Market

Bitcoin Pharaoh Remains Jailed and More

Published

10 months ago

June 15, 2024

Coin2049 Newsletter

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.

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.

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.

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.

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 Conditions, Privacy Policy, and Disclaimers have been updated.

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Wormhole (W) Jumps 10%—But Is a Pullback Coming?

Published

55 minutes ago

April 3, 2025

Coin2049 Newsletter

Wormhole (W) surged nearly 12% on Thursday after the project unveiled its official product roadmap. The project’s one-year anniversary has sparked speculative interviews.

However, technical data shows buyers and sellers locked in a fierce battle, as momentum indicators suggest a weakening trend. The DMI, Ichimoku Cloud, and EMA structures all reflect market indecision, with no clear direction confirmed just yet.

Wormhole DMI Chart Shows Market Indecision

Wormhole’s DMI chart shows its ADX (Average Directional Index) has dropped to 21.69 from 27.59 just a day earlier, signaling that the recent trend may be losing strength.

The ADX is a key indicator used to measure the strength—not the direction—of a trend. Generally, values below 20 suggest a weak or non-existent trend, while values above 25 indicate a strong trend.

With ADX now hovering near the threshold, it suggests that the bullish momentum seen in recent days could be fading.

Looking deeper, the +DI (Positive Directional Indicator) has fallen to 19.96 after peaking near 24 earlier, though it had surged from 9.68 the previous day.

Meanwhile, the -DI (Negative Directional Indicator) climbed to 18.27 after dropping to 15.21 earlier, following a sharp decline from 30.18 yesterday. This narrowing gap between +DI and -DI—combined with a weakening ADX—suggests uncertainty and potential indecision in price action.

With a $137.64 million token unlock on the horizon, this shift could hint at a cooling bullish impulse and the risk of renewed selling pressure if supply outweighs demand.

Ichimoku Cloud Shows Mixed Signals

Wormhole’s Ichimoku Cloud chart shows a mixed outlook. Price action is attempting to break through resistance but still faces notable headwinds.

The Tenkan-sen (blue line) has recently flattened and is closely aligned with the Kijun-sen (red line), signaling indecision or a potential pause in momentum.

Typically, when these lines are flat and close together, it indicates consolidation rather than a clear trend continuation or reversal.

Meanwhile, the Kumo (cloud) remains thick and red ahead, reflecting strong overhead resistance and a bearish long-term bias.

The price is hovering near the lower edge of the cloud but has yet to make a decisive move above it—suggesting that bullish momentum is tentative at best.

For a confirmed trend reversal, a clean break above the cloud with bullish crossovers would be needed. Until then, the chart points to a market still trying to find direction, especially ahead of a major token unlock event that could further impact sentiment and price action.

Will Wormhole Reclaim $0.10 In April?

Wormhole, which builds solutions around interoperable bridges, continues to see its EMA setup reflect a bearish structure. Short-term moving averages are still positioned below the longer-term ones, an indication that downward pressure remains dominant.

However, one of the short-term EMAs has started to curve upward, hinting at a possible shift in momentum as buyers begin to step in. This early uptick could signal the beginning of a trend reversal, though confirmation is still pending.

If bullish momentum gains traction, Wormhole may attempt to break the nearby resistance at $0.089. A successful breakout could open the door for a move toward higher resistance levels at $0.108 and even $0.136.

Conversely, failure to clear $0.089 could reinforce bearish control, pushing the price back to test support at $0.079.

A break below that level could expose W to further downside toward $0.076, $0.073, and potentially below $0.07—marking uncharted territory for the token.

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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Market

Ripple Shifts $1B in XRP Amid Growing Bearish Pressure

Published

2 hours ago

April 3, 2025

Coin2049 Newsletter

XRP is under pressure, down nearly 6% in the past 24 hours and teetering just above the $2 mark as bearish momentum builds. A $1.02 billion unlock from Ripple’s escrow has sparked fresh concerns about oversupply, with tokens moved to operational wallets possibly poised for distribution.

At the same time, network activity has collapsed 87% since mid-March and technical indicators like DMI and EMA lines suggest growing downside risk. With weakening trend strength and fading demand, XRP may struggle to hold key support levels unless a catalyst revives bullish sentiment.

Ripple Wallet Activity Sparks Fears

Onchain data shows that Ripple has unlocked 500 million XRP—worth around $1.02 billion—from its escrow account.

The tokens were moved from the “Ripple (27)” escrow address to two operational wallets, “Ripple (12)” and “Ripple (13),” potentially positioning them for distribution or sale.

While the escrow account still holds another 500 million XRP, the movement of such a large amount into accessible wallets often raises concerns about increased market supply. If Ripple sells a portion of these tokens, it could create short-term selling pressure on XRP’s price.

