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Circle CEO Jeremy Allaire Praised Brasil Crypto Industry

Published

1 month ago

June 5, 2024

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Jeremy Allaire, CEO of Circle, the issuer of the USDC stablecoin, announced new partnerships with industry giants during his visit to Brazil.

Allaire noted that the adoption of cryptocurrencies and stablecoins is still in its early stages.

Circle Officially Enters Brazil, BTG Pactual Will Issue USDC

During his visit to Brazil, Circle’s chairman signed a partnership with BTG Pactual. This means one of Latin America’s largest investment banks will now offer USDC to the market through the local banking system.

“BTG will be our direct liquidity partner for the minting [registration within the blockchain] of USDC 24 hours a day, seven days a week. This means that on a retail and institutional level, companies and investors will be able to almost instantly issue and receive USDC in Brazil using the real in the local banking system,” Allaire said.

The executive with over two decades of experience stated that the partnership with BTG “represents a tremendous milestone.”

“We are still in the early stages and at the beginning of the wider use of digital dollars, we are at the beginning of the wider use of blockchain in the financial system,” he stated.

Allaire told a small group of journalists in São Paulo that he is certainly excited to see wider adoption by end users. He expressed enthusiasm about the growing number of financial institutions, fintechs, and payment companies gaining access to this infrastructure in Brazil. While these partnerships are important, he noted that Brazil has a much larger overall number of financial institutions and fintechs.

“We want to grow this and I think now we have the real infrastructure, the financial infrastructure, we have the key partners that can really grow this. I think it’s really the beginning and it’s about enabling, you enable thousands of institutions here in Brazil to be able to use this infrastructure,” Circle CEO commented.

BTG CEO Roberto Sallouti stated during the Circle meeting that blockchain is likely the future path for the institutional and financial systems. Jeremy Allaire echoed this sentiment in his discussion with reporters. The CEO highlighted the success of the Central Bank’s PIX system, which now has over 160 million users. He noted that Brazil, with leaders like Roberto Campos Neto, has a progressive approach to advancing financial technology and initiatives like Drex.

“We are committed to making a positive impact on the Brazilian market and partnering with key stakeholders to enable companies to participate in the global economy more easily and efficiently. There are many powerful opportunities on the horizon when Brazil’s advanced fintech ecosystem converges with the world’s most accessible dollar platform,” Circle co-founder said.

Brazil Will Become a Major Crypto Player

Jeremy Allaire explained that Circle initially launched USDC in Singapore due to strong Asian demand. Nevertheless, he now sees Brazil as a major global player.

“People know that Asia is a huge hub for this activity, but when we look at other markets, we look at Brazil,” he stated.

According to Allaire, the proactive stance of Brazilian regulators, such as the Central Bank, has attracted Circle’s attention. Besides partnering with BTG, Circle has also teamed up with Nubank and Mercado Bitcoin.

When asked if the United States lags behind Brazil in digital currency adoption, Jeremy Allaire noted that the US has the largest financial system in the world and the most to lose from inaction. However, he also mentioned that the US government might prefer to wait “until things are more developed before taking the next steps.”

“This is a slow-moving trend. But at the same time, there has been a particular environment around fintech innovation. And I consider Circle to be one of them. They were built under an American regulatory regime, and so there has been a lot of progress,” Allaire noted.

Regarding the US presidential race, Jeremy Allaire mentioned Donald Trump, noting that the Republican candidate often supports cryptocurrencies. Circle CEO also pointed out that Trump opposes the digital dollar (CBDC).

“Regardless of who wins the presidential election in the United States, we’re going to see more constructive, bipartisan work to regulate the sector. There may be some differences of opinion here or there, but I think the general direction is, regardless, towards good regulation,” he concluded.

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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Ethereum Price Dip Causes Justin Sun $66 Million Loss

Published

48 mins ago

July 5, 2024

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Reports suggest that Justin Sun lost $66 million on Friday as Ethereum price dipped to levels last seen in February. Crypto markets continue to endure a sell-off, overshadowing optimism for a possible launch of spot ETH ETFs.

Multiple signals indicate that the Ethereum price may not slide much lower after the 10% crash on Friday despite elevated
fear levels.

Justin Sun Loses $66 Million on Ethereum Price Crash

Spot On Chain reported that the Tron Founder and Huobi Global advisor could have seen all the $58 million in profit accrued in the last five months go down the drain as the Ethereum price descended to $2,810 on Friday.

“Such a volatile market! Just 24 hours ago, he had a $58M profit from these ETH transactions; but now, it is already a $66M loss after the dump,” the report read.

Based on the report, Justin Sun acquired 361,000 ETH tokens between February and June, worth approximately $1.1 billion. Most transactions happened on Binance, where he recently transferred several DeFi tokens.

Justin Sun ETH Transactions revealed after Ethereum price drops — Justin Sun ETH Transactions. Source: Spot On Chain.

The breakdown of transactions within the five months that Sun bought ETH through Binance includes:

Bought 169,604 Ethereum (ETH) in February via “0x7a9” at an average price of $2,870
Bought 176,117 Ethereum (ETH) in April via “0x435” at an average price of $3,177
Bought 15,416 Ethereum (ETH) in June via “0xdbf” at an average price of $3,474

The three wallets often received ETH from Binance right after their stablecoin deposits.

