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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.
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XRP Price Ready to Rally? Signs Point to a Bullish Move
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Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
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 – $2,850
Major Resistance Level – $2,720
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