Market
Paraguay Fights Illegal Miners, 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 about Paraguay’s intensified efforts against illegal Bitcoin miners, the growth of cryptocurrency users in Mexico, and more.
Paraguay Raises Electricity Rates for Bitcoin Miners
Paraguay’s National Electricity Administration (ANDE) has increased electricity rates for cryptocurrency mining companies by 9 to 16 percent. This measure aims to curb losses from illegal mining activities, estimated to cost the country up to 14 billion guaraníes (over $185,000).
On June 26, ANDE issued Resolution 49238, updating electricity tariffs. Hugo Fernández, ANDE’s commercial manager, informed the newspaper Última Hora about intensified efforts against illegal cryptocurrency mining. He revealed that 72,823 KVA (kilovolt-ampere) have been intervened this year. Most energy thefts affect the electrical system.
“The intervention represented a monthly loss of G. 14,720,458,825 for the institution, in terms of unregistered active energy, which added to the intervention costs and fine, must be paid by the person responsible for the theft of electric energy. This fact damages the proper functioning of the electric system”, Fernández explained.
Read more: Is Crypto Mining Profitable in 2024?
In early June, national deputy María Constancia Benítez de Benítez presented a bill titled “That regulates cryptomining in the Republic of Paraguay,” aiming to regulate Bitcoin mining. She acknowledged that mining presents an opportunity for the country’s economic development.
BeInCrypto CEO Alena Afanaseva Will Speak at Blockchain Rio 2024
The highly anticipated Blockchain Rio 2024 will take place from July 24 to 25 at EXPOMAG in Rio de Janeiro. This year’s event will feature more than 300 experts from the new economy, including BeInCrypto CEO Alena Afanaseva. She will discuss global trends in the new economy and the educational role of media outlets.
Other confirmed participants include Ariel Scaliter, co-founder and CTO of Agrotoken, and Daniela Barbosa, director of the Hyperledger Foundation. João Aragão Pereira, technology and innovation specialist at Microsoft, and pro-crypto Senator Carlos Portinho will also attend. They will present their expertise in different areas, from digital finance to energy and agriculture.
Read more: Top Crypto Events in 2024
Agrotoken, Microsoft, and Hyperledger have joined the Drex pilot platform consortium to highlight the importance of advanced blockchain applications. Blockchain Rio 2024 will also feature workshops, hackathons, knowledge trails, networking areas, Rio Digital Arts gallery, and immersive experiences. The business fair will provide a platform for companies to showcase their solutions, making new connections and potential collaborations among attendees.
Bolivian President Lifts Cryptocurrency Ban Amid Dollar Shortage
In response to an economic crisis marked by a shortage of dollars and fuel, Bolivia has lifted its ban on using cryptocurrencies as a means of payment. President Luis Arce announced this decision to mitigate the impact of dwindling foreign currency reserves caused by a decline in gas exports, the country’s primary income source until 2021. Arce believes this move could significantly benefit the Bolivian economy by attracting foreign capital and modernizing its financial system.
From a macroeconomic perspective, allowing cryptocurrencies could attract foreign investment, as these digital assets enable fast and secure global transactions. This potential for seamless international trade might encourage both individual and corporate investors to diversify their assets in emerging markets like Bolivia, bypassing traditional currency restrictions.
Bolivia, which receives substantial remittances from citizens abroad, stands to gain from this policy shift. Cryptocurrencies provide a quicker and cheaper method for transferring money, reducing transaction costs and increasing the inflow of dollars into the country.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
The adoption of cryptocurrencies could also boost e-commerce by enabling local businesses to sell products and services internationally without traditional banking barriers. This expansion would help diversify Bolivia’s revenue sources beyond gas exports.
Overall, Bolivia’s decision to embrace cryptocurrencies could mark a shift in addressing its economic challenges, offering new opportunities for investment, commerce, and financial stability.
3.1 Million Mexicans Now Own Crypto, Report Reveals
A recent report from Sherlock Communications reveals that cryptocurrency adoption is on the rise in Mexico, with over 3.1 million holders, equivalent to 2.5% of the population. Previously, the consultancy identified Brazil and Argentina as the regional leaders.
The growth potential for crypto adoption in Mexico is significant, partly due to the $63 billion remittance market with the United States. A single exchange, Bitso, processed $4.3 billion last year.
“Legislators and authorities have been silent on the tax status of cryptocurrencies, and so far, no tax regulation in Mexico makes reference on the subject. Certain interpretations apply tax provisions and make applicable income tax rates of 30% to 35%, 16% VAT on each transfer within the country (but 0% if the buyer is outside Mexico) and 10% capital gains,” Sherlock Communications stated.
Read more: Who Owns the Most Bitcoin in 2024?
In addition, the report noted some companies have been instrumental in increasing the adoption of cryptocurrencies in Mexico. Among them, the following stand out: Bitso, Volabit, Coinbase, Ripple, Banco Azteca, Banxico, Telefónica, Helium, Etherfuse, investment firms Exponent Capital, Lvna Capital and GBM, ConsenSys Academy and BIVA.
Sherlock Communications argues that there are factors driving the use of cryptoassets in Mexico, such as the central bank’s digital currency (CBDC) working the country, 40% of companies in the country seek to use blockchain technology, the Fintech Law, and even, crypto sympathy from legislators in Mexico.
