Market

Brazil Announced Solana ETF Launch Date

Published

5 months ago

August 24, 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 covers the spot Solana ETF launch in Brazil, an investigation by Colombia’s Superintendence of Industry and Commerce into Worldcoin’s operations, and more.

Brazil Takes Lead in Solana ETF Race

While the prospect of a Solana ETF (SOL) in the US remains uncertain, Brazil is moving ahead confidently. QR Asset Management announced that its Solana ETF will be available for public offering starting Wednesday, August 21. The ETF is set to be listed on Brazil’s B3 stock exchange on August 28.

Earlier this month, the Brazilian Securities Commission (CVM) approved the ETF, named QSOL11. Managed by Vortx, the fund will track the CCME CF Solana Dollar Reference Rate. The index, developed by CF Benchmarks and the Chicago Mercantile Exchange (CME), ensures reliable Solana pricing.

This launch marks another milestone for QR Asset, which already offers crypto-related products like QBTC11 and QETH11. The company views the new ETF as a regulated option for both institutional and retail investors in Brazil.

“As a market player, it is reassuring to have Brazilian regulators so attentive and open to the evolution of the crypto ecosystem in a regulated environment. The new ETF represents yet another regulated option for institutional and retail investors to diversify their portfolios and choose the ideal composition of their investments in the sector,” QR Asset Management CIO Theodoro Fleury stated.

QR Asset isn’t the only firm working on a Solana ETF in Brazil. The CVM has also approved another Solana ETF, backed by Hashdex in partnership with BTG Pactual. Hashdex, which manages over $962 million in assets, has already launched several ETFs on B3.

Matter Labs Expands zkSync Operations into Latam

Matter Labs, the developer behind the Ethereum Layer-2 (L2) scaling solution zkSync, announced its expansion into Latin America, starting with a headquarter in Buenos Aires, Argentina. The new office aims to support local projects while driving zkSync’s growth in the region.

The protocol has seen increasing adoption in Argentina, highlighted by integrations with platforms like the Lemon exchange and QuarkID, a digital identification system built on zkSync. These partnerships are set to catalyze zkSync’s influence across Latin America in the coming months.

Matter Labs’ CEO Alex Gluchowski and President Nana Murugesan plan to visit Buenos Aires in August to meet with key leaders, decision-makers, policymakers, and crypto entrepreneurs. The goal is to explore collaboration opportunities and better understand the region’s financial state.

“Argentina has become the springboard for our regional expansion, and I’m excited for the next phase of Matter Labs’ journey to bring millions of developers and the next billion users to the blockchain,” Murugesan stated.

Matter Labs highlighted that zkSync partners like Lambda Class and OpenZeppelin are positioning L2 solutions in Latin America. They described Argentina’s crypto ecosystem as “vibrant” and a key launchpad for Web3 projects in the region.

Salvadoran FinTech DitoBanx Enters Mexico

El Salvador-based FinTech company DitoBanx is entering the Mexican market to offer financial services, including international transfers, digital credit cards, dollar accounts, cryptocurrency access, and tokenization. After obtaining its operating license in El Salvador in April 2023, the company has extended its reach to Guatemala, the US, Costa Rica, Panama, and now Mexico in 2024. The company highlighted a 50% growth in financial technology app usage in Mexico over the past four years.

DitoBanx’s offerings in Mexico will include DitoWallet and credit card services for everyday transactions. The company will also offer tokenization services to convert physical or digital assets into tokens.

“With a firm belief that financial well-being is the foundation of a prosperous society, DitoBanx enters Mexico offering personalized service available 24/7, 365 days a year,” said Guillermo Contreras, CEO and founder of DitoBanx.

The company has reportedly invested $3 million in its Mexican operations, where mobile banking users have grown from 1.5 million in 2013 to 80 million by 2023.

Contreras highlighted the commitment to Mexico’s economic and technological growth. He also noted that they plan to integrate the digital Mexican peso and aim to operate under the legal framework of a Sociedad Financiera Popular (Sofipo) by 2025.

Peru Declares War on Cryptocurrency Crime

Peruvian authorities are ramping up efforts to combat cryptocurrency-related crime. While technological advancements and growing interest in cryptocurrencies have spurred their use, they have also brought concerns about potential criminal activities. Juan Carlos Villena Campana, Peru’s Public Prosecutor, has taken a firm stance on addressing these challenges.

