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BlackRock’s IBIT Launch in Chile, 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 BlackRock’s IBIT launch in Chile, Nubank’s partnership with Lightspark, Bolivia’s cryptocurrency ban revoke, and more.

BlackRock Launches IBIT on Santiago Stock Exchange in Chile

BlackRock has introduced its iShares Bitcoin Trust (IBIT) to the Santiago Stock Exchange in Chile, managed by BCI Corredores de Bolsa. This launch allows Chilean investors to participate in Bitcoin investments at an institutional level.

Chile now follows Brazil in the region, where BlackRock launched the same ETF earlier in March. According to GTD, 74% of Chileans recognize Bitcoin as the leading cryptocurrency in the market. The ETF, which began trading on June 27, benefits from BlackRock’s technological expertise and its management of approximately 1,300 other ETFs.

This launch fills us with pride, as it is in line with the long history of innovation driven by BlackRock in the financial markets. Now, investors in Chile will have an accessible and efficient digital asset to include in their portfolios, backed by the extensive experience in risk management that our iShares ETFs have,” said Silvia Fernández, the Country Head of BlackRock Chile.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

IBIT has established itself as the world’s largest Bitcoin ETF, with over $20 billion in assets since it began trading in January 2024. It was also the fastest ETF to reach $10 billion in assets in history.

Bolivia Authorizes Cryptocurrency Use, Revoking Historic Ban

Bolivia has officially lifted its ban on cryptocurrencies, authorizing their use through Electronic Payment Instruments (IEP). Edwin Rojas, the president of the Central Bank of Bolivia, announced this decision, marking a massive shift in the country’s approach to digital commerce.

The reversal of the 2020 Resolution 144, which previously restricted cryptocurrency transactions, involved the Financial Investigations Unit and the Financial System Authority. Despite this change, the Boliviano remains the only legal tender.

The Central Bank stresses that all risks associated with virtual assets are the user’s responsibility. It highlights that these assets are not considered legal money and are not obligatory for payments. The Central Bank is committed to adapting existing regulations and launching educational campaigns.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Official announcement by the Central Bank of Bolivia on the updated regulations. Source: BCB

This initiative aligns with recommendations from the Latin American Financial Action Task Force. They suggested regulating virtual asset services to meet new financial realities and the expanding use of blockchain technologies.

The recent move modernizes Bolivia’s financial system and opens doors to new digital commerce opportunities and financial inclusion, provided that public education manages the transition responsibly.

Santander Brazil Expands Crypto Trading to Retail Customers via Toro Platform

Santander, the multinational banking giant, has recently announced that it will start offering cryptocurrency trading services in Brazil. Starting this week, Santander’s Brazilian investment platform, Toro, will offer its retail customers access to Bitcoin and Ethereum.

Previously, these cryptoassets were available only to the bank’s private clients through ETFs. This move follows similar offerings by other Brazilian banks such as Itaú, Nubank, Inter, and BTG Pactual.

Toro founder and CEO João Resende explains that negotiations begin with offering the two largest digital currencies to selected clients with an appropriate risk profile for the product.

“The product will be aimed at clients with an aggressive risk profile. Gradually, the new service will be rolled out to the broker’s entire base of more than one million active clients.” Resende says Toro is considering offering other digital currencies in addition to tokenized assets. “It’s a first step we are taking,” he noted.

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

According to a report by Valor Econômico, the success of this initiative in Brazil might lead to its expansion across other Santander branches worldwide. Santander, also participating in the CBDC project known as Drex, recently conducted the first transaction using Anonymous Zether. The solution, developed by Consensys, allows users to conceal transaction amounts and the parties’ identities using cryptographic proofs. 

Costa Rican Authorities Unveil Bitcoin Money Laundering Scheme

Costa Rican authorities have dismantled a sophisticated money laundering scheme involving cryptocurrencies, including Bitcoin. After a two-and-a-half-year investigation, police arrested 36 individuals on Tuesday. Among them were judges, lawyers, and two Spanish nationals identified as the ringleaders.