“Blockchain enjoys an excellent reputation in Latin America. Latin Americans see the technology as having positive consequences in areas beyond the business field and financial sectors. In the region, 61% of respondents in this sample agree that blockchain technology can transform the way governments keep records,” the report read.
As the Latam crypto scene grows, these stories highlight the region’s increasing influence in the global market. From Bolivia’s recent efforts to rising adoption of digital assets in Mexico, Latin America is positioning itself as a key player in the tech world. 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
Trump Media Files Trademark for Crypto Platform TruthFi
Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing.
The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.
Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year.
However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social.
The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter).
As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week.
Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.
Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance.
Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion.
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
Banana Gun Rises After Justin Sun’s $6.2 Million Art Purchase
Justin Sun, founder of TRON and Poloniex CEO, has purchased the viral art piece Comedian—a banana duct-taped to a wall—for $6.2 million at Sotheby’s.
Following the purchase, Sun announced on X (formerly Twitter) that he plans to eat the artwork. This has ignited a frenzy of memes, commentary, and market reactions, even causing the crypto token Banana Gun to spike in value.
Crypto Reacts: Banana Gun on the Rise
Maurizio Cattelan’s Comedian gained international fame in 2019 when it was first displayed at Art Basel Miami. Its simplicity and absurdity—a banana taped to a wall—sparked debates about the nature of art. The so-called artwork became viral when performance artist David Datuna ate it in a stunt dubbed Hungry Artist.
Sun’s pledge to eat the $6.2 million fruit has also drawn parallels, adding another layer of humor to the piece’s history. The Tron founder even said he’s willing to donate the banana to Elon Musk and send it to Mars.
Meanwhile, several users even recreated their own version of Comedian and shared it on social media. One fan followed up by taping bananas around the Massachusetts Institute of Technology (MIT) campus, encouraging others to “tape all over the world” and start a movement.
What they are campaigning for, precisely, remains to be seen.
“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. Stay tuned,” Sun said on X.
The ripple effects of Sun’s purchase eventually trickled beyond the confines of art and humor and into crypto markets. The token Banana Gun, which shares its name with the theme, surged nearly 16% following the news. Traders and enthusiasts, ever attuned to cultural moments, appear to have seized the chance to capitalize on the buzz.
Sun’s acquisition and the banana’s virality bring to mind another recent development in the art-crypto nexus. Earlier this week, Ethereum co-founder Vitalik Buterin allegedly minted 400 Patron NFTs. This development sparked hopes of a resurgence for the NFT market.
This aged well…. $BANANA is an insane project. For me, this is in the same league as $ZIG. Fundamentals are truly insane. No matter which narrative will cook next, $BANANA will profit from it,” said one trader on X.
The combination of Sun’s high-profile purchase and the market’s reaction to Banana Gun demonstrates how art, humor, and technology continue to blur boundaries. Whether Sun’s banana-eating spectacle will leave a lasting impact or peel away (pun intended) into meme history, one thing is certain—the intersection of crypto and culture remains as unexpected as ever.
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
Cardano (ADA) Price Hits 41% Weekly Growth, $1 Target in Sight
Cardano (ADA) price has surged 41.89% in the last seven days, signaling strong bullish momentum in the market. The uptrend remains strong, supported by key technical indicators like the ADX and Ichimoku Cloud, which point to sustained positive sentiment.
However, signs of consolidation and narrowing gaps in short-term indicators suggest that the rally could face challenges if buying pressure weakens.
ADA Current Uptrend Is Still Strong
Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The metric has remained above 40 since November 7. This high ADX value confirms the robustness of ADA ongoing uptrend, signaling solid momentum behind the recent price movements.
With the positive directional index (D+) at 21.3 and the negative directional index (D-) at 11, bullish pressure continues to outweigh bearish activity, further supporting the upward trajectory.
The ADX measures the strength of a trend without considering its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or nonexistent trend. With an ADX at 42.7, ADA is clearly in a strong uptrend, showing significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA price could sustain its upward movement if current conditions persist.
Cardano Ichimoku Cloud Shows An Important Signal
The Ichimoku Cloud chart for Cardano indicates a generally bullish trend, as the price remains above the cloud (Kumo). The Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA’s recent rally.
While the price is still trading above these lines, the narrowing gap between the price and the Tenkan-sen suggests weakening short-term momentum.
The green cloud ahead signals potential support for ADA uptrend, but the current consolidation phase highlights the need for sustained buying pressure to maintain this momentum.
If the price drops below the Kijun-sen or approaches the cloud, it could signal a possible shift toward bearish sentiment.
ADA Price Prediction: Can It Reach $1 In November?
If Cardano (ADA) maintains its strong uptrend, it could test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 threshold, marking a 20% rise from current levels and the highest price for Cardano since April 2022.
However, as indicated by the Ichimoku Cloud, a potential reversal could be on the horizon. If bearish momentum takes over, ADA price could face significant downward pressure, potentially dropping to $0.51.
If this support fails, the price could decline further to $0.32, representing a steep 59% correction. This highlights the importance of the current support and resistance levels in determining ADA’s next direction.
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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