Market
Circle CEO Jeremy Allaire Praised Brasil Crypto Industry
Jeremy Allaire, CEO of Circle, the issuer of the USDC stablecoin, announced new partnerships with industry giants during his visit to Brazil.
Allaire noted that the adoption of cryptocurrencies and stablecoins is still in its early stages.
Circle Officially Enters Brazil, BTG Pactual Will Issue USDC
During his visit to Brazil, Circle’s chairman signed a partnership with BTG Pactual. This means one of Latin America’s largest investment banks will now offer USDC to the market through the local banking system.
“BTG will be our direct liquidity partner for the minting [registration within the blockchain] of USDC 24 hours a day, seven days a week. This means that on a retail and institutional level, companies and investors will be able to almost instantly issue and receive USDC in Brazil using the real in the local banking system,” Allaire said.
The executive with over two decades of experience stated that the partnership with BTG “represents a tremendous milestone.”
“We are still in the early stages and at the beginning of the wider use of digital dollars, we are at the beginning of the wider use of blockchain in the financial system,” he stated.
Read more: Top 12 Crypto Companies to Watch in 2024
Allaire told a small group of journalists in São Paulo that he is certainly excited to see wider adoption by end users. He expressed enthusiasm about the growing number of financial institutions, fintechs, and payment companies gaining access to this infrastructure in Brazil. While these partnerships are important, he noted that Brazil has a much larger overall number of financial institutions and fintechs.
“We want to grow this and I think now we have the real infrastructure, the financial infrastructure, we have the key partners that can really grow this. I think it’s really the beginning and it’s about enabling, you enable thousands of institutions here in Brazil to be able to use this infrastructure,” Circle CEO commented.
BTG CEO Roberto Sallouti stated during the Circle meeting that blockchain is likely the future path for the institutional and financial systems. Jeremy Allaire echoed this sentiment in his discussion with reporters. The CEO highlighted the success of the Central Bank’s PIX system, which now has over 160 million users. He noted that Brazil, with leaders like Roberto Campos Neto, has a progressive approach to advancing financial technology and initiatives like Drex.
“We are committed to making a positive impact on the Brazilian market and partnering with key stakeholders to enable companies to participate in the global economy more easily and efficiently. There are many powerful opportunities on the horizon when Brazil’s advanced fintech ecosystem converges with the world’s most accessible dollar platform,” Circle co-founder said.
Brazil Will Become a Major Crypto Player
Jeremy Allaire explained that Circle initially launched USDC in Singapore due to strong Asian demand. Nevertheless, he now sees Brazil as a major global player.
“People know that Asia is a huge hub for this activity, but when we look at other markets, we look at Brazil,” he stated.
According to Allaire, the proactive stance of Brazilian regulators, such as the Central Bank, has attracted Circle’s attention. Besides partnering with BTG, Circle has also teamed up with Nubank and Mercado Bitcoin.
When asked if the United States lags behind Brazil in digital currency adoption, Jeremy Allaire noted that the US has the largest financial system in the world and the most to lose from inaction. However, he also mentioned that the US government might prefer to wait “until things are more developed before taking the next steps.”
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
“This is a slow-moving trend. But at the same time, there has been a particular environment around fintech innovation. And I consider Circle to be one of them. They were built under an American regulatory regime, and so there has been a lot of progress,” Allaire noted.
Regarding the US presidential race, Jeremy Allaire mentioned Donald Trump, noting that the Republican candidate often supports cryptocurrencies. Circle CEO also pointed out that Trump opposes the digital dollar (CBDC).
“Regardless of who wins the presidential election in the United States, we’re going to see more constructive, bipartisan work to regulate the sector. There may be some differences of opinion here or there, but I think the general direction is, regardless, towards good regulation,” he concluded.
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.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
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.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
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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