Market
El Salvador Reforms Bitcoin Law, Scaling Back State Involvement
El Salvador’s Legislative Assembly approved reforms to the nation’s Bitcoin Law, altering key aspects of its applicability.
Bitcoin remains a recognized asset in El Salvador, although this development effectively weakens its official classification as legal tender.
Key Amendments to El Salvador Bitcoin Law
With 55 votes in favor, lawmakers eliminated the requirement for economic agents to accept Bitcoin (BTC). They also removed the state’s role in providing infrastructure for its use and erased references to Bitcoin as legal tender.
“With 55 votes in favor, we reform the Bitcoin Law to improve its applicability,” El Salvador’s Legislative Assembly announced.
The reforms notably eliminate mandatory Bitcoin acceptance, making its use voluntary for private sector participants. This marks a significant departure from the original law, which mandated businesses to accept Bitcoin as a payment method. Additionally, the state will no longer facilitate Bitcoin transactions through mechanisms such as the Chivo Wallet.
“…only natural or legal persons, with full private participation, may accept Bitcoin as a form of payment when it is offered to them,” the report said, citing Article 7.
It entailed the repealing of Articles 4, 8, and 9, which had allowed tax payments in Bitcoin. These clauses also required the government to provide infrastructure for Bitcoin-to-dollar convertibility.
The changes align with an agreement with the International Monetary Fund (IMF) for a $1.4 billion loan intended to strengthen fiscal sustainability. Government debt obligations must now be settled in the currency in which they were originally contracted, further reducing Bitcoin’s role in national financial matters.
IMF Agreement and Economic Considerations
Indeed, the IMF’s loan agreement with El Salvador played a crucial role in shaping these reforms. In December 2023, the Salvadoran government committed to scaling back Bitcoin’s mandatory use and reducing its involvement in Bitcoin-related infrastructure.
These legislative changes reflect the broader sentiment of El Salvador’s population. Local media reported a recent survey, which revealed that 92% of citizens did not use Bitcoin in transactions throughout 2024.
“Various studies by reputable pollsters in El Salvador have indicated that 92% of the population did not use Bitcoin in 2024, the year in which it recorded its lowest use since 2021,” the report said.
Despite these regulatory shifts, El Salvador continues to engage with Bitcoin on multiple fronts. The country expanded its Bitcoin reserves a week before the reforms, signaling its long-term commitment to the digital asset. Additionally, El Salvador has been eyeing discounted Bitcoin acquisitions amid the US government’s planned $6.7 billion BTC sale.
Bitcoin has also brought economic benefits to El Salvador. Three months ago, the government leveraged Bitcoin’s price surge to repurchase national debt, strengthening its fiscal position.
“We promised to eliminate the Political Debt. People complained to us that we had not yet fulfilled our promise. It took us a while, but we listened to the people, and today we are delivering. No more financing of political parties with the people’s money,” El Salvador president Nayib Bukele said in an X post.
These moves highlight the administration’s strategic approach to utilizing Bitcoin while adapting to international financial pressures. Meanwhile, El Salvador continues to attract major crypto firms. Stablecoin issuer Tether recently relocated to the country after securing a significant license.
“Today a meeting that will change the course of history happened. Great minds around a table in El Salvador,” Tether CEO Paolo Ardoino shared on X.
Additionally, video platform Rumble is reportedly considering moving its operations to El Salvador. These highlights cement the country’s appeal as a crypto-friendly jurisdiction.
While the state’s role in Bitcoin adoption diminishes, private sector involvement remains active. Similarly, the country’s strategic Bitcoin acquisitions continue. As the IMF agreement progresses and crypto firms establish operations in El Salvador, the nation’s Bitcoin experiment remains a focal point for global financial and cryptocurrency markets.
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
5 RWA Altcoins to Watch In January 2025
RWA altcoins are gaining significant traction as the tokenization of real-world assets continues to reshape crypto. February 2025 is shaping up to be a crucial month for some of the top-performing RWA altcoins, with strong price momentum and increasing institutional backing driving further interest.
From established players like ONDO and OM to emerging tokens like PLUME and Artrade, here are five RWA altcoins to watch closely in the coming weeks.
Ondo (ONDO)
ONDO has established itself as one of the top RWA altcoins, backed by major institutions like BlackRock and Morgan Stanley. As the tokenization of real-world assets gains traction, ONDO stands out as a key player in bridging traditional finance with blockchain technology.
Over the past week, ONDO’s price has surged nearly 20%, bringing its market capitalization close to $5 billion. This growth cements its status as one of the largest RWA protocols and highlights the increasing demand for tokenized assets, as RWA narrative becomes even more relevant.
