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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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Cardano Whales Accumulation Hits $55 Million: $1 Target Soon?

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On November 20, crypto whales offloaded significant amounts of Cardano (ADA), disrupting its bullish momentum. However, the narrative shifted today as the Cardano whales’ accumulation has taken center stage.

This renewed buying activity suggests that ADA’s price might regain its bullish momentum toward $1. But does the data support this bullish outlook? 

Cardano Key Investors Change Their Stance

According to IntoTheBlock, Cardano’s large holders’ netflow has surged to 67.51 million ADA, signaling a significant shift in sentiment among crypto whales. The netflow represents the difference between the amount of ADA purchased and sold by large holders over a specific period.

When netflow increases, it indicates that whales are buying more than they are selling. Typically, this is a bullish signal. Conversely, a drop in netflow suggests more selling by whales, which is generally regarded as bearish.

In this case, the recent netflow increase, valued at approximately $55 million, aligns with ADA’s 11% price surge over the last 24 hours. Thus, this Cardano whales accumulation suggests that ADA may be poised for further gains, with the recent uptick serving as a potential foundation for a higher value.

Cardano crypto whales accumulation
Cardano Large Holders Netflow. Source: IntoTheBlock

Furthermore, the In/Out of Money Around Price (IOMAP) indicator provides further support for this bullish outlook. For context, the IOMAP analyzes token clusters based on three groups: holders who purchased below the current price (in the money), above the current price (out of the money), and those at breakeven.

This metric is essential for identifying potential support and resistance zones. Specifically, if there is a higher number of tokens “in the money, ” it signifies solid support, as many holders are at a profit and less likely to sell, potentially driving the price higher.

On the other hand, a higher “out of the money,” volume points to resistance, as holders might sell to recover losses, putting downward pressure on the price.

Cardano price support
Cardano IOMAP. Source: IntoTheBlock

Currently, ADA’s IOMAP shows strong support levels outweighing resistance zones, reinforcing the potential for its price to climb further.

ADA Price Prediction: Move Toward $1 Almost Valid

On the daily chart, ADA’s price has risen above the key Exponential Moving Averages (EMAs). Specifically, the 20-day EMA (blue) and 50 EMA (yellow) are below Cardano’s price. When the price is above the indicator, the trend is bullish.

On the other hand, if the price is below the indicator, the trend is bearish. Therefore, it appears that, with the current trend, ADA could rise higher than $0.87. If this happens, the altcoin might rally toward the $1 mark.

Cardano price analysis
Cardano Price Analysis. Source: TradingView

However, if Cardano whales decide to sell and book profits, this prediction might not come to pass. Instead, the price could drop to $0.68.

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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Bitcoin Price Approaches $100K: The Countdown Is On

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Este artículo también está disponible en español.

Bitcoin price is rising steadily above the $95,000 zone. BTC is showing positive signs and might soon hit the $100,000 milestone level.

  • Bitcoin started a fresh increase above the $95,000 zone.
  • The price is trading above $95,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it clears the $100,000 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin price remained supported above the $92,000 level. BTC formed a base and started a fresh increase above the $95,000 level. It cleared the $96,500 level and traded to a new high at $98,999 before there was a pullback.

There was a move below the $98,000 level. However, the price remained stable above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. There is also a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. Bitcoin price is now trading above $96,000 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $98,880 level. The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,000 resistance level. Any more gains might send the price toward the $104,500 resistance level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $98,000 level.

The first major support is near the $96,800 level. The next support is now near the $95,500 zone and the trend line. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $96,800, followed by $95,500.

Major Resistance Levels – $99,000, and $100,000.



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This Is Why XRP Price Rallied By 25% and Could Soon Hit $2

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Ripple’s (XRP) price rallied by 25% in the last 24 hours following Gary Gensler’s announcement that he would resign as the US Securities and Exchange Commission (SEC) chair on January 20, 2025.

This development comes as a relief to the popular “XRP Army,” which has had to deal with suppressed price action due to the Gensler-led SEC’s nonstop petitions against Ripple. But that is not all that happened. 

Ripple Bears Face Notable Liquidation Following Gensler’s Notification

Gensler’s announcement appears to be a positive development for the broader crypto market. But XRP holders seemed to benefit the most. This was particularly significant given the unresolved Ripple-SEC legal issues that have persisted throughout the SEC Chair’s tenure.

As a result, it came as no surprise that XRP price rallied and outpaced those of any other cryptocurrency in the top 10. Furthermore, the development triggered liquidations totaling $26.11 million over the last 24 hours.

Liquidation occurs when a trader fails to meet the margin requirements for a leveraged position. This forces the exchange to sell off their assets to prevent further losses. In XRP’s case, the liquidation primarily resulted in a short squeeze.

XRP liquidations
Crypto Market 24-Hour Liquidations. Source: Coinglass

A short squeeze happens when a large number of short positions (traders betting on price declines) are forced to close, driving the price higher as they rush back to buy back the asset.

At press time, XRP trades at $1.40 and currently has a market cap of $80.64 billion. With Gensler almost gone, crypto lawyer John Deaton noted that XRP price gains could be higher, and the market cap could climb to $100 billion.

“XRP soon will achieve a $100B market cap. Times are changing,” Deaton wrote on X.

Meanwhile, CryptoQuant data shows that the total number of XRP sent into exchange has significantly decreased. Typically, high values indicate increased selling pressure in the spot market. This is because it suggests that more assets are being offloaded, potentially driving prices lower.

However, since it is low, XRP holders are refraining from selling. If this remains the case, the token’s value could rise higher than $1.40.

XRP exchange inflow
XRP Exchange Inflow. Source: CryptoQuant

XRP Price Prediction: $2 Coming?

According to the 4-hour chart, XRP has been trading within a range of $1.04 to $1.17 since November 18. This sideways movement has resulted in the formation of a bull flag — a bullish chart pattern that signals potential upward momentum.

The bull flag begins with a sharp price surge, forming the flagpole, driven by significant buying pressure that outpaces sellers. This is followed by a consolidation phase, where the price retraces slightly and moves within parallel trendlines, creating the flag structure.

Yesterday, XRP broke out of this pattern, signaling that bulls have seized control of the market. If this momentum persists, XRP’s price could surpass $1.50, potentially approaching the $2 threshold.

XRP price analysis
XRP 4-Hour Analysis. Source: TradingView

However, this bullish scenario hinges on market behavior. If holders decide to secure profits, selling pressure could push XRP’s price below $1, erasing recent gains.

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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