Market
Argentina to Protect Scam Victims
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
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 to Offer Legal Support to Cryptocurrency Scam Victims
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Cash (BCH) Price Up, Leads Daily Gains
Bitcoin Cash (BCH) price has risen more than 10% in the last 24 hours, surpassing the $10 billion market cap and signaling renewed bullish momentum. The recent surge has brought BCH closer to key resistance levels, indicating the potential for further gains if the uptrend strengthens.
However, indicators like the RSI and ADX show that while the trend is improving, it is not yet fully strong. Whether BCH can sustain its upward momentum or face a pullback will depend on how it navigates critical resistance and support levels in the coming days.
BCH Current Uptrend Is Getting Stronger
BCH currently has an ADX of 19.31, up from 12 just a day ago. This increase indicates that the strength of the trend is gradually gaining momentum after being weak.
However, since the ADX is still below 25, it suggests that the uptrend has not yet reached a strong or sustained level of trend strength.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or uncertain trend. While Bitcoin Cash is currently in an uptrend, the ADX at 19.31 suggests that the trend is still in its early stages of strengthening.
If the ADX continues to rise above 25, it could confirm a stronger uptrend, but for now, Bitcoin Cash price movement remains cautious, with room for further development.
Bitcoin Cash Is Not In The Overbought Zone Anymore
Bitcoin Cash has an RSI of 64.5, down from over 70 just a day ago. This decline suggests that while the asset is still experiencing bullish momentum, the intensity of buying pressure has started to decrease.
The drop below 70 takes BCH out of the overbought zone, indicating a more balanced market sentiment.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 64.5, BCH remains in bullish territory, which supports the ongoing uptrend.
However, the slight decline in RSI could mean the pace of gains is moderating, potentially leading to BCH price consolidation before any further upward movement.
BCH Price Prediction: Will a New Surge Occur Soon?
If BCH maintains its current uptrend and gains additional momentum, it could continue its rise after climbing more than 10% in the last 24 hours.
This strength could push BCH price to test the resistance at $536.9. Breaking this level would signal a continuation of bullish momentum and could attract further buying interest.
On the other hand, if the uptrend fades away and reverses, BCH price could retrace to test the nearest support levels at $424 and $403. If these supports fail to hold, the price could fall further to $364, representing a potential 27% correction.
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.
Market
Custodia Bank to Retrench Staff Again Amid Regulatory Heat
Wyoming-based crypto bank Custodia is reportedly deliberating more layoffs as it braces for ongoing regulatory scrutiny under the Biden administration. The decision comes as the crypto sector faces unprecedented challenges, including de-bankings and increasing pressure from US regulatory agencies.
Meanwhile, cryptocurrency market participants remain hopeful of a better regulatory environment amid expectations of policy shifts with the incoming Donald Trump administration.
Custodia Banks Plans More Layoffs Amid Regulatory Pressure
Custodia Bank might enact more layoffs after retrenching 25% of its staff in August. This comes as the digital asset-focused bank continues to devote resources to its ongoing lawsuit with the Federal Reserve (Fed), which denied the lender a master account last year.
“Fox Business has learned that Wyoming-based crypto bank Custodia Bank will implement further layoffs in order to preserve capital,” Fox Business correspondent Eleanor Terrett reported.
The bank did not immediately respond to BeInCrypto’s request for comment on the supposed layoffs. Early in 2023, Custodia Bank was denied a master account, which would give it access to the Fed’s liquidity facilities. The lawsuit challenges this denial.
Custodia Bank has been trying to conserve capital as it continues its legal battle against the Fed. During its last layoffs three months ago, the company’s founder and CEO Caitlin Long attributed the retrenchments to “right-sizing.” She said it was necessary to maintain operations while preserving capital during the lawsuit against the Fed.
Long also indicated that the efforts could continue “until after Operation Choke Point 2.0 ends,” referring to the alleged ongoing crackdown on digital assets under the Biden administration. Operation Choke Point was the name of an Obama-era effort that “choked off” high-risk industries such as payday lending, gambling, and firearms from banking access.
“I’m incredibly proud of the Custodia team, the services we’re building for our customers and our resilience in the face of repeated de-bankings due to no fault of our own. I especially thank Custodia’s customers and shareholders who have helped us continue the fight for the durability of banking access for the law-abiding US crypto industry,” Terrett added, citing Long.
Noteworthy, oral arguments in the lawsuit will take place on January 21. This will be the day after Donald Trump’s inauguration, following his recent win.
