Market
Brazil Explores AI Regulation, and More
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
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
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
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
Rallies 10% and Targets More Upside
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 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 $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 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 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Market
Rallies 10% and Targets More Upside
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 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 $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 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 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Market
GOAT Price Sees Slower Growth After Reaching $1B Market Cap
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
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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