Market
Top Crypto News From Latin America
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 El Salvador’s Bitcoin adoption anniversary, the Cardano Foundation’s alliance with the Entre Rios province of Argentina, and more.
El Salvador Celebrates 3 Years of Bitcoin Adoption
In June 2021, El Salvador’s President Nayib Bukele announced plans to adopt Bitcoin as legal tender. On September 7, the country officially became the first in the world to enact the “Bitcoin Law,” making BTC a legal currency.
Currently, El Salvador remains the only nation where Bitcoin is legal tender. Over the past three years, the value of Bitcoin has fluctuated significantly, dropping to $16,464 by the end of 2022 after reaching an all-time high of $73,079 in March.
Since adopting Bitcoin, El Salvador has accumulated 5,772.76 BTC worth $411 million. Additionally, President Bukele won re-election for a second term, continuing to lead the country.
Read more: Who Owns the Most Bitcoin in 2024?
Paraguayan Congresswoman Proposes a Bill to Regulate Bitcoin Mining
Paraguayan Deputy María Constancia Benítez de Benítez introduced a bill to regulate Bitcoin mining in Paraguay. Titled “That regulates cryptomining in the Republic of Paraguay,” the proposal aims to create a secure legal and economic environment for cryptocurrency mining.
Benítez highlighted that mining could boost the country’s economic development. The bill highlights that Paraguay can harness its substantial hydroelectric energy production capacity for mining operations.
The bill has been presented to the Chamber of Deputies. Several committees, including those on economic and financial affairs, legislation and codification, industry, commerce and tourism, budget, drug trafficking prevention, science and technology, and energy and mining, will now review it.
Read more: Is Crypto Mining Profitable in 2024?
Latam Trading Platform BTR Shutdown as Users Allege Ponzi Scheme
The BTR crypto trading platform has allegedly ceased operations, sparking accusations from its users of an exit scam. What was initially seen as a temporary glitch has quickly escalated into a significant scandal.
Investors from Venezuela and other parts of Latin America had entrusted substantial sums of money to the BTR platform. Now, they find themselves in a precarious situation.
Many were drawn by promises of high returns and the perceived stability of the project. However, the lack of transparency and evasive responses from BTR’s administrators have fueled suspicions of a deliberate exit scam.
“#BTR the pyramid scheme has fallen. Its users report that there is no longer access to the website, there are no withdrawals, there are no official announcements from its CEO,” pseudonymous trader from Venezuela said.
Read more: 15 Most Common Crypto Scams To Look Out For
Bitcoin Embassy Bar in Mexico Closes in July, Leaves Crypto Networking Legacy
The Bitcoin Embassy Bar, a central hub for blockchain projects and Bitcoin initiatives, will close its doors at the end of July. This venue has been an ideal space for the crypto community in Mexico to network and collaborate.
Lorena Ortiz, the bar’s founder, announced on social media that the closure is due to health issues she faced earlier this year. However, she emphasized that while the physical location is closing, the “Bitcoin Embassy Bar” concept remains alive.
The community reacted swiftly, praising the bar’s efforts to educate people about cryptocurrency. Many expressed their appreciation for their experiences as consumers and exhibitors at the venue. Others encouraged the continuation of the project, optimistic that the business aspect and concept could be revived.
Read more: Best Crypto Community To Join for Beginners
Cardano Foundation Seals Alliance with Entre Rios Province of Argentina
The Cardano Foundation, a non-profit organization dedicated to promoting and developing the Cardano blockchain, has allied with the Entre Ríos province of Argentina. The agreement, signed at the Entre Ríos House in Buenos Aires, marks a milestone in their collaboration, which began with the Cardano Foundation delegation’s visit to the province in March.
Entre Ríos has been selected as a key jurisdiction to lead the adoption of blockchain technologies in the region. The agreement includes plans to advance digital identity solutions in the initial phase and facilitate access to Web3 knowledge. This joint initiative represents a significant effort to modernize and digitize processes in Entre Ríos, using decentralized technology as a foundation.
Read more: Who Is Charles Hoskinson, the Founder of Cardano?
Strike CEO Jack Mallers Seeks to Increase Investment in El Salvador
Jack Mallers, CEO of the payment platform Strike, announced plans to boost investment in El Salvador. Last year, Strike moved its headquarters to El Salvador and expanded Bitcoin payments to 65 countries.
Mallers noted El Salvador’s improvements and expressed the company’s intention to support more local projects and enhance the country’s crypto ecosystem, stating, “Chicago does not change as much as El Salvador changes.”
He emphasized that investing in El Salvador is a “good investment” in any area, whether technology or land. Strike is licensed as a digital asset provider and receives government support for its products and services.
“This country has been great. To come back and see all the changes is amazing. We see El Salvador improving and want to invest more to support and bring benefits here,” Mallers said.
Read more: A Guide to Crypto Payrolls: Exploring Salary Payments in Web3
As the Latin American crypto scene grows, these stories highlight the region’s increasing influence in the global market. From El Salvador’s bursting Bitcoin economy to Argentina’s new partnerships, LATAM 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
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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