Market
Binance Secures Registration in Argentina
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 features Binance’s VASP registration in Argentina, Ripple’s expansion into Brazil, and other major developments.
Binance Secures VASP Registration in Argentina
Binance, one of the largest cryptocurrency platforms globally, has reached a major milestone in Argentina by registering as a Virtual Asset Service Provider (VASP) with the country’s National Securities Commission (CNV). This registration strengthens Binance’s commitment to adhering to regulatory frameworks, not only in Argentina but around the world.
Argentina becomes the 20th country where Binance has secured a license or regulatory registration, following the company’s recent progress in key jurisdictions like India, Kazakhstan, and Indonesia. Binance has already established a presence in other major markets, having secured licenses in Dubai, France, Japan, and El Salvador, which continues to solidify its global footprint.
With this VASP registration, Argentine users can now fully access Binance’s suite of services and tools through both its website and mobile app. This move will make it easier for local users to engage in the cryptocurrency ecosystem, offering them the security of a platform that upholds the highest standards of compliance and protection.
“Argentina is a key market for Binance. We will continue to work closely with the local authorities to develop the industry in the safest and most sustainable way possible. This is for the benefit of the crypto community and society in general,” said Guilherme Nazar, Binance’s director for Latin America.
Read more: How To Trade Crypto on Binance Futures: Everything You Need To Know
Nazar also highlighted Binance’s belief in proactive regulation as essential for the orderly and safe evolution of the cryptocurrency industry, a principle that is central to the company’s ongoing global expansion efforts. This regulatory breakthrough further demonstrates Binance’s commitment to creating a secure, compliant environment for its users while advancing the development of the global cryptocurrency market.
Ripple Expands in Brazil Through Partnership with Mercado Bitcoin
Ripple has launched Ripple Payments in Brazil through a partnership with local exchange Mercado Bitcoin. This collaboration will allow businesses to explore cross-border payments using Ripple’s end-to-end blockchain-based payment solution.
Mercado Bitcoin, the first in Latin America to use Ripple’s solution, will enhance its internal treasury between Brazil and Portugal and offer international payments for retail customers. These customers will be able to make payments in reais via a non-resident account, with funds transferred globally 24/7 and settled within minutes.
“Ripple Payments offers capabilities that are important to crypto businesses, enabling them to streamline operations, optimize liquidity, and improve margins through real-time payment settlement. We are delighted to partner with Mercado Bitcoin, a crypto market leader with more than a decade of experience in providing tokenized services to Brazil,” said Silvio Pegado, CEO of Ripple in Latin America.
Read more: XRP ETF Explained: What It Is and How It Works
Ripple Payments will focus on small and medium-sized enterprises, providing optimized onboarding, global access to over 80 payment markets, and 24/7 liquidity. Jordan Abud, Head of Banking at Mercado Bitcoin, added, “The partnership allows Bitcoin Market to take another step towards internationalization…offering lower costs and a more complete platform.”
Ripple Payments currently covers 80 payment markets, with 90% coverage of the FX market and more than $50 billion in processed volume. For now, the service is available to Mercado Bitcoin customers in Brazil and Portugal.
IMF Urges El Salvador to Limit Public Sector Exposure to Bitcoin
The International Monetary Fund (IMF) has once again urged El Salvador to limit its public sector exposure to Bitcoin and to strengthen oversight of its regulatory framework. Despite the country’s notable 3% GDP growth in 2024, the IMF continues to express concerns about the risks posed by cryptocurrency volatility.
Since El Salvador made Bitcoin legal tender, the IMF has conducted several assessments, maintaining that the risks associated with Bitcoin’s price swings remain significant. While the IMF has adopted a more moderate stance compared to earlier years, it still insists on stricter regulations to ensure economic stability.
“We have recommended reducing the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin,” said Julie Kozack, IMF communications director, quoted by Reuters.
Read more: Who Owns the Most Bitcoin in 2024?
President Nayib Bukele, currently on an official visit to Argentina, remains a strong advocate for Bitcoin, though he acknowledges that adoption rates in El Salvador have fallen short of his expectations. He expressed a desire for greater acceptance among Salvadorans but emphasized that adopting the cryptocurrency has been a free choice for citizens.
Despite the IMF’s warnings, El Salvador continues to purchase Bitcoin through its Dollar Cost Averaging (DCA) strategy. To date, the government has accumulated 5,892.76 BTC, valued at approximately $360.97 million.