Speaking at a workshop organized in collaboration with the US Department of Justice, Villena highlighted the importance of keeping pace with technological changes. He noted that while cryptocurrencies offer benefits like decentralization, they also pose risks due to the anonymity they afford, which can be exploited for illegal activities.

“The rapid evolution of technology and the growing adoption of cryptocurrencies have created new avenues for criminal activity, presenting fresh challenges to cybersecurity that threaten society,” Villena said in an interview with local media.

The Peruvian Public Prosecutor’s Office has committed to leading efforts against these crimes, working in collaboration with other Latin American nations and international organizations like the Organization of American States (OAS).

Rodrigo Silva from the OAS echoed Villena’s concerns, stressing the need for law enforcement to stay updated on technological advancements to tackle the increasingly complex nature of cybercrime, even when it occurs on blockchain networks.

Colombia Investigates Worldcoin for Alleged Data Protection Violations

The Colombian Superintendence of Industry and Commerce (SIC) has launched an investigation into Worldcoin and Tools for Humanity Corporation, the platform behind WLD, for allegedly violating personal data protection laws. The investigation, initiated by resolution N. 46436, focuses on ensuring that Worldcoin’s data processing practices comply with Colombia’s regulations on sensitive personal data.

The SIC is specifically concerned with Worldcoin’s transparency in handling personal data, the implementation of security policies, and the existence of internal procedures for addressing complaints and queries from Colombian citizens. The regulator emphasized the importance of ensuring that the community remains cautious about sharing their personal data.

“The SIC del Cambio is committed to protecting the fundamental rights of citizens and advises the community to exercise caution with their personal data. This decision is in the process of being notified and will be signed once it is known by the involved parties. No appeal can be lodged against this decision,” the SIC stated.

As of now, neither Worldcoin nor Tools for Humanity Corporation has commented on the investigation. However, if violations of data protection laws are confirmed, Worldcoin could face hefty fines or even be banned from operating in Colombia.

The Superintendency clarified that potential sanctions under Article 23 of Law 1581 of 2012 could include fines of up to 2,000 current legal monthly minimum wages, the suspension of activities for up to six months, the temporary closure of operations after the suspension, or the immediate and definitive closure of operations involving the processing of sensitive data.

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.

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Market

Trump’s $500 Billion Stargate Venture Sparks AI Crypto Boom

Published

4 minutes ago

January 22, 2025

Coin2049 Newsletter

AI tokens surged on Wednesday after President Donald Trump unveiled a new joint venture to invest up to $500 billion in artificial intelligence infrastructure.

The partnership involves major players such as OpenAI, Oracle, and SoftBank and will form a new entity called Stargate.

Market Focuses on AI Coins as Trump’s Stargate Initiative Gains Traction

The Stargate Project will invest $500 billion over the next four years, building new AI infrastructure in the US. The venture will focus on developing crucial data centers and the electricity generation required to power the AI sector.

The announcement has already had a noticeable impact on the broader market, particularly in AI-related cryptocurrencies. Following the news, the market capitalization of AI tokens surged by 9%, reaching $45.83 billion at press time, according to CoinGecko.

In fact, the market cap of AI agent tokens alone rose by 13% to hit $14.9 billion.

AI agent tokens, such as Virtuals Protocol, AIXBT, and AI16Z, saw impressive gains. Virtuals Protocol rose by over 13% in the past 24 hours, while AI16Z experienced a remarkable 36% increase. AIXBT token rose by 27% over the same period.

The surge in AI tokens reflects a broader shift in market interest as investors move capital towards more “sentient” tokens.

“Capital is rotating back from static memes to sentient coins,” AI researcher S4mmy commented on Twitter.

The analyst added that Fartcoin and AIXBT are sustaining their “mindshare dominance,” but face declining market caps after a heated run. Commenting on Virtuals Protocol, he said it continues to solidify its position as a backbone of the Agentic infrastructure.

Moreover, analyst CyrilXBT said he believes “AI will create generational wealth in 2025.”

“People said Bitcoin was a joke. People said AI agents are a gimmick. Guess what else they’ll say? ‘Why didn’t I listen when generational wealth was staring me in the face?,” CyrilXBT commented.