From a technical standpoint, XRP’s DMI chart is flashing bearish signals. The ADX, which measures trend strength, has sharply declined to 26.68 from 42.45 just two days ago, suggesting the recent trend is weakening.

Meanwhile, the +DI has dropped to 12.91, down from 22 yesterday—indicating a decline in bullish momentum. At the same time, the -DI has surged to 27.43 from 15.64, pointing to rising bearish pressure.

This shift in directional strength, combined with the large token unlock, suggests XRP may face further downside unless demand quickly absorbs the incoming supply.

XRP Network Activity Collapses 87%

XRP’s network activity surged to record highs in March, with 7-day active addresses reaching an all-time peak of 1.22 million on March 18.

However, that momentum quickly faded, with the number now plummeting to just 158,000—an 87% drop in less than three weeks.

This dramatic reversal suggests that the recent spike in engagement may have been short-lived or event-driven rather than indicative of sustained adoption or growing user demand.

7-Day XRP Active Addresses. Source: Santiment.

Tracking 7-day active addresses is a key on-chain metric, offering insight into how frequently a token’s network is being used. High activity can signal strong user interest and utility, often aligning with price support or rallies.

On the other hand, sharp declines in active addresses—like what XRP is now experiencing—can signal waning demand, decreasing network usage, and potential selling pressure.

With such a steep drop in activity, XRP’s price may struggle to find an upside unless new catalysts reignite user engagement.

XRP Faces Strong Downtrend, But Eyes Rebound If Key Levels Break

XRP’s EMA structure clearly reflects a strong ongoing downtrend, with short-term moving averages positioned well below the long-term ones and a wide gap between them—signaling persistent bearish momentum.

Unless bulls step in soon, XRP price may be on track to test support around $1.90, a key level that has held in the past.

XRP Price Analysis. Source: TradingView.

A break below it could expose the asset to further downside toward $1.77.

However, if XRP manages to reverse the current trend and regain upward momentum, it could climb to challenge resistance at $2.06.

A successful breakout above that level might pave the way for a continued rally toward $2.22.

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XRP Battle Between Bulls And Bears Hinges On $1.97 – What To Expect

Published

3 hours ago

April 3, 2025

Coin2049 Newsletter

The crypto market watches with bated breath as XRP teeters at $1.97, a battleground where bullish conviction clashes with bearish determination. After a retreat from recent highs, the digital asset now faces a critical test.

The current standoff mirrors the broader tug-of-war in crypto markets, where sentiment shifts rapidly and key price levels dictate the next major move. For XRP, $1.97 isn’t just another number; it’s a line in the sand. A decisive hold here could reignite upward momentum, while a breakdown may embolden the bears.

Market Sentiment: Fear, Greed, Or Indecision?

According to Grumlin Mystery, a well-known crypto analyst, XRP is likely to experience a further downside in the near future, potentially dropping to $1.96. In his March 30th post on X, he highlighted that a decrease in liquidity within the crypto market is playing a crucial role in weakening XRP’s price stability, driven by the impact of US tariffs and the implementation of Trump’s policy changes.

Grumlin pointed out that restrictive trade policies and economic uncertainty have led to a slowdown in capital flow into riskier assets like cryptocurrencies. With reduced liquidity, market participants have less buying power, making it easier for bears to push prices lower. He warned that if these economic conditions persist, XRP could struggle to find strong support, and a drop below $1.96 could trigger further declines.

This drying up of liquidity has allowed sellers to gain the upper hand, exerting downward pressure on prices. As a result, XRP’s ability to hold support at $1.96 remains uncertain, and unless market conditions improve, a deeper correction could be on the horizon.

XRP

Grumlin Mystery further elaborated that a sharp change in Trump’s rhetoric regarding tariffs remains highly unpredictable, making it difficult to gauge its full impact on the financial markets, including cryptocurrencies. While many initially believed that Trump’s stance would be a major positive catalyst for the crypto market, the reality appears to be more complex.

The analyst emphasized that market uncertainty is increasing as traders struggle to anticipate the next move in U.S. economic policy. If Trump maintains or intensifies his tariff approach, it could further tighten liquidity conditions, making it even harder for XRP to sustain bullish momentum.

Possible Scenarios For XRP

If buyers successfully defend the $1.96 level, XRP could see renewed upside momentum. A bounce from this support zone might trigger a rally toward $2.64, where the next resistance lies. A breakout above this level raises the potential to $2.92 or even $3.4, confirming a bullish recovery. Increased trading volume and improving market sentiment would be key indicators of this scenario playing out.

Sellers’ failure to maintain control and XRP’s failure to hold above $1.96 may cause a sharper decline. In this case, the next critical support levels to watch would be $1.70 and $1.34. Breaking below these levels could expose the asset to more losses to $0.93 or lower.

XRP

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