Nubank to Reduce Crypto Transaction Fees
On October 2, Brazil’s Nubank Cripto announced plans to lower the fees for cryptocurrency transactions in its app, with the changes set to roll out gradually through October and November. Under the new system, transaction fees will be based on the volume of customer trades, with potential reductions of up to 60%.
According to Nubank, the fee for buying and selling cryptocurrencies could drop to as low as 0.6% per transaction. Customers will have a 45-day cycle to accumulate transactions, after which the fee will be adjusted according to their trading volume. The new system improves upon the previous average rate of 1.6%, which had already decreased to 0.8% between March and September 2024.
The volume tiers Nubank will use to determine fees are as follows:
- Between 0 and 99 reais
- 100 to 1,999 reais
- 2,000 to 9,999 reais
- More than 10,000 reais
Read more: Crypto vs. Banking: Which Is a Smarter Choice?
This fee structure rewards high-volume traders with lower transaction costs, a common practice in the crypto industry, known as “transaction tiers.” Major platforms like Binance also use a similar model. Nubank Cripto expects all customers to access the new system, though the implementation will be gradual.
Transaction fees, essential for on-chain processes, incentivize miners or nodes to validate transactions. While networks like Ethereum have struggled with high fees for years, Nubank Cripto’s new system aims to offer a more user-friendly experience for its customers.
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
GOAT Price Sees Slower Growth After Reaching $1B Market Cap
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
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
Ripple (XRP) Price Hits 109% Monthly Gain as Indicators Weaken
Ripple (XRP) price has experienced a significant rally, rising 51.33% in the last seven days and an impressive 109.09% over the past month. This strong momentum has propelled XRP into a bullish phase, with key indicators like EMA lines supporting its upward trajectory.
However, signs of weakening momentum, such as a declining RSI and negative CMF, suggest that caution may be warranted. Whether XRP continues to push higher or faces a steep correction will depend on how the market reacts to these shifting dynamics.
XRP RSI Is Below The Overbought Zone
XRP’s RSI has dropped to 60 after nearly hitting 90 on November 16 and staying above 70 between November 15 and November 17.
This decline indicates that Ripple has moved out of the overbought zone, where intense buying pressure previously drove its price higher. The drop suggests that the market is cooling off, with traders potentially taking profits after the strong rally.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 60, XRP’s RSI reflects a still-positive momentum but shows a more balanced sentiment compared to the previous surge.
While the uptrend remains intact, the lower RSI could indicate a slower pace of gains, with the possibility of consolidation as the market stabilizes. If buying pressure returns, XRP price could extend its upward movement, but a further decline in RSI might signal a weakening bullish momentum.
Ripple CMF Is Now Negative After Staying Positive For 14 Days
XRP Chaikin Money Flow (CMF) is currently at -0.12, after showing positive levels between November 5 and November 19. That is also its lowest level since October 31. This shift into negative territory reflects increased selling pressure and a potential outflow of capital from the asset.
The transition from positive CMF values earlier this month signals a weakening in bullish momentum as more market participants reduce exposure to Ripple.
The CMF measures the volume and flow of money into or out of an asset, with positive values indicating capital inflow (bullish) and negative values showing capital outflow (bearish).
XRP’s CMF at -0.12 suggests that bearish sentiment is beginning to gain traction, potentially putting pressure on its price despite the recent uptrend. If the CMF remains negative or declines further, it could indicate sustained selling pressure, challenging Ripple’s ability to continue its upward movement.
Ripple Price Prediction: Biggest Price Since 2021?
XRP’s EMA lines currently display a bullish setup, with short-term lines positioned above the long-term lines and the price trading above all of them.
However, the narrowing distance between the price and some of these lines suggests a potential slowdown in bullish momentum. This could signal that the uptrend is weakening, leaving XRP price vulnerable to a shift in market sentiment.
If a downtrend emerges, as indicated by the weakening RSI and negative CMF, Ripple price could face significant pressure and potentially drop to its support at $0.49, representing a substantial 56% correction.
On the other hand, if the uptrend regains strength, XRP could climb to test the $1.27 level and potentially break through to $1.30, which would mark its highest price since May 2021.
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
Trump Media Files Trademark for Crypto Platform TruthFi
Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing.
The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.
Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year.
However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social.
The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter).
As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week.
Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.
Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance.
Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion.
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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