Market

BlackRock’s IBIT Launch in Chile, and More

Published

4 days ago

June 29, 2024

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BeInCrypto comprehensive Latam Crypto Roundup brings Latin America’s most important news and trends. 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 stories about BlackRock’s IBIT launch in Chile, Nubank’s partnership with Lightspark, Bolivia’s cryptocurrency ban revoke, and more.

BlackRock Launches IBIT on Santiago Stock Exchange in Chile

BlackRock has introduced its iShares Bitcoin Trust (IBIT) to the Santiago Stock Exchange in Chile, managed by BCI Corredores de Bolsa. This launch allows Chilean investors to participate in Bitcoin investments at an institutional level.

Chile now follows Brazil in the region, where BlackRock launched the same ETF earlier in March. According to GTD, 74% of Chileans recognize Bitcoin as the leading cryptocurrency in the market. The ETF, which began trading on June 27, benefits from BlackRock’s technological expertise and its management of approximately 1,300 other ETFs.

This launch fills us with pride, as it is in line with the long history of innovation driven by BlackRock in the financial markets. Now, investors in Chile will have an accessible and efficient digital asset to include in their portfolios, backed by the extensive experience in risk management that our iShares ETFs have,” said Silvia Fernández, the Country Head of BlackRock Chile.

IBIT has established itself as the world’s largest Bitcoin ETF, with over $20 billion in assets since it began trading in January 2024. It was also the fastest ETF to reach $10 billion in assets in history.

Bolivia Authorizes Cryptocurrency Use, Revoking Historic Ban

Bolivia has officially lifted its ban on cryptocurrencies, authorizing their use through Electronic Payment Instruments (IEP). Edwin Rojas, the president of the Central Bank of Bolivia, announced this decision, marking a massive shift in the country’s approach to digital commerce.

The reversal of the 2020 Resolution 144, which previously restricted cryptocurrency transactions, involved the Financial Investigations Unit and the Financial System Authority. Despite this change, the Boliviano remains the only legal tender.

The Central Bank stresses that all risks associated with virtual assets are the user’s responsibility. It highlights that these assets are not considered legal money and are not obligatory for payments. The Central Bank is committed to adapting existing regulations and launching educational campaigns.

Official announcement by the Central Bank of Bolivia on the updated regulations. Source: BCB

This initiative aligns with recommendations from the Latin American Financial Action Task Force. They suggested regulating virtual asset services to meet new financial realities and the expanding use of blockchain technologies.

The recent move modernizes Bolivia’s financial system and opens doors to new digital commerce opportunities and financial inclusion, provided that public education manages the transition responsibly.

Santander Brazil Expands Crypto Trading to Retail Customers via Toro Platform

Santander, the multinational banking giant, has recently announced that it will start offering cryptocurrency trading services in Brazil. Starting this week, Santander’s Brazilian investment platform, Toro, will offer its retail customers access to Bitcoin and Ethereum.

Previously, these cryptoassets were available only to the bank’s private clients through ETFs. This move follows similar offerings by other Brazilian banks such as Itaú, Nubank, Inter, and BTG Pactual.

Toro founder and CEO João Resende explains that negotiations begin with offering the two largest digital currencies to selected clients with an appropriate risk profile for the product.

“The product will be aimed at clients with an aggressive risk profile. Gradually, the new service will be rolled out to the broker’s entire base of more than one million active clients.” Resende says Toro is considering offering other digital currencies in addition to tokenized assets. “It’s a first step we are taking,” he noted.

According to a report by Valor Econômico, the success of this initiative in Brazil might lead to its expansion across other Santander branches worldwide. Santander, also participating in the CBDC project known as Drex, recently conducted the first transaction using Anonymous Zether. The solution, developed by Consensys, allows users to conceal transaction amounts and the parties’ identities using cryptographic proofs.

Costa Rican Authorities Unveil Bitcoin Money Laundering Scheme

Costa Rican authorities have dismantled a sophisticated money laundering scheme involving cryptocurrencies, including Bitcoin. After a two-and-a-half-year investigation, police arrested 36 individuals on Tuesday. Among them were judges, lawyers, and two Spanish nationals identified as the ringleaders.

Randall Zúñiga, director of the Judicial Investigation Agency (OIJ), explained that the gang stole properties from Costa Rican residents. They then legitimized these assets through cryptocurrency purchases. In one instance, the organization moved $13 million in Bitcoin in a single day, highlighting the scale of its operations.

“There is a whole team dedicated to cryptocurrencies. In one day, they made a $13 million transaction in bitcoins. We have identified 25 properties, but over 100 have been stolen. Conversations suggest they have taken over 300 properties, with one valued at $30 million. This constitutes a multi-million dollar fraud,” Zúñiga stated.