The shift towards AI is particularly interesting, given the trend of investments a few days back. Capital was flowing into Donald Trump-related tokens, such as TRUMP and MELANIA, which have seen significant volatility.

However, BeInCrypto reported that smart money traders are now focusing on AI tokens after the hype around TRUMP faded. According to data from Nansen, a substantial amount of VIRTUAL, FARTCOIN, and AIXBT tokens are held by smart money.

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Market

Will an Upside Break Spark a Surge?

Published

1 hour ago

January 22, 2025

Coin2049 Newsletter

Este artículo también está disponible en español.

Ethereum price is struggling below the $3,500 resistance while Bitcoin gains. ETH is consolidating above $3,150 and might aim for an upside break.

Ethereum failed to gain pace for a close above $3,400 and $3,450.
The price is trading above $3,300 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it clears the $3,400 resistance level.

Ethereum Price Aims Key Upside Break

Ethereum price started a decent upward move from the $3,200 level but upsides were limited compared to Bitcoin. ETH cleared the $3,250 resistance to move into a short-term bullish zone.

The bulls were able to push the price above the $3,300 resistance zone. Besides, there was a clear move above the 50% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low. However, the bears are still active below $3,400.

Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level or the 61.8% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low.

There is also a key contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD. The first major resistance is near the $3,400 level. The main resistance is now forming near $3,445.

A clear move above the $3,445 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250.

A clear move below the $3,250 support might push the price toward the $3,200 support. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,200

Major Resistance Level – $3,400

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Market

What Fueled Its New High

Published

2 hours ago

January 22, 2025

Coin2049 Newsletter

Bitcoin, the leading cryptocurrency, has once again captured the spotlight after rallying to a new all-time high of $109,699.

With the $110,000 milestone in sight, Bitcoin’s recent price action is being closely monitored by investors. A combination of sustained market conditions and renewed institutional interest has positioned the crypto king for potentially historic gains.

Bitcoin Investors Are Bullish

Market sentiment has shown a significant shift in recent weeks, particularly through the lens of Coin Days Destroyed (CDD). Late 2024 saw a period of elevated CDD, signaling heavy activity among Bitcoin long-term holders (LTHs) cashing out during the rally.

However, January has brought a notable cooldown in CDD, indicating reduced selling pressure from these key investors. This trend suggests that most profit-taking among LTHs is complete, paving the way for a more stable price trajectory.

Low CDD is often interpreted as a positive sign for Bitcoin’s recovery. It reflects conviction among long-term investors, who are holding onto their coins rather than selling into the market. Such investor behavior typically builds confidence and supports upward price momentum, providing a favorable backdrop for Bitcoin’s push to $110,000 and beyond.

Bitcoin’s macro momentum has also gained strength, supported by the accumulation activity of smaller investors, often referred to as “Shrimps” and “Crabs.” These holders, who possess less than 10 BTC, collectively added over 25,600 BTC worth approximately $2.71 billion. This surge in accumulation is proof of growing confidence among retail investors.

The Shrimp-to-Crab balance spike indicates a broad base of support for Bitcoin’s price. This demographic’s increasing participation reflects long-term bullish sentiment. Their buying activity often stabilizes the market, acting as a cushion during corrections and amplifying price rallies during bullish phases.

Bitcoin Shrimp To Crab Balance. Source: Glassnode

BTC Price Prediction: Onto New High

Bitcoin’s recent all-time high of $109,699 was fueled by strong market fundamentals and strong investor sentiment. If momentum continues, the cryptocurrency could breach the $110,000 mark, cementing its position as a high-performing asset in 2025. This milestone would likely attract additional buying interest, reinforcing Bitcoin’s bullish outlook.

To secure its ascent, Bitcoin must establish $105,000 as a strong support level. Currently trading around $105,562, the crypto king appears well-positioned to achieve this. A successful defense of this support zone could propel Bitcoin to new highs, unlocking further upside potential.

Bitcoin Price Analysis. Source: TradingView

However, failure to maintain $105,000 as support could lead to a retracement toward $100,000. Such a decline would negate Bitcoin’s recent gains and dampen short-term bullish sentiment, raising the risk of prolonged consolidation before a renewed rally.

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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