The report comes only hours after his proposal to engage the German government to salvage its Bitcoin sell-off and minimize market impact. While the idea was noble, the offer stirred mixed reactions, with speculation of a possible market manipulation case.

“I believe that the German Government should reject Justin’s offer to buy the BTC via a private OTC transaction. That action, although noble sounding, would indeed be market manipulation, as well as, potentially lead itself to corruptive or unethical practices. This is where only people with the right contacts have access to these BTC and potentially at a less than market price. Also, nothing guarantees that the buyer won’t turn around and dump part of the holdings themselves,” Founder & CEO of Blockpliance Guillermo Fernandes told BeInCrypto.

Whether the German Government will take up Justin Sun on his offer remains unknown. Meanwhile, the market continues to endure bearish sentiment, with experts reporting extreme fear. According to Coinglass, over $104 million in ETH liquidations happened in the last 24 hours.

ETH Liquidations, after Ethereum price dipped — ETH Liquidations. Source: Coinglass

The crypto community’s eyes remain peeled on the week of July 15. According to Bloomberg analysts James Seyffart and Eric Balchunas, this is the revised timeline for possible ETH ETF launches as prospective issuers submit their amended S-1 forms. Nevertheless, Seyffart acknowledged “fairly low confidence in those launch date predictions.”

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Market

Cardano (ADA) Reaches Local Top, Poised to Decline Further

Published

2 hours ago

July 5, 2024

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During the intraday trading session on July 4, Cardano’s (ADA) Age Consumed metric rose to a 35-day high, suggesting that previously dormant tokens have begun to change hands.

This surge has since been followed by a decline in the altcoin’s price, signaling that a local top has been reached.

Cardano Long-Term Holders Are on the Move

On July 4, 1.32 billion ADA coins worth approximately $433 million at current market prices were moved, as indicated by the spike in its Age Consumed metric.

An asset’s Age Consumed metric tracks the movement of its dormant coins. The metric offers insight into the behavioral shifts of an asset’s long-term holders. This cohort of coin holders rarely moves their dormant coins around. Therefore, it is noteworthy when they do because it often precedes a shift in market trends.

The Age Consumed Metric can be a marker of a price bottom. This occurs when a spike in the metric’s value is followed by an asset’s price rally.

Conversely, it is also an indicator of a price top. This occurs when the metric spikes and the asset’s price falls. A price top refers to an asset’s highest price before a sustained decline.

At press time, ADA trades at $0.32. Its value has declined by 17% in the past 24 hours. For context, the altcoin traded at $0.39 when its Age Consumed surged. This price level represents its local top.

ADA’s daily trading volume has surged by 23% during the same period. This creates a bearish divergence between the coin’s price and trading volume, hinting at the possibility of a continued price decline.

Cardano Trading Volume Source: Santiment

In the past 24 hours, ADA’s daily trading volume has totaled $707 million.

ADA Price Prediction: The Current Downtrend is Strong

ADA has been on a downtrend since the beginning of July. At its current price, the altcoin trades at a low last seen in November 2023.

ADA’s Aroon Down Line is 100%, confirming the strength of the current downtrend. This indicator measures an asset’s trend strength and identifies potential trend reversal points. When its Down Line is close to 100%, the downtrend is strong, and the most recent low was reached relatively recently.

If the bearish bias towards the altcoin continues to gain momentum, ADA’s value may dip to $0.31.

However, if buying pressure spikes, it may push the coin’s price to $0.34.

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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Market

US Job Market Sees Growth in June as Crypto Market Slumps

Published

3 hours ago

July 5, 2024

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The US Bureau of Labor Statistics reported Friday that employers added 206,000 jobs in June. The unemployment rate rose slightly to 4.1%, above the estimated 4.0%, while average hourly earnings remained at 0.3% monthly.

Although this suggests that the US job market continues to experience healthy growth, there has been a muted response in crypto markets.

New Jobs Created Beats Analysts Estimate

According to the Bureau of Labor Statistics, the US economy added 206,000 jobs in June. While this represented a 6% decline from the 218,000 jobs added in May, it exceeded analysts’ forecasts of around 190,000 new positions.

US Nonfarm Payrolls | Source: TradingEconomics

During that month, unemployment rose slightly to 4.1%, a 2% hike from the projected 4.0%. Steadying at 4%, June’s unemployment rate suggested that the number of unemployed people as a percentage of the labor force remained stable.

Further, average hourly earnings increased by 0.3% in June, matching forecasts. This reflects steady, albeit slow, wage growth for US workers.

Crypto Markets Fail to React

While the report suggests the US job market continues to experience positive momentum, the cryptocurrency market has failed to react. Still declining as of this writing, the global cryptocurrency market capitalization has dropped by 6% in the past 24 hours.

Global Cryptocurrency Market Capitalization. Source: CoinGecko

The value of the leading crypto asset, Bitcoin (BTC), has plummeted by 3% during that period. At press time, BTC trades at $55,249.

Its price movements, assessed on an hourly chart, confirm the decline in trading activity despite the positive outlook offered by the Nonfarm Payrolls report.

As of this writing, the coin’s Relative Strength Index (RSI) is 40.76, resting below the 50-neutral zone. This indicator measures the asset’s overbought and oversold market conditions. At 42.49, BTC’s RSI shows that selling pressure currently dwarfs buying activity.

If this trend continues, the coin’s price may plummet further to exchange hands at $54,553.