The operation involved around 500 OIJ agents and conducted 47 raids nationwide. Lawyers, notaries, public officials, and five traffic officers were arrested. They face charges of registration fraud, ideological falsehood, and money laundering.

This case in Costa Rica mirrors a similar incident in Venezuela. The Scientific, Criminal, and Criminalistic Investigations Corps (CICPC) captured a criminal operating an illicit cryptocurrency exchange in Chacao, Miranda.

The detainee, Gabriel Bello, enticed victims with offers of currency exchange and cryptocurrencies at affordable prices. He then failed to deliver the promised returns. Bello, who was wanted for continuous swindling and other crimes, is now in the custody of the Public Prosecutor’s Office.

Colombia’s Usiacurí Municipality Adopts Bitcoin

The small Colombian town of Usiacurí, home to over 10,000 residents, has embraced cryptocurrencies like Bitcoin, USDT, and Tron for tourist transactions. This initiative mirrors El Salvador’s 2021 adoption of Bitcoin and aligns with Colombia’s high rate of Bitcoin utilization. President Gustavo Petro has even explored cryptocurrencies as potential solutions for governmental issues.

This adoption is part of the “Distrito Crypto” project, a collaboration between Usiacurí’s municipality, Universidad de la Costa (CUC), Certika, and Corporación CienTech, exclusive to Usiacurí in the Atlántico department. The program aims to facilitate cryptocurrency transactions for foreign tourists across local hotels, shops, and restaurants.

“The participation of the Universidad de la Costa was fundamental throughout the process, since through its teachers and researchers have been strengthening the research line of blockchain and its applications, as is this tool that allowed us to turn Usiacurí into the first municipality with Cryptocurrency District, generating more sales in its tourism and hotel sector,” explained CienTech.

Read more: Who Owns the Most Bitcoin in 2024?

Further enhancing Colombia’s appeal to crypto investors, the recent introduction of Worldcoin’s World ID verifications in Bogotá and Medellín positions the nation as a hub for digital identity solutions. This system serves as a “digital passport of humanity,” designed to verify unique individual identities securely, meeting growing demands for digital services verification.

Nubank Partners with Lightspark to Integrate Lightning Network in Brazil

Nubank has partnered with Lightspark to deploy the Bitcoin Lightning Network on its Brazilian platform. This alliance will explore potential synergies and development opportunities, with more specific details to be announced later.

Lightspark will provide Nubank with an enterprise-grade gateway to the Lightning Network, facilitating reliable, near real-time transactions for Bitcoin and fiat currencies at reduced costs.

“The partnership with Lightspark, which has developed an excellent technical solution for Bitcoin’s Lightning network, is another step in Nubank’s mission to provide the best solutions for our customers and strengthen our long-term relationship with them. The future integration of Lightning underscores Nubank’s ongoing mission to deliver more efficient services faster and at lower costs through blockchain technology,” stated Thomaz Fortes, CEO of Nubank Crypto.

The collaboration will allow Nubank’s teams to enhance the end-to-end customer experience by focusing on product innovation without the burden of managing a large-scale Lightning deployment. This integration represents a significant advancement in the adoption and efficiency of digital financial transactions, promising a faster, more affordable, and secure service for Nubank’s customers. It’s a significant milestone for the Lightning Network, expected to greatly increase its overall network utilization.

Argentina and Venezuela Face Hyper AI Platform Controversy

The Hyper AI platform, renowned for integrating advanced technologies like AI and blockchain into a metaverse, has recently suspended user withdrawals, alleging a system update. This action has alarmed its investors in Venezuela and caused uncertainty in Argentina. The platform is now accused of operating like a Ponzi scheme, leading many users to organize a protest to file formal complaints with the public prosecutor’s office in Venezuela.

Social media and cryptocurrency forums are buzzing with reactions as users in Venezuela express their frustration over the lack of transparency, accusing Hyper AI of employing common Ponzi scheme tactics. Approximately 20,000 users in Los Teques, El Jarillo, and La Colonia Tovar are reportedly affected. On Wednesday, June 26, a group will officially approach the Superior Prosecutor’s Office of Miranda to denounce the platform.

“I entered in the month of February, I started with the minimum investment of 50 dollars. For a while I recovered something, but for example my son borrowed money, he entered with $5,000 and of course he lost all of that. I know many people who sold houses, cars, who were excited because this platform was supposed to last until next year”, Carlos Chavez told the local Venezuelan media Diario Avance.

Read more: 15 Most Common Crypto Scams To Look Out For

The controversy is not confined to Venezuela; it has also touched Argentina. Users have voiced their dissatisfaction and are seeking answers to the ongoing crisis.