Randall Zúñiga, director of the Judicial Investigation Agency (OIJ), explained that the gang stole properties from Costa Rican residents. They then legitimized these assets through cryptocurrency purchases. In one instance, the organization moved $13 million in Bitcoin in a single day, highlighting the scale of its operations.

“There is a whole team dedicated to cryptocurrencies. In one day, they made a $13 million transaction in bitcoins. We have identified 25 properties, but over 100 have been stolen. Conversations suggest they have taken over 300 properties, with one valued at $30 million. This constitutes a multi-million dollar fraud,” Zúñiga stated.

Read more: Top 9 Safest Crypto Exchanges in 2024

The operation involved around 500 OIJ agents and conducted 47 raids nationwide. Lawyers, notaries, public officials, and five traffic officers were arrested. They face charges of registration fraud, ideological falsehood, and money laundering.

This case in Costa Rica mirrors a similar incident in Venezuela. The Scientific, Criminal, and Criminalistic Investigations Corps (CICPC) captured a criminal operating an illicit cryptocurrency exchange in Chacao, Miranda.

The detainee, Gabriel Bello, enticed victims with offers of currency exchange and cryptocurrencies at affordable prices. He then failed to deliver the promised returns. Bello, who was wanted for continuous swindling and other crimes, is now in the custody of the Public Prosecutor’s Office.

Colombia’s Usiacurí Municipality Adopts Bitcoin

The small Colombian town of Usiacurí, home to over 10,000 residents, has embraced cryptocurrencies like Bitcoin, USDT, and Tron for tourist transactions. This initiative mirrors El Salvador’s 2021 adoption of Bitcoin and aligns with Colombia’s high rate of Bitcoin utilization. President Gustavo Petro has even explored cryptocurrencies as potential solutions for governmental issues.

This adoption is part of the “Distrito Crypto” project, a collaboration between Usiacurí’s municipality, Universidad de la Costa (CUC), Certika, and Corporación CienTech, exclusive to Usiacurí in the Atlántico department. The program aims to facilitate cryptocurrency transactions for foreign tourists across local hotels, shops, and restaurants.

“The participation of the Universidad de la Costa was fundamental throughout the process, since through its teachers and researchers have been strengthening the research line of blockchain and its applications, as is this tool that allowed us to turn Usiacurí into the first municipality with Cryptocurrency District, generating more sales in its tourism and hotel sector,” explained CienTech.

Read more: Who Owns the Most Bitcoin in 2024?

Further enhancing Colombia’s appeal to crypto investors, the recent introduction of Worldcoin’s World ID verifications in Bogotá and Medellín positions the nation as a hub for digital identity solutions. This system serves as a “digital passport of humanity,” designed to verify unique individual identities securely, meeting growing demands for digital services verification.

Nubank Partners with Lightspark to Integrate Lightning Network in Brazil

Nubank has partnered with Lightspark to deploy the Bitcoin Lightning Network on its Brazilian platform. This alliance will explore potential synergies and development opportunities, with more specific details to be announced later.

Lightspark will provide Nubank with an enterprise-grade gateway to the Lightning Network, facilitating reliable, near real-time transactions for Bitcoin and fiat currencies at reduced costs.

“The partnership with Lightspark, which has developed an excellent technical solution for Bitcoin’s Lightning network, is another step in Nubank’s mission to provide the best solutions for our customers and strengthen our long-term relationship with them. The future integration of Lightning underscores Nubank’s ongoing mission to deliver more efficient services faster and at lower costs through blockchain technology,” stated Thomaz Fortes, CEO of Nubank Crypto.

Read more: The Best Bitcoin Lightning Network Wallets In 2024

The collaboration will allow Nubank’s teams to enhance the end-to-end customer experience by focusing on product innovation without the burden of managing a large-scale Lightning deployment. This integration represents a significant advancement in the adoption and efficiency of digital financial transactions, promising a faster, more affordable, and secure service for Nubank’s customers. It’s a significant milestone for the Lightning Network, expected to greatly increase its overall network utilization.

