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Bitcoin Pharaoh Remains Jailed and More

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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 Brazil’s Bitcoin Pharaoh, Botev Plovdiv FC’s move to El Salvador to issue tokenized shares, and more.

El Salvador and Russia Strengthen Economic Cooperation: Bitcoin Could Be on the Agenda

El Salvador and Russia unveiled plans for closer economic collaboration at the St. Petersburg International Economic Forum. Salvadoran Vice President Felix Ulloa proposed enhancing trade relations and establishing mutual embassies, potentially reshaping both nations’ economies. 

Russia, facing sanctions from the US and the EU since its 2022 invasion of Ukraine, seeks new trade allies. Under President Nayib Bukele, El Salvador has cooled relations with the US while strengthening ties with China.

Geopolitically, an alliance with Russia could enhance El Salvador’s global standing, reducing its dependence on the United States and solidifying relations with emerging powers like China and Russia. Economically, El Salvador aims to balance its trade deficit with Russia, highlighted by Ulloa’s mention of a $16 million import from Russia in 2021 with no corresponding exports.

Read more: Top 3 Methods for Cross-Border Money Transfer Using Crypto

El Salvador and Russia Trading Scenario
Trade Scenario Between El Salvador and Russia, According to the Latest Available Data. Source: OEC

Technologically, El Salvador aspires to become a hub of innovation. Collaborations with Russian tech firms could support this ambition. Notably, Bitcoin’s role is crucial in this potential partnership. As the first country to adopt Bitcoin as legal tender, El Salvador’s digital asset laws and possibly creating a Bitcoin bank could facilitate trade with Russia, bypassing traditional fiat currencies controlled by central banks.

This economic cooperation could redefine El Salvador’s position on the global stage, offering new opportunities in trade, technology, and digital finance.

Brazilian ‘Pharaoh of Bitcoins’ to Remain in Prison After Supreme Court Ruling

The Federal Supreme Court (STF) upheld the imprisonment of Glaidson Acácio dos Santos, known as the “Pharaoh of Bitcoins,” on June 11. Santos, accused of running a cryptocurrency scam through Gas Consultoria, was arrested in 2021 during the Federal Police’s Operation Kryptos.

Santos’ defense requested habeas corpus, seeking to convert his imprisonment to house arrest due to alleged psychiatric issues and questioning the Federal Court’s jurisdiction. However, Justice Gilmar Mendes rejected the request. He acknowledged that pyramid schemes typically fall under state jurisdiction but noted that federal courts can intervene when cases involve crimes connected to the National Financial System.

Santos faces multiple charges, including financial pyramiding, fraudulent management, irregular securities issuance, unauthorized operations, and criminal organization. His scheme promised victims monthly returns of 10% on crypto-asset investments.

This decision follows the recent arrest of Cláudio Barbosa, another “Pharaoh of Bitcoins,” for running a pyramid scheme through Trust Investing. On the run since 2022, Barbosa allegedly caused a loss of R$4.1 billion to investors from over 80 countries.

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

Bulgarian Soccer Club Botev Plovdiv to Issue Tokenized Shares in El Salvador

Bulgarian soccer club Botev Plovdiv FC has announced plans to transfer its cryptocurrency operations to El Salvador through Bitfinex Securities. The club adopted Bitcoin as a payment method in October 2023. It moved its operations to benefit from El Salvador’s tax incentives and favorable business environment, aiming to access new capital markets.

George Manolov, the club’s Bitcoin strategy leader, revealed that Botev Plovdiv established a financial entity in El Salvador to issue tokenized shares. This initiative allows investors to become co-owners of the club.

Read more: What is Tokenization on Blockchain?