If the current momentum persists, ONDO could break through the $1.65 resistance level. A move above this could push the price to $1.93, with the potential to test $2 for the first time since mid-December 2024.
Plume (PLUME)
PLUME is emerging as a key RWAfi platform, with 18 million addresses and $4 billion in available assets. Its ecosystem includes major players like Paxos, LayerZero, and Anchorage Digital, and its recent $20 million funding round in December 2024 highlights strong institutional interest.
Its token launched just nine days ago and has surged 67% in the past six days, with a 23% gain in the last 24 hours alone. This rapid growth signals strong demand, positioning PLUME among the most promising RWA altcoins in the market.
If momentum continues, PLUME could test resistance at $0.22. A breakout above this level would lead to new all-time highs, further solidifying its strength in the RWAfi sector.
Mantra (OM)
OM has been one of the top-performing RWA altcoins in recent weeks, gaining over 38% in the last seven days. MANTRA is a RWA Layer 1 blockchain designed to comply with real-world regulatory standards.
OM is now approaching ONDO in market cap, currently sitting near $4.7 billion. Its trading volume remains strong, reaching $197 million in the last 24 hours.
OM has been consistently breaking new all-time highs over the past few days. If the current uptrend continues, it could trade above $5 for the first time, further solidifying its position as a leading RWA platform.
Goldfinch (GFI)
GFI is the native token of Goldfinch, an Ethereum-based lending platform that allows users and institutions to provide USDC loans to real businesses globally. With nearly $100 million in active loans, the project is backed by major investors like Andreessen Horowitz, Coinbase Ventures, and Variant.
Its price has gained around 15% in the past seven days, bringing its market cap to $40 million. Despite its relatively smaller size compared to other RWA altcoins, GFI continues to attract attention as demand for decentralized lending solutions grows.
Although its EMA lines recently formed a death cross, GFI held key support levels and is now rebounding. If momentum continues, it could push past $1.5 and $1.7, signaling a potential trend reversal.
Artrade (ATR)
Artrade is an art-focused RWA marketplace built on Solana, gaining traction as a unique player in the tokenized asset space. Its price has surged over 34% in the past seven days, pushing its market cap to $48 million, with a daily trading volume of $1.3 million.
If momentum remains strong, Artrade could break through the $0.048 resistance level. A successful breakout could send the price toward $0.07, representing an 84% potential upside.
With the growing interest in RWA altcoins, Artrade’s niche in digital art and its position on Solana give it a strong foundation for continued growth.
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
SOL Price Gains 5% Amid Mixed Technical Signals
Solana (SOL) price has risen more than 5% in the last 24 hours, bringing its market cap to around $117 billion and trading volume to surpass $6 billion. Despite this short-term surge, technical indicators remain mixed, with the Ichimoku Cloud showing uncertainty and the BBTrend still in negative territory.
SOL has been consolidating between $225 and $239, and its EMA lines are positioned closely, suggesting indecision in the trend. Whether SOL breaks out toward $272 and beyond or faces further downside pressure will depend on key technical confirmations in the coming days.
Solana Ichimoku Cloud Signals Mixed Market Sentiment
Solana Ichimoku Cloud setup presents a mixed outlook. The price is currently hovering near the Kijun-sen (red) and Tenkan-sen (blue) lines. The cloud (Kumo) ahead is red, indicating a potential bearish sentiment in the coming sessions. The price recently moved inside the cloud, suggesting a period of indecision where neither buyers nor sellers have full control.
The Chikou Span (green) is weaving through past price action, reinforcing this uncertainty and signaling that SOL is still in a consolidation phase rather than a strong trend.
The thickness of the upcoming cloud suggests that volatility may increase, as a thicker cloud often represents stronger resistance or support zones. The Tenkan-sen remains below the Kijun-sen, which typically reflects weaker short-term momentum.
However, if SOL price continues to hold above these lines and pushes further into the cloud, it could indicate a potential shift in sentiment. On the other hand, if the price remains below both lines and the cloud starts expanding downward, it would suggest that the bearish pressure is still dominant.
SOL BBTrend Remains Negative
The BBTrend (Bollinger Band Trend) is an indicator that measures price momentum based on the relationship between price and Bollinger Bands. It helps identify trends by analyzing whether price movements are leaning toward the upper or lower bands.
When BBTrend is positive, it suggests bullish momentum, as prices tend to stay near the upper band. Conversely, a negative BBTrend indicates bearish momentum, where prices gravitate toward the lower band. Larger absolute values suggest stronger trends, while near-zero values imply a lack of directional strength.
Solana BBTrend is currently at -9.8, having turned negative yesterday and reaching a low of -11.3 a few hours ago. This shift into negative territory suggests that bearish momentum has strengthened recently, with prices moving closer to the lower Bollinger Band.
