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Argentina to Protect Scam Victims

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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 highlights Argentina’s efforts to protect cryptocurrency scam victims, Bancolombia’s integration of the Solana and Arbitrum networks, along with other key stories.

Bancolombia’s Wenia Expands with Solana and Arbitrum Integration

Bancolombia’s crypto platform, Wenia, has expanded its offerings by integrating the Solana and Arbitrum networks, allowing users to transfer Ethereum (ETH) via Arbitrum. This update aims to enhance user experience with lower transaction fees and faster processing times.

The inclusion of Solana and Arbitrum positions Wenia as a competitive force in the region, particularly with Arbitrum’s scalability advantages over Ethereum. Wenia noted that this move aligns the platform with a global trend favoring more efficient blockchain networks.

“We have an invitation you’re going to love! Arbitrum and Solana networks are now available on Wenia App, and our crypto specialist Rafael Santamaría will tell you everything in a takeover this Friday, September 13, on our Telegram channel. Don’t miss it!” the platform announced via its X account.

Read more: Crypto vs. Banking: Which Is a Smarter Choice?

Since its launch, Wenia has offered a variety of digital assets, including Bitcoin, Ethereum, USDC, MATIC, and the COPW stablecoin. The platform also allows users to view detailed reports on the reserves backing the COPW stablecoin through its Reserve Test feature.

Earlier this year, Wenia introduced Chainlink’s Proof-of-Reserve (PoR) services to enhance transparency in its holdings.

“On-chain Proof of Reserve data is a critical component for digital asset adoption and serves as a springboard toward increasing consumer confidence in the use of stablecoins and other tokenized assets. We chose Chainlink for its industry-leading platform,” said Pablo Arboleda, CEO of Wenia.

Enegix Global Taps Natural Gas for New Crypto Mining Data Center in Brazil

Enegix Global has announced plans to use isolated natural gas as the energy source for its upcoming cryptocurrency mining data center in Brazil. Set to launch this November, the facility will initially have a 25-megawatt (MW) capacity, with plans to expand to 80 MW.

The isolated natural gas, found in areas with limited infrastructure, offers a cleaner energy alternative for mining operations, particularly in regions rich in gas reserves. This move aligns with Brazil’s growing reputation for both cryptocurrency adoption and renewable energy innovation.

“In addition to being considered one of the largest cryptocurrency adoption markets in the world, Brazil has ideal conditions to attract the digital mining industry as well. With clean energy sources, such as isolated natural gas and hydroelectric power plants, the country favors the promotion of sustainability in the sector and at the same time presents favorable conditions for operating costs and electricity generation,” Enegix CEO Yerbolsyn Sarsenov stated.

Read more: Is Crypto Mining Profitable in 2024?

The project aims to support the mining of Bitcoin and altcoins while enhancing Enegix’s power management capabilities by over 30%.

Latam Countries Rank Among Top 20 With Highest Crypto Adoption

According to the latest report from blockchain analytics firm Chainalysis, Brazil, Venezuela, Mexico, and Argentina are among the top 20 countries globally with the highest cryptocurrency adoption rates. These Latin American nations join others like India, Nigeria, and the United States in leading the world in crypto usage and transfers.

Chainalysis’ global adoption index highlights the role of Bitcoin spot exchange-traded funds (ETFs) in driving BTC activity in North America and Western Europe. In contrast, stablecoins have had a more significant impact in regions such as Africa and Latin America.

“Between Q4 2023 and Q1 2024, the total value of global crypto activity increased substantially, reaching higher levels than 2021 during the cryptocurrency bull market. This year, cryptocurrency activity increased in countries at all income levels, with a pullback in high-income countries from early 2024,” the report noted.

Read more: Top 9 Crypto Friendly Countries For Digital Assets Investors

Global Crypto Activity. Source: Chainalysis

In Latin America, Brazil, Venezuela, Mexico, and Argentina are leading the charge. The report also notes a significant increase in global cryptocurrency activity between Q4 2023 and Q1 2024, surpassing the levels seen during the 2021 bull market. Cryptocurrency usage grew across all income levels, although high-income countries saw a slight decline in early 2024.

