Market
Brazil Explores AI Regulation, 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 on Brazil’s efforts to regulate AI, a surge in interest in the Argentine Football Association fan token as the Copa América final approaches, and more.
BBVA: 9 out of 10 Argentines Use Digital Wallets
BBVA Bank recently reported that nine out of every ten Argentines under 40 now use digital wallets. This is a huge increase from 2020 when only 4% paid using QR codes. According to Argentina’s National Institute of Statistics and Census (Indec), 89% of Argentines use smartphones and 88% have internet access, helping modernize financial services.
“The outlook is for growth: the greater adoption of digital wallets among young people allows us to think that their use will be increasingly widespread,” said Joaquín Molina from the consulting firm Taquion.
Popular digital wallets in Argentina that are not crypto-based include Mercado Pago, Ualá, Brubank, MODO, Cuenta DNI, and Tarjeta Naranja. MODO is the only one that integrates services from several banks like BBVA, Santander, Macro, Galicia, Nación, ICBC, and Ciudad.
Read more: 16 Best Web3 Wallets In 2024
Data from Taquion also shows that 55% of Argentines use digital wallets for shopping at local stores, 38% for supermarket purchases, and 30% for buying shoes. Additionally, four out of ten users prefer this payment method for the rewards offered.
In March, Argentina drafted a law to regulate cryptocurrency exchanges and wallets, working closely with the private sector. This move follows the guidelines of the Financial Action Task Force (FATF).
The new set of rules requires Argentine lawyers, banks, and finance companies to report any client operations that seem illegal. This is part of President Javier Milei’s effort to regulate wallet use.
Venezuelan Authorities Warn of Alleged Cryptocurrency Ponzi Using PDVSA Name
In May and June, Venezuela faced controversies over alleged cryptocurrency Ponzi schemes. As July progresses, the issue persists with a new scheme reportedly using the name of Petroleos de Venezuela (PDVSA). The initial alert came from X (former Twitter) user RoamingVzla, known for exposing dubious operations of companies like BTR, HyperAI, and Solesbot.
“Since some major Ponzi schemes collapsed, new ones keep emerging weekly. Some last longer than others. The latest one, supposedly launched on July 2, is called PDVSA_Mall,” tweeted RoamingVzla.
The platform solicits investments in TRON (TRX) or USDT, promising benefits “valid for 40 days.” It also claims that forming a large team can significantly increase earnings.
“Whenever you top up through the registration link, you will receive additional USDT rewards. For instance, depositing 1000 USDT through the link grants an additional 160 USDT rebate,” stated the PDVSA-VIP team.
Read more: 15 Most Common Crypto Scams To Look Out For
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The cryptocurrency ecosystem in Venezuela has seen multiple scams, causing significant losses. Previous schemes like Solesbot, HyperAI, and BTR have left Venezuelan investors wary.
The use of PDVSA’s name raises serious concerns, especially without official endorsement. The platform claims to operate under the Central Bank of Venezuela (BCV) and the Bank of Venezuela (BDV) regulations.
The PDVSA crypto scandal, marked by massive corruption within Petroleos de Venezuela, serves as a stark fraud warning. Former Petroleum Minister Tareck El Aissami was arrested for allegedly siphoning billions from oil sales through cryptocurrencies and Venezuela’s National Superintendence of Cryptoassets (SUNACRIP). Estimates suggest up to $23 billion was embezzled, severely impacting Venezuela’s economy.
Brazilian Senate Postpones Vote on AI Regulation Bill
The Brazilian Senate has delayed voting on Bill 2338/23, which aims to regulate artificial intelligence (AI) tools. The bill will undergo further debate, with a vote expected only after the municipal elections. Opposition senator Marcos Rogério proposed the postponement, citing concerns about the bill’s potential impact on the tech sector.
“The bill aims to regulate AI to prevent misuse in elections and establish privacy rules. However, it imposes excessive restrictions on a nascent sector,” he stated.
Rogério warned that the bill’s bureaucracy could hinder technological development, requiring rigorous documentation and state analysis for all systems. Alan Nicolas, founder of the Lendár.IA Community and an AI expert, echoed these concerns. He said the need for legislation to protect against AI misuse but cautioned against stifling innovation.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies
The push for AI regulation stems from its disruptive potential, especially in elections, where false information can spread rapidly. The Superior Electoral Court (TSE) has mandated AI-created content identification and banned deepfakes for the 2024 elections.
This concern extends beyond Brazil. Tech giants like Google and OpenAI have restricted their AI tools from discussing elections. OpenAI’s terms of service prohibit tools like ChatGPT from creating political content. With elections in Brazil and the US in 2024, it remains to be seen how AI will influence the outcomes, marking the first time elections will occur after AI tools have become widespread.
Copa América Final: Argentina Fan Token Surges
Argentina, the reigning world champions, will play Colombia in the Copa América final on July 14. Argentina is favored to win their 15th continental title.
Soccer fans have enjoyed this major event for a month, but cryptocurrencies have also taken the spotlight. Amid this excitement, the Argentine Football Association Fan Token (ARG) is surging, now trading at $2.09.