Argentina and Venezuela Face Hyper AI Platform Controversy

The Hyper AI platform, renowned for integrating advanced technologies like AI and blockchain into a metaverse, has recently suspended user withdrawals, alleging a system update. This action has alarmed its investors in Venezuela and caused uncertainty in Argentina. The platform is now accused of operating like a Ponzi scheme, leading many users to organize a protest to file formal complaints with the public prosecutor’s office in Venezuela.

Social media and cryptocurrency forums are buzzing with reactions as users in Venezuela express their frustration over the lack of transparency, accusing Hyper AI of employing common Ponzi scheme tactics. Approximately 20,000 users in Los Teques, El Jarillo, and La Colonia Tovar are reportedly affected. On Wednesday, June 26, a group will officially approach the Superior Prosecutor’s Office of Miranda to denounce the platform.

“I entered in the month of February, I started with the minimum investment of 50 dollars. For a while I recovered something, but for example my son borrowed money, he entered with $5,000 and of course he lost all of that. I know many people who sold houses, cars, who were excited because this platform was supposed to last until next year”, Carlos Chavez told the local Venezuelan media Diario Avance.

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

The controversy is not confined to Venezuela; it has also touched Argentina. Users have voiced their dissatisfaction and are seeking answers to the ongoing crisis.

“My experience was awful, I entered through my nephew who was also scammed. I invested almost 900 dollars and I could not withdraw anything and it was horrible to know that they played with us like that”, Gabriela Romando told Argentinean media El Diario del Sur.

The situation that all Hyper AI users are going through has exacerbated the distrust in investments related to emerging technologies in the region. This saga is reminiscent of other recent financial collapses of digital platforms such as FTX, BTR, Solesbot, and CowCoin.

As the Latam crypto scene grows, these stories highlight the region’s increasing influence in the global market. From BlackRock’s Bitcoin ETF launch in Chile to Brazilian Nubank’s partnership with Lightspark, Latin America 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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Bitcoin ETFs Could Overtake Gold ETFs by End of The Year

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Spot Bitcoin exchange-traded funds (ETFs) in the US are nearing a major milestone. They are set to become the biggest BTC holders in the world, even surpassing the amount held by Bitcoin’s creator, Satoshi Nakamoto.

Additionally, they are catching up to gold ETFs in total net assets.

Bitcoin ETFs on The Verge of Surpassing Satoshi Nakamoto’s BTC Stash

Since their launch in January, US spot Bitcoin ETFs have grown significantly. According to crypto analyst HODL15Capital, these funds now hold about 1.081 million Bitcoin, just below Nakamoto’s estimated 1.1 million.

Satoshi Nakamoto, the anonymous creator of Bitcoin, is believed to own approximately 5.68% of the total Bitcoin supply. These holdings, valued at over $100 billion, place Nakamoto among the world’s wealthiest individuals — if they are alive and a single person.

However, Bloomberg’s Senior ETF Analyst, Eric Balchunas, pointed out that ETFs are now 98% of the way to overtaking Nakamoto. He predicted that if the current pace of inflows continues, this could happen by Thanksgiving.

“US spot ETFs now 98% of way there to passing Satoshi as world’s biggest holder. My over/under date of Thanksgiving looking good. If next 3 days are like the past 3 days flow-wise it’s a done deal,” Balchunas stated.

Bitcoin ETFs Data
Bitcoin ETFs Data. Source: X/HODL15Capital

SoSoValue data shows inflows into these ETFs grew by around 97% week-on-week to $3.3 billion over the last five trading days, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing $2 billion. This surge coincides with the introduction of options trading for these products, which many believe is attracting more institutional investors.

Meanwhile, Bitcoin ETFs are also narrowing the gap with gold ETFs, which currently hold $120 billion in assets under management (AUM). According to Balchunas, Bitcoin ETFs manage $107 billion and could overtake gold ETFs by Christmas.

These bullish predictions reflect Bitcoin’s exceptional performance in 2024. The top cryptocurrency has surged nearly 160% since January, trading near the $100,000 landmark. In addition, its $1.91 trillion market capitalization now exceeds that of silver and major corporations like the state-owned oil company Saudi Aramco.

However, BTC still lags behind gold, which remains the world’s largest asset with a market capitalization of more than $18 billion.

