start a downside correction. Initial support on the downside is near the $0.3850 level. The next major support is near the $0.3750 level.

The main support sits at $0.3550. If there is a downside break below the $0.3550 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.3850 and $0.3750.

Major Resistance Levels – $0.4000 and $0.4200.

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