Read more: What is Sorare? Where Blockchain Meets Fantasy Football
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The rise in fan token prices correlates with the teams’ performances in the tournaments. However, other factors, like the overall volatility of the cryptocurrency market, also play a role. It’s important to note that fan tokens are a new and uncertain asset, involving several investment risks.
After the celebrity meme coin frenzy, hackers have shifted their focus to sports stars, using their accounts to push dubious projects. The latest victims are Lionel Messi and Ronaldinho Gaúcho.
Messi’s Instagram account was hacked on Monday, leading to a 193% surge in the WATER meme coin value. Hackers posted a story featuring an image of Messi with a link to promote WATER.
A similar incident occurred on Tuesday with Ronaldinho Gaúcho’s account. The post remained visible on his profile, with no explanation provided.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
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The meme coin promotion reached a significant portion of the combined 577 million followers of the two soccer legends. This exposure created a spike in interest in WATER.
WATER was launched on June 24, 2024 on Solana, valued at approximately $0.00264353. It experienced a sharp decline, hitting a low of $0.00028329 by Monday morning.
The hack on Messi’s account caused WATER’s value to rise exponentially, reaching $0.00123181. However, the price fell again. Another slight surge occurred on Tuesday morning following the post on Ronaldinho’s account, but it failed to sustain the meme coin’s value, which has continued to decline.
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.
Market
3 Meme Coins to Watch For The Last Week of February 2025
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DOGEai, TST, and BROCCOLI are three meme coins drawing attention for the last week of February. DOGEai, launched on Solana, is up 110% in the past seven days, positioning itself as a leading AI meme coin.
TST remains one of the most popular meme coins on the BNB chain despite a recent correction. At the same time, BROCCOLI, inspired by Binance co-founder CZ’s dog, has also seen significant volatility.
DOGEai (DOGEAI)
DOGEai is an artificial intelligence coin launched on Solana. Its market cap is now $32 million, up 82% in the last seven days. This rise has positioned DOGEai as one of the most talked-about AI meme coins in recent days.
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DOGEai leverages multiple narratives, including Dogecoin’s popularity, the growing interest in DOGE (Department of Government Efficiency), and the broader AI cryptos trend. It defines itself as “an autonomous AI agent here to uncover waste and inefficiencies in government spending and policy decisions,” offering bill summaries and insights into government expenditures.
If the current uptrend continues, DOGEai could test the resistance at $0.048, with potential targets at $0.059 and $0.069. However, if a downtrend emerges, DOGEai has support at $0.030, and if that level is lost, it could drop to $0.018 or even $0.0092.
Test (TST)
TST has emerged as one of the most popular meme coins on the BNB chain, benefiting from the chain’s growing volume, which recently even surpassed Solana.
In the days following its launch, TST reached a market cap close to $500 million, then entered a strong correction phase. Its market cap has since dropped to $78 million.
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If the BNB narrative gains strength again, TST could benefit as one of its most popular meme coins and may test the resistance at $0.10. A breakout above this level could push TST to $0.20 or even $0.25 if buying pressure intensifies.
However, if TST fails to regain strong upward momentum, it could test the support at $0.0719 and potentially drop to its lowest levels since February 9.
CZ’S Dog (BROCCOLI)
BROCCOLI was launched a few weeks ago after Binance co-founder CZ revealed his dog’s name, sparking a flood of BROCCOLI tokens on the market.
The largest of these tokens quickly surged to a $249 million market cap in its early days but has since dropped to $52 million.
Like TST, BROCCOLI benefited from the recent rise of the BNB ecosystem but has since entered a strong correction phase. It is down 40% in the last seven days.
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If the downtrend continues, BROCCOLI could test support near $0.04, and a break below this level could push it to its lowest price since launch.
However, if the BNB ecosystem and meme coins regain traction, BROCCOLI could benefit, especially given the popularity of dog-related meme coins like Dogecoin and Shiba Inu. In this bullish scenario, BROCCOLI could rise to test the resistance at $0.113.
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.
Market
Ethereum Rollback Debate Intensifies After Bybit Hack
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The crypto community is divided over calls for an Ethereum blockchain rollback following a massive security breach at Bybit.
On February 21, the exchange lost nearly $1.5 billion in ETH to hackers, sparking discussions about whether Ethereum should intervene to recover the stolen funds.
What is a Blockchain Rollback?
A blockchain rollback, also known as a reorganization, involves reversing confirmed transactions to restore the network to an earlier state.
This process usually happens after a major security breach or exploit. Validators must reach a consensus to discard the affected blocks, effectively erasing the malicious transactions.
Despite its potential benefits, a rollback remains a controversial and rarely used measure due to its impact on a blockchain’s trust and decentralization.
Blockchains operate on the principle of immutability, meaning transactions are expected to be final once confirmed. So, rolling back transactions challenges this principle, raising concerns about the security and reliability of the network.
Crypto Leaders Clash Over Ethereum Rollback Proposal
BitMEX co-founder Arthur Hayes has been vocal in advocating for a rollback to solve the ByBit hack. He pointed to the 2016 DAO hack, where Ethereum underwent a hard fork to recover stolen funds, as precedent.