While the BBTrend has slightly recovered from its lowest point, it remains firmly negative, indicating that downward pressure is still present. If the BBTrend starts to rise back toward zero, it could suggest a slowdown in bearish momentum or the beginning of a consolidation phase. However, if it continues to decline, it would reinforce the likelihood of a sustained downtrend.
SOL Price Prediction: Will Solana Surge In February?
Solana price has been consolidating between $225 and $239 over the past few days, with no clear trend established yet. Its EMA lines remain tightly packed, indicating indecision, but a golden cross could be forming soon.
If this crossover occurs, Solana could gain momentum and push toward the $272 resistance. A successful breakout above this level could trigger a rally toward $300, marking a potential 25% surge and its highest price level yet.
However, if downward pressure increases and SOL price fails to hold the $229 support, a deeper correction could follow. A drop below this level would put $211 in focus, and if selling continues, SOL could slip below $200, testing $191.9 next.
The direction SOL takes in the coming days will largely depend on whether the EMAs confirm a golden cross or start sloping downward, signaling further weakness.
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
Ross Ulbricht Loses $12 Million on Pump.fun
Silk Road founder Ross Ulbricht lost $12 million on Pump.fun while attempting to liquidate donated ROSS tokens. He received only $600,000 for these assets, although he still retains 10% of the supply.
This incident illustrates how much the crypto space has changed since Ulbricht was last active. Compared to the Silk Road, Pump.fun and meme coins are new paradigm of speed and chaos.
Ulbricht’s Rude Awakening on Pump.fun
According to blockchain analysis firm Arkham Intelligence, Ross Ulbricht just lost $12 million on Pump.fun. Ulbricht, founder of the Silk Road, became a popular figure among the crypto community due to his passion for Bitcoin and his decade-long imprisonment.
After Donald Trump pardoned him upon taking office, community figures began donating money to support his reintegration into society.
One of these donations illustrates just how much the crypto space has changed in the last ten years. An anonymous developer created a ROSS meme coin on the Pump.fun launchpad and gave Ulbricht half the supply.
However, when trying to liquidate it, he unintentionally cratered its value with disastrous consequences.
“Ross Ulbricht’s Solana donation address received 50% of the supply of ROSS from the developer last week. Ross tried to add single-sided liquidity to sell the coins off passively, but accidentally created a pool with Raydium CPMM (Constant-Product Market Maker) instead of CLMM (Concentrated Liquidity Market Maker),” Arkham claimed.
Ulbricht initialized the ROSS liquidity pool on Pump.fun at the wrong price, causing an MEV bot to take and sell it instantly. At first, this only used 5% of the total token supply, but Ulbricht tried to liquidate 35% shortly afterward.
This caused ROSS tokens to drop by 90%, and he received $600,000 for $12 million worth of assets.
The crypto community’s immediate reaction was sympathetic in nature. Before he was arrested, Bitcoin transactions on the Silk Road were the largest catalyst for the sector. Some would even argue that a large number of users back in 2012 became familiar with crypto just because of the Silk Road.
While most community members do not dispute Ulbricht’s imprisonment, the extent of his sentence felt largely exacerbated. For instance, Ulbricht received a double life sentence, while some of the worst drug dealers on Silk Road saw lighter sentencing.
Overall, the ROSS tokens were meant to help him get back into the real world, but the technicalities of DeFi and meme coins have changed a lot. He still retains one-fifth of his donated ROSS tokens, which are worth substantially less.
This episode illustrates that industry veterans like Ulbricht can still lose out on Pump.fun. Most traders on the platform lose money, and Solana’s founders showed a strong contempt for it in an anonymous survey.
The meme coin launchpad may have record-level incomes in 2025, but it’s also under a great deal of scrutiny. Hopefully, Ulbricht can bounce back from this rude awakening.
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.
-
Bitcoin16 hours ago
Illinois, Indiana Push for State-Owned Bitcoin Reserves
-
Market11 hours ago
Ripple analyst tips this sub-$1 altcoin over XRP for its huge rally potential
-
Market16 hours ago
XRP Price Bulls Stay In Control: Uptrend Poised to Continue
-
Market24 hours ago
Binance May Face Criminal Charges In Spanish Court
-
Market17 hours ago
Hidden Altcoins Gems For February
-
Altcoin11 hours ago
Litecoin ETF Approved – What Crypto to Buy in a January?
-
Market23 hours ago
HBAR Price Stalls Below Key Resistance as Bears Hold Firm
-
Altcoin17 hours ago
BTC & Altcoins Recover After FOMC, XCN Up 30%