Fundación Blockchain Argentina has launched a new initiative aimed at protecting cryptocurrency users by offering free legal advice to victims of scams. Led by Dr. Sabrina Scavone, the program aims to provide guidance to individuals who have fallen prey to cryptocurrency-related fraud. As investments in digital assets, such as Bitcoin, continue to rise, so too have incidents of scams, creating concern within the crypto community.

The service focuses on offering specialized legal advice to those who have suffered financial losses from Ponzi schemes, fraudulent investments, or phishing attacks. The Foundation’s move follows a significant increase in such crimes, with reports indicating millions of dollars lost to hacks and scams. The service will provide victims with a thorough analysis of their legal options and clear steps for pursuing their cases.

Guido Zatloukal, president of Fundación Blockchain Argentina, highlighted that this initiative reflects the organization’s commitment to the safety and well-being of the country’s crypto community.

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

Sabrina Scavone also stressed the importance of creating a more secure and transparent cryptocurrency ecosystem, noting that legal tools can be crucial for those affected by such crimes. With the rise of fraud, Fundación Blockchain Argentina strengthens its role in promoting blockchain education and development, now extending its efforts to include legal support.

Venezuelan Authorities Seize 35 Bitcoin Mining Machines Amid Regulatory Uncertainty

On September 6, 2024, Venezuelan authorities, led by the Bolivarian National Armed Forces (FANB) and the Public Prosecutor’s Office, seized 35 Bitcoin mining machines in the state of Guárico. The operation, sanctioned by the 3rd Control Court of San Juan de los Morros, also resulted in the confiscation of 30 extractors, several industrial fans, and two vehicles. The raid occurred due to the lack of necessary permits for operating the mining farm.

In Venezuela, cryptocurrency mining is heavily regulated, requiring authorization from the National Superintendence of Cryptoassets (Sunacrip). However, since Sunacrip was suspended in 2023 amid a corruption scandal involving state oil company PDVSA, the crypto industry has been left without a clear regulatory framework.

This regulatory void has created challenges for miners. Many argue that they lack the guidance to operate legally, resulting in interventions like the one in Guárico. High energy consumption from Bitcoin mining, particularly from ASIC machines, has been a key issue, exacerbating Venezuela’s ongoing energy crisis. Frequent blackouts have prompted the government to disconnect mining farms from the National Electric System (SEN), aiming to stabilize power for citizens.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

President Nicolás Maduro recently stated that cryptocurrencies would become a priority on his political agenda, but details on restoring Sunacrip or clarifying regulations remain vague. Until then, the uncertainty surrounding Bitcoin mining in Venezuela continues, with miners left exposed to legal action and sanctions. Similar crackdowns have been reported in Paraguay, where protecting the electricity grid is also cited as the primary reason for such interventions.

As the Latam crypto scene grows, these stories highlight the region’s increasing influence in the global market. 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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum whales get active as ETH retraces gains, buying the dip and this presale token under $0.08

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Large holders in the Ethereum (ETH) community, Whales, are silently acquiring ETH while it gives back its recent gains. Amid this, a fresh presale token valued at less than $0.08, Rexas Finance (RXS), is drawing interest from investors. Targeting the huge real-world asset market, Rexas Finance is creating waves with special characteristics.

Rexas Finance: Targeting the Real-World Asset Market

Rexas Finance is targeting a relatively untapped market in cryptocurrency: real-world asset (RWA) tokenization. Using the blockchain, this creative platform lets users invest in commodities, gold, and real estate, among other things. With just one click, investors can own a fraction of a high-value asset, such as a piece of real estate, anywhere in the world.

The Rexas Finance presale is gathering pace right now. Over 72 hours, it raised around $450,000 during its first stage. This success suggests growing investor faith in its goal. Now in its second phase, the presale has already gathered over $811,208 with the RXS token valued at $0.04, which many analysts are arguing could prove to be a steal.