Hayes argued that since Ethereum previously compromised on immutability, another intervention should not be off the table.
“My own view as a mega ETH bag holder is ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016,” Hayes said.
JAN3 CEO Samson Mow also supported the rollback, stating it could prevent North Korea from using the stolen funds to fund its nuclear weapons program.
However, not everyone agrees. Pseudonymous crypto trader Borovik strongly opposed the idea, arguing that a rollback would jeopardize Ethereum’s credibility and neutrality.
Bitcoin advocate Jimmy Song also dismissed the possibility, stating that the Bybit hack cannot be compared to the 2016 DAO exploit. Song emphasized that the DAO hack allowed for a 30-day intervention, whereas the Bybit attack is already finalized, making a rollback impractical.
“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” Song added.
Meanwhile, Ethereum supporter Adriano Feria introduced an alternative perspective. He argued that Bybit could have avoided this situation by using a Layer 2 (L2) solution with conditional reversible transactions.
According to Feria, blockchain technology needs some form of reversibility to ensure real-world adoption.
“Whether through social recovery or another pre-determined, immutable, and transparent decision-making process, real-world mass adoption will not work without reversible transactions. Without this capability, transactional activity will inevitably gravitate toward TradFi systems that already provide it,” Feria stated.
This debate raises a fundamental question for Ethereum: should it prioritize immutability or intervene in extreme cases?
While some see a rollback as a necessary response to an unprecedented loss, others fear it could undermine the core principles of decentralization. Ethereum’s next steps will likely shape its long-term credibility and trust within the crypto space.
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.
Market
Berachain (BERA) Falls 15% After Recent Rally Surge
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Berachain (BERA) is down almost 15% in the last 24 hours, with its market cap now at $778 million, although its price remains up nearly 20% over the past seven days. This sharp pullback comes after a strong rally between February 18 and February 20, when BERA reached levels above $8.5.
BERA’s Relative Strength Index (RSI) has dropped from overbought levels, signaling a loss of bullish momentum, while its Directional Movement Index (DMI) shows growing bearish pressure. As BERA navigates this correction phase, it faces key support at $6.1, with potential resistance levels at $8.5, $9.1, and $10 if bullish momentum returns.
BERA RSI Is Dropping Steadily After Touching Overbought Levels
Berachain Relative Strength Index (RSI) is currently at 50.6, down sharply from 86.7 just two days ago when its price surged above $8.5. RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.
It is commonly used to identify overbought or oversold conditions, with values above 70 indicating overbought levels and below 30 suggesting oversold territory.
The steep decline in BERA’s RSI reflects a significant loss of bullish momentum after reaching overbought levels above 86, where a correction was likely.
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With RSI now at 50.6, BERA is in a neutral zone, suggesting that buying and selling pressures are relatively balanced.
This could indicate a period of consolidation as the market digests recent gains. If RSI continues to decline below 50, it could signal increasing bearish momentum. This could lead to a further price drop for BERA.
Conversely, if RSI stabilizes and begins to rise, it could suggest renewed buying interest and a potential recovery in Berachain price.
BERA DMI Chart Shows Buyers Are Losing Control
Berachain Directional Movement Index (DMI) chart shows its Average Directional Index (ADX) currently at 50.5, after peaking at 60.2 yesterday, up from just 13.3 five days ago. ADX is an indicator used to measure the strength of a trend, regardless of its direction, ranging from 0 to 100.
Values above 25 typically indicate a strong trend, while values below 20 suggest a weak or sideways market. The sharp rise in ADX reflects a significant increase in trend strength, confirming that BERA has been experiencing strong directional movement recently.
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Meanwhile, BERA’s +DI is at 24.4, down from 48.4 two days ago, indicating weakening bullish momentum. Meanwhile, -DI has risen to 15.1 from 4.9, suggesting growing bearish pressure.
This shift signals that the bullish trend that drove prices higher is losing steam, and selling interest is beginning to increase.
If -DI continues to rise above +DI, it could indicate a bearish crossover, signaling a potential reversal or deeper correction in BERA’s price. However, if +DI stabilizes and moves upward again, it could suggest a continuation of the uptrend, albeit with reduced momentum.
Will Berachain Fall Below $6 Soon?
Berachain surged 53% between February 18 and February 20, pushing its price above $8.5 after the coin struggled following its airdrop. However, after this sharp rally, BERA entered a correction phase and is currently down almost 15% in the last 24 hours.
This pullback suggests profit-taking and a shift in market sentiment as buyers hesitate to push prices higher. If the downtrend continues, BERA could soon test the support at $6.1, and a break below this level could lead to a further decline towards $5.48, reflecting increased selling pressure.
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On the other hand, if Berachain can regain its bullish momentum from a few days ago, it could rise above $8.5 again, potentially testing the next resistance levels at $9.1 or even $10.
To confirm this bullish scenario, Berachain would need to see renewed buying interest and strong upward momentum. If buyers can defend key support levels and push the price above resistance zones, it could indicate the continuation of the uptrend.
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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