“My experience was awful, I entered through my nephew who was also scammed. I invested almost 900 dollars and I could not withdraw anything and it was horrible to know that they played with us like that”, Gabriela Romando told Argentinean media El Diario del Sur.

The situation that all Hyper AI users are going through has exacerbated the distrust in investments related to emerging technologies in the region. This saga is reminiscent of other recent financial collapses of digital platforms such as FTX, BTR, Solesbot, and CowCoin.

As the Latam crypto scene grows, these stories highlight the region’s increasing influence in the global market. From BlackRock’s Bitcoin ETF launch in Chile to Brazilian Nubank’s partnership with Lightspark, Latin America is positioning itself as a key player in the tech world. Stay tuned for more updates and insights in next week’s roundup.

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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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FET Bearish Descent Targets Key $0.966 Level, More Dips Ahead?

Published

8 hours ago

July 3, 2024

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Artificial Superintelligence Alliance (FET) is experiencing a prolonged bearish trend, pushing its price closer to the critical $0.966 support level. This sustained downward pressure has raised concerns among investors, as the cryptocurrency continues to extend its bearish momentum.

The $0.966 resistance mark now serves as a significant point of interest, determining whether FET can reverse its current trajectory or continue its descent. Market participants are closely monitoring these developments, analyzing technical indicators and market sentiment to gauge the potential for a rebound or further decline.

This article aims to analyze the extended bearish trend affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $0.966 resistance level.

FET’s price was trading at around $1.30 and was down by 3.10% with a market capitalization of over $3 billion and a trading volume of over $99 million as of the time of writing. There has been a 24-hour decrease of 3.28% and 29.79% in FET’s market capitalization and trading volume respectively.

FET Price Under Bearish Pressure

Currently, FET on the 4-hour chart is actively bearish trading below the 100-day Simple Moving Average (SMA) and the bearish trend line, dropping toward the crucial $0.966 resistance mark.

The 4-hour Composite Trend Oscillator also confirms more bearishness for FET as both the signal line and the SMA of the indicator continue to trend inside the oversold zone.

On the 1-day chart, it can be observed that FET is very bearish trading below the 100-day SMA and the trend line. Following a rejection at $1.862, the price of FET has been on an extended bearish move heading toward the $0.966 support level.

Lastly, the 1-day composite trend oscillator signals that FET may extend its bearish trend toward the $0.966 support level as the signal line and the SMA are still trending in the oversold zone.

Will FET’s Price Breakthrough Or Face A Rejection

Conclusively, it can be noted that as the price of FET continues to move toward the $0.966 resistance mark, it may break through its bearishness or face rejection and begin to rise.

Therefore, exploring the possible outcomes of the coin, it was discovered that if FET’s price reaches the $0.966 support level and breaks below, it may continue to decline to test the $0.459 level and potentially move on to challenge other lower levels if it breaches the $0.459 level.

However, if the crypto asset faces rejection at the $0.966 support level, it will begin to ascend toward the $1.862 resistance level. When this level is breached, it may continue to climb to test the $2.564 resistance level and may move on to test other higher levels if it breaches the $2.564 level.

FET

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Market

Bitcoin Price Takes a Step Back: Analyzing The Recent Correction

Published

14 hours ago

July 3, 2024

admin

Bitcoin price failed to continue higher above the $63,650 resistance zone. BTC is now correcting gains and might revisit the $60,850 support.

Bitcoin started a downside correction from the $63,650 resistance zone.
The price is trading below $62,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to start a fresh increase above the $62,250 resistance zone.

Bitcoin Price Dips Again

Bitcoin price struggled to extend gains above the $63,650 and $63,800 resistance levels. A high was formed at $63,798 and the price started a downside correction.

The price declined below the $63,000 level. The bears were able to push it below the $62,500 level and the 100 hourly Simple moving average. There was also a move below the 50% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high.

Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.

The bulls are now trying to protect the $61,400 zone and the 61.8% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. If there is another increase, the price could face resistance near the $61,850 level and the trend line.

The first key resistance is near the $62,250 level. The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher.

Bitcoin Price — Source: BTCUSD on TradingView.com

In the stated case, the price could rise and test the $63,250 resistance. Any more gains might send BTC toward the $63,650 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $62,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,400 level.

The first major support is $60,850. The next support is now forming near $60,500. Any more losses might send the price toward the $60,000 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $61,400, followed by $60,850.

Major Resistance Levels – $62,250, and $62,500.

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Market

Exploring Upward Momentum and Bullish Prospects

Published

15 hours ago

July 3, 2024

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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