Rexas Finance offers its customers several features. By locking down their RXS tokens, investors can generate passive income using staking and yield farming. The Launchpad on the platform provides funds for creative ideas, therefore enabling startups to gain traction. 

The Rexas QuickMint Bot also simplifies token creation by letting users mint fresh tokens straight via Discord and Telegram messaging systems. This opens token development to a larger audience, therefore promoting diversity in the crypto scene.

The Rexas ecosystem transcends tokenization. Its AI Shield guarantees better security for smart contracts, ensuring the dependability and safety of transactions. Using several blockchain networks, the platform also incorporates a Multi-Chain Yield Optimizer through Rexas Treasury, therefore maximizing profits for investors. 

Rexas Finance aims to close the gap between the blockchain world and tangible assets by using developing technologies such as blockchain, artificial intelligence, and DeFi. Given that a number of experts estimate a 7,800% increase in the next bull run, Rexas Finance could prove itself to be a good option for both novice and seasoned crypto investors.

Whales Are Accumulating ETH Amid Market Shifts

The largest holders of Ethereum, sometimes referred to as whales, have been progressively adding more ETH, particularly during dips. Data from on-chain monitoring firm IntoTheBlock indicates that these whales currently hold around 43% of Ethereum’s active supply. Their accumulation has been continuous since 2019; it quickened in early 2023, particularly following Ethereum’s Shanghai upgrade, which allowed the staked Ether to be withdrawn.

The current whale activity points to calculated market movement. Whales are buying the dip as Ethereum pulls back some of its past increases this year. With a 1.4% rise against Bitcoin’s 33.6% rise in 2024, Ethereum has notably lagged behind. Still, the steady whale accumulation points to long-term Ethereum potential optimism.

Cryptocurrency analyst Benjamin Cowen noted that Ethereum’s monthly candles have been reflecting its 2016 performance. Should this trend persist, Ethereum may climb by 2025. Still, it’s important to keep in mind that the crypto market is volatile, and past performance might not ensure present outcomes.

The RXS Token Presale 

Rexas Finance’s token distribution is meant to help the community and propel the expansion of the ecology. There are one billion RXS coins. 42.5% of these tokens are made available in the presale, giving early adopters lots of possibilities. Staking rewards, liquidity, marketing, and team incentives account for the rest, thereby maintaining a sustainable and balanced environment.

How to Participate in the Rexas Finance Presale

  1. Go to the official Rexas Finance website to get comprehensive knowledge regarding the presale and token.
  2. Click the “Join Presale” or comparable button to link your crypto wallet—such as MetaMask or Trust Wallet—to the platform.
  3. Choose the investment amount you wish to make. In Stage 2, the price of each RXS token is $0.04.
  4. Check the specifics and verify the transaction in your wallet. Then, make sure you have enough ETH or another supported Bitcoin for the gas expenses.
  5. Your RXS Tokens will be delivered to your wallet once the transaction is verified.

Participating in the Rexas Finance presale helps you join a creative platform with great future expansion potential. Are you all set to engage in the Rexas Finance ecosystem?

Conclusion 

As the market fluctuates, Ethereum whales are deliberately gathering to show their belief in ETH’s long-term viability. Rexas Finance, meanwhile, gains momentum in its presale phases by providing a unique investment opportunity through real-world asset tokenization. Joining early offers investors the opportunity to access the current low prices, and holds out the possibility of huge returns for early investors after the RXS token is launched.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance



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Can Binance Coin (BNB) Price Break $600

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Binance Coin (BNB) holders have waited several months for the altcoin to reclaim the $600 price mark. The increased demand it currently enjoys suggests that this milestone could be achieved sooner rather than later.

However, sentiment among its futures traders has turned bearish as they begin to bet against a sustained price rally. 