El Salvador Bitcoin Office Statement
The Bitcoin Office of El Salvador Confirmed the Arrival of the Club. Source: X/Twitter

“We want Bitcoin to be the main long-term financial strategy for our business. I am here because we want to do a token issuance from El Salvador to accumulate BTC, but also to allow our fans to be part of the process to become a recognized European club. We are working with Bitfinex Securities to democratize the shares, and the investment ticket will be very low. Anyone can become a co-owner,” Manolov explained.

Manolov discussed this new business model at a Bulgarian presentation and will share it at the BTC Prague forum. He explained that tokenization would enable efficient storage, transfer, and management of assets on Bitfinex Securities via the Liquid Network, a Bitcoin sidechain.

Brazil’s Largest Private Bank Expands Access to Bitcoin and Ethereum

Itaú Unibanco, Brazil’s largest private bank, has expanded its cryptocurrency offerings, allowing customers to trade Bitcoin and Ethereum through its digital platform, Íon. With assets exceeding R$2.7 trillion, the bank aims to make access to these top cryptocurrencies more straightforward and secure.

The initiative began gradually at the end of 2023, receiving positive client feedback. In internal surveys, over 90% of users rated their experience as good or great. With a minimum contribution of R$10, all active users on the Íon platform can now trade cryptocurrencies.

“We are very happy with the cryptoassets journey we are building with our customers. Opening trading to all Íon users reflects not only the evolution of our product but also of the entire market,” said Guto Antunes, head of Itaú Digital Assets. He stressed Itaú’s commitment to offering intuitive and secure crypto trading.

Itaú also aims to educate clients about the crypto market, ensuring they make informed investment decisions. This move aligns Itaú with other Brazilian institutions like BTG Pactual and Nubank, which already offer cryptocurrency exposure to their clients.

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

El Salvador Overcame IMF Observations and Reaffirms Bitcoin Agenda

El Salvador’s Vice President Félix Ullóa has reaffirmed the country’s commitment to Bitcoin, aiming for economic liberation from central banks. Since enacting the Law of Digital Assets last year, the nation has embraced various tokens and cryptocurrencies.

Ullóa highlighted El Salvador’s pioneering role in admitting Bitcoin in exchange-traded funds (ETFs) ahead of the US He expressed confidence that Bitcoin could reach $100,000 by the end of 2024.

Despite initial criticism from the International Monetary Fund (IMF) and rating agencies, El Salvador has diversified its financing sources beyond traditional multilateral organizations. This strategy has bolstered the country’s credibility and attracted digital economy companies through a supportive regulatory framework.

Read more: Who Owns the Most Bitcoin in 2024?

El Salvador's Vice President on the Interview
El Salvador’s Vice President Spoke about Bitcoin in Interview. Source: X/Twitter

El Salvador recently marked three years since adopting Bitcoin as a legal tender. The country has been purchasing one Bitcoin daily, accumulating up to 30 BTC monthly. These investments have yielded over $67 million in unrealized profits.

Notable investors like Cathie Wood, CEO of ARK Invest, believe President Bukele’s Bitcoin strategy could significantly boost the nation’s GDP over the next five years. Ullóa acknowledged that the IMF continues to monitor the Bitcoin Law, highlighting ongoing discussions about the associated risks and benefits.

As the Latin American crypto scene grows, these stories highlight the region’s increasing influence in the global market. From El Salvador’s Bitcoin plans to Brazilian banks’ crypto trading launch, LATAM is positioning itself as a key player in the tech world. 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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Polymarket Faces Ban in France as US Election Betting Ends

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According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.

Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.

France Users May No Longer Access Polymarket

According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.

The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.

“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.

Read more: What is Polymarket? A Guide to The Popular Prediction Market

 Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.

“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.

Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.

However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.

France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.

Polymarket’s Fate After US Elections

Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.

As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.

Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.

Polymarket Monthly New Accounts
Polymarket Monthly New Accounts. Source: Dune

Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.

Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.

Read More: How To Use Polymarket In The United States: Step-by-Step Guide

Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.

Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.

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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XRP Price Ready to Rally? Signs Point to a Bullish Move

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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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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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