Regulatory Pressures Intensify But There’s Hope for Change Under Trump
Custodia is not alone in struggling against regulatory pressure. The crypto industry at large has recently faced mounting regulatory challenges. High-profile companies like Consensys have also recently announced significant layoffs.
As BeInCrypto reported in late October, the blockchain software firm behind Ethereum infrastructure tools like MetaMask revealed it was cutting 20% of its workforce. Its CEO, Joe Lubin, cited mounting pressure from the US SEC (Securities and Exchange Commission), among other uncertainties in the regulatory space.
“The broader macroeconomic conditions over the past year and ongoing regulatory uncertainty have created broad challenges for our industry, especially for US-based companies,” Lubin shared.
Meanwhile, the Biden administration has been accused of taking an increasingly aggressive stance toward the crypto industry. Among the accusations include enforcing stringent banking restrictions and debankings. Nevertheless, Trump’s recent win and upcoming inauguration reignited hope within the crypto sector for a more supportive regulatory environment.
The hope hinges on the delivery of Trump’s crypto blueprint. Experts believe Trump’s pro-business stance could revive the industry by easing regulatory pressures on crypto.
Brian Armstrong, CEO of Coinbase, has also expressed optimism about a potential shift in regulatory attitudes. Armstrong recently urged the next SEC chair to drop “frivolous cases” against crypto firms and issue a public apology. He slammed the current SEC composition for what he views as overly aggressive enforcement, calling out Gary Gensler.
“The next SEC chair should withdraw all frivolous cases and issue an apology to the American people. It would not undo the damage done to the country, but it would start the process of restoring trust in the SEC as an institution,” Armstrong posted.
Still, Custodia’s ongoing lawsuit is a symbol of the crypto industry’s fight for legitimacy and fair treatment within the financial sector. While the industry’s outlook remains uncertain in the short term, there is cautious optimism that the incoming Trump administration could bring relief to embattled crypto firms.
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.
Market
As BNB Remains Above $600, Can the Price Climb Higher?
Binance Coin (BNB) has stayed above $600 since November 8 but has struggled to retest $700 or near its all-time high.
This stagnation has left many BNB holders disappointed, raising the question: can BNB reach a new peak?
Binance Coin Experiences Low Volatility, Falling Interest
While BNB trades around $612, the volatility around it appears to be the reason why it has remained above $600 but has yet to make another substantial price increase.
When an asset is described as volatile, it means its price experiences significant fluctuations within a short timeframe. High volatility signals greater risk due to unpredictable price swings, but it also offers the potential for higher rewards.
Therefore, if buying pressure increases during high volatility, the asset’s price might increase significantly. If this volatility comes during high selling pressure, the price might tumble significantly.
According to Santiment, BNB’s one-day volatility has declined from its recent peak, suggesting reduced price fluctuations. This drop in volatility could make it difficult for BNB to achieve a notable breakout above the $600 mark, as the market may lack the momentum needed for a significant move.
In addition, Open Interest (OI), a metric that tracks the level of speculative activity around a cryptocurrency, has declined. High OI usually signals increased capital inflows into contracts, often indicating strong buying pressure capable of driving prices upward.
Conversely, a drop in OI reflects reduced liquidity in the market, often associated with selling pressure and a potential price decline. For BNB, the OI has remained relatively stagnant since November 19, indicating that traders are hesitant to inject additional liquidity or take on new contracts.
Further, the OI is notably lower at $532.08 million than on November 14. This lack of speculative activity indicates reduced market momentum, reinforcing the likelihood that BNB’s price will struggle to break above the $600 threshold.
BNB Price Prediction: Drop to $551 Likely
Similar to Open Interest, BNB’s price has followed a consistent trend since July, repeatedly facing resistance around $612. This indicates persistent efforts by bears to prevent the cryptocurrency from challenging its $724 all-time high.
Currently, with BNB trading near the same resistance level, a decline is possible. Historical patterns suggest that if the coin fails to break through, it could retrace to $551, as it did previously.
Similar to Open Interest, BNB’s price has followed a consistent trend since July, repeatedly facing resistance around $612. This indicates persistent efforts by bears to prevent the cryptocurrency from challenging its $724 all-time high.
However, a surge in volatility paired with strong buying pressure could challenge this outlook. In such a scenario, BNB might not stop at holding above $600 but also climb toward $660—or even retest the $724 high.
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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