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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Why Ethereum Price May Fall Under $3,000

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Ethereum (ETH) is currently facing significant downward pressure, with its price declining by 3% over the past 24 hours. This bearish trend could push ETH’s price below the critical $3,000 price level.

This analysis examines the factors contributing to this likelihood.

Ethereum Sellers Re-Emerge

An assessment of the ETH/USD one-day chart has revealed that the coin’s moving average convergence divergence (MACD) indicator is forming a potential death cross. As of this writing, the coin’s MACD line (blue) is attempting to fall below its signal line (orange).

This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. A MACD death cross occurs when the MACD line (the shorter-term moving average) crosses below the signal line (the longer-term moving average), indicating a bearish trend or momentum reversal. This signal suggests that selling pressure is increasing, and the asset’s price could decline further.

ETH MACD
ETH MACD. Source: TradingView

ETH’s rising Aroon Down Line confirms this strengthening bearish pressure. It currently sits at 78.57%, confirming that the decline in ETH’s price is gaining momentum.

The Aroon Indicator evaluates the strength of an asset’s price trend through two components: the Aroon Up line, which reflects the strength of an uptrend, and the Aroon Down line, which reflects the strength of a downtrend. A rising Aroon Down line indicates that recent lows are occurring more frequently, signaling growing bearish momentum or the start of a downtrend.

ETH Aroon Down Line
ETH Aroon Down Line. Source: TradingView

ETH Price Prediction: Key Support Level To Watch

ETH currently trades at $3,333, resting above the support formed at $3,203. This level is crucial because a decline below it will cause ETH to exchange hands under $3000. According to readings from the coin’s Fibonacci Retracement tool, the Ethereum price will drop to $2,970 if this happens.

ETH Price Analysis
ETH Price Analysis. Source: TradingView

However, a resurgence in the demand for the leading altcoin will invalidate this bearish thesis. If this occurs, Ethereum will rally toward $3,500.

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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Cantor Fitzgerald Deepens Tether Ties With 5% Stake Acquisition

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Cantor Fitzgerald, a prominent US financial services firm, is expanding its alliance with Tether, a key player in the digital asset industry and the issuer of the world’s largest stablecoin.

According to reports, the firm has agreed to acquire a 5% stake in Tether as part of a broader collaboration that includes Bitcoin-backed lending initiatives.

Tether Mints $13 Billion USDT as Cantor Fitzgerald Deepens Tie

The acquisition talks, reportedly finalized in 2023, valued the 5% stake at approximately $600 million. This partnership positions Tether to gain strategic advantages, particularly as Cantor Fitzgerald’s CEO, Howard Lutnick, takes on his new role as Secretary of Commerce under President-elect Donald Trump.

Market observers suggest that the nomination raises the possibility of enhanced regulatory support for Tether, which has faced scrutiny over potential violations of sanctions and anti-money laundering regulations—a claim the company has denied. However, Lutnick has promised to step down from his positions at Cantor Senate confirmation.

Beyond the ownership stake, Tether is expected to support Cantor Fitzgerald’s Bitcoin lending program, a multi-billion-dollar initiative. The program aims to offer loans backed by Bitcoin, initially funded with $2 billion, with plans for significant future expansion.

Meanwhile, Cantor Fitzgerald is already a critical partner for Tether, reportedly holding a significant portion of the stablecoin issuer’s $134 billion reserves in US Treasury bills.

As Cantor Fitzgerald deepens its involvement with Tether, the firm has continued its aggressive token minting. On November 24, blockchain analytics platform Lookonchain reported that stablecoin company minted an additional $3 billion USDT, bringing the total minted since November 8 to $13 billion. This expansion has pushed the total supply of USDT to approximately $132 billion.

Tether USDT Supply
Tether’s USDT Supply. Source: Tether

The increased USDT supply may reflect the growing demand for stablecoins, often used to hedge market positions or facilitate crypto transactions without converting to fiat. This liquidity influx could reduce volatility and enhance price stability across the digital asset market.

This surge in USDT supply coincides with a broader market rally led by Bitcoin and other assets such as Dogecoin and Solana, signaling renewed investor confidence in the crypto ecosystem.

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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