Binance Coin Sees Higher Demand for Short Positions

Binance Coin’s price has risen by 3% in the past 24 hours, reflecting the broader market upswing following the US Federal Reserve’s first interest rate cut since March 2020.

Demand for BNB has surged since the beginning of the month, with its price now at $557.11, marking a 14% increase over the last 13 days. However, futures traders remain skeptical about the rally’s longevity, as many continue to favor short positions.

According to Santiment, BNB’s funding rate — used to keep futures contracts aligned with the spot price — has been negative for the past three days, currently sitting at -0.001%.

Read more: How To Trade Crypto on Binance Futures: Everything You Need To Know

bnb funding rate
BNB Funding Rate. Source: Santiment

A negative funding rate indicates short-term pessimism, with more traders betting on a price decline than on a rally. However, BNB’s price has risen in the face of these bearish bets, leading to the liquidation of many short positions.

Short liquidations occur when traders betting on a price drop are forced to buy back the asset at a higher price to cover their losses, as the price moves against their expectations. When BNB’s price surged beyond a certain level, traders with short positions were compelled to exit to minimize losses.

Since September 16, BNB short liquidations have totaled $1.3 million, according to Coinglass.

bnb total liquidations
BNB Total Liquidations. Source: Coinglass

BNB Price Prediction: Altcoin Is Poised for More

BNB’s moving average convergence/divergence (MACD) indicator suggests the potential for continued upward momentum. The MACD line (blue) currently sits above both the signal line (orange) and the zero line, indicating strong bullish sentiment and the likelihood of a sustained uptrend.

If buying pressure continues, BNB could rally toward the $592.30 resistance level. A break above this level would set the coin on track to target $637.80.

Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030

bnb price prediction
BNB Price Analysis. Source: TradingView

However, if profit-taking begins, the bullish outlook could be reversed, with BNB’s price possibly dropping to find support at $466.60

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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This Is How Whale Activity Can Cause XRP to Rally 30%

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XRP price has been trading within an ascending triangle pattern, a technical setup that suggests a significant breakout is on the horizon. This pattern could send the altcoin’s price up by as much as 28.9%. 

Key market players, known as whales, have been fueling this potential surge by accumulating large amounts of XRP, signaling confidence in an upward price movement.

XRP Whales Contribute Considerably

Whale activity has surged in recent days, with large holders significantly increasing their positions. Specifically, addresses holding between 10 million and 100 million XRP tokens have collectively purchased 200 million XRP, valued at over $116 million. This accumulation points to a rising belief in the asset’s bullish potential.

The increased whale activity is an indicator of market confidence, as such holders typically buy when they anticipate a price rally. Their recent purchases suggest that the coming weeks could see XRP break out of its current pattern, giving momentum to the cryptocurrency and offering investors notable gains.

Read more: XRP ETF Explained: What It Is and How It Works

XRP Whale Holdings.
XRP Whale Holdings. Source: Santiment

Analyzing XRP’s macro momentum, the MVRV (Market Value to Realized Value) Long/Short Difference reveals an interesting shift. This metric helps gauge investor profit-taking conditions.

Negative values often mean that short-term holders are profiting, while positive values indicate long-term investors are in the green. The latter is the case with XRP.

However, at present, the profits for long-term holders are not substantial. As a result, these investors are unlikely to sell soon, waiting instead for larger returns. This holding pattern supports the potential for a bullish breakout in the near future.

XRP Long/Short Difference.
XRP Long/Short Difference. Source: Santiment

XRP Price Prediction: Profits Ahead

XRP is moving within an ascending triangle, a bullish formation that forecasts a 28.9% rise upon a successful breakout. If this occurs, XRP’s price could surge to $0.76, offering strong returns for investors.

For the breakout to materialize, XRP must first surpass the resistance at $0.64 and establish it as a new support level. While whale activity suggests this is achievable, maintaining momentum above this threshold remains a challenge.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

Should XRP fail to breach the $0.64 barrier, it may continue consolidating between $0.56 and $0.64, delaying a price rally and dampening investor expectations.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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