Market

Top Curated News from Latin America

Published

1 month ago

June 1, 2024

admin

BeInCrypto comprehensive Latam Crypto Roundup brings the most important news and trends from across Latin America. 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 AI initiatives in Argentina, Worldcoin’s expansion in Colombia, new crypto features by Brazil’s largest neobank, and other stories.

Argentina’s Javier Milei Meets with Open AI CEO Sam Altman

President Javier Milei met with OpenAI CEO Sam Altman during his first visit to San Francisco, aiming to position Argentina as a hub for artificial intelligence (AI). The hour-long meeting was viewed by its organizers as a crucial opportunity to attract new investments. This event occurs amid potential legal restrictions faced by technology entrepreneurs in the United States.

On his official X account, President Milei shared a photo with Altman, expressing his enthusiasm for the opportunities offered by a “libertarian” Argentina. Although Altman generally avoids formal contact with other leaders, he made an exception for Milei, attracted by his passionate defense of capitalism and economic freedom.

Milei and his team criticize European regulations for stifling innovation and view Argentina as fertile ground for technological growth. They believe the country could join the United States, China, and Europe as a leading hub for AI development, thanks to its commitment to economic freedom and minimal regulation.

Javier Milei and Sam Altman. Fuente: X/Twitter)

Popular LATAM Arbitrage Platform Has Been Accused of Fraud

Solesbot, an arbitrage platform popular in Venezuela and Colombia, bills itself as an artificial intelligence-based trading bot that operates in cryptocurrency markets. Its proposal is simple: users deposit funds in a linked account and the bot is in charge of buying and selling cryptocurrencies in different exchanges taking advantage of small price differences to generate profits.

However, several members of the crypto community in Latin America have raised concerns, labeling it a Ponzi scheme. The pseudonymous developer CryptoSoftDev shared an extensive thread on his X account (formerly Twitter) detailing the platform’s operations.

First, he revealed that Solesbot operates on BSC. He then pointed out that when a user deposits USDT, it goes to one of five “collector” wallets on BSC. These wallets transfer the funds to a “distributing” wallet, intended to pay users requesting withdrawals.

“Reviewing in more detail the ‘COLLECTOR’ wallets, we noticed some infrequent operations, but of very high amounts, for example this one, 345 thousand $ in a single transfer to another wallet 4 days ago. BINGO, we have the ‘DRAINER’ wallet,” CryptoSoftDev pointed out.

CryptoSoftDev noted that the funds received by the “drainer” wallet are sent to Binance and then returned to Solesbot in the form of Ethereum (ETH), “totaling +$900k between them all.”

Despite analysts’ warnings, Solesbot continues to attract followers. Many investors claim it is possible to earn income through the platform, yet the red flags remain.

El Salvador Attracts Jack Dorsey-Backed Mining Pool

Ocean, a mining pool backed by former Twitter CEO Jack Dorsey, announced the establishment of its new headquarters in El Salvador’s capital, focusing on the business development of decentralized Bitcoin mining. The company will operate as an international Bitcoin mining hub from El Salvador, implementing a decentralization strategy by installing miners of all sizes to expand its mining reach.

Additionally, Ocean Mining will continue to support Bitcoin education in the country at locations such as El Zonte. A few months ago, Blockstream CEO Adam Back stated that El Salvador’s mining infrastructure would make it “an economic powerhouse,” describing Bitcoin as the evolution of “digital gold.”

Bitcoin mining in El Salvador has garnered global attention. Last January, the Bitcoin NGO “My First Bitcoin” received a new grant from Dorsey’s Block. The non-profit organization will use the funds to scale its digital platform and expand its offerings into new languages.

Ocean Mining hash rate — Ocean Mining Ranking. Source: Hashrate Index

Worldcoin’s World ID Lands in Colombia

Despite international controversy, Worldcoin continues its expansion in Latin America by offering World ID verifications in Colombia. This introduction aligns with a growing interest in Proof-of-Humanity in the country and throughout the region.

Currently, there are ten locations with orbs, six in Bogota and four in Medellin. However, the project recently stated that “more orbs are coming,” indicating plans to increase the availability of these machines.

While World ID could address concerns about online authenticity and set a standard for privacy, it still faces significant legal and trust challenges. The company has encountered legal issues in Spain and Portugal, where operations have been banned, along with ongoing investigations in Argentina and Chile.

Brazilian Neobank Adds Support for BTC, ETH and SOL Transfers

Brazil’s largest neobank, Nubank, has introduced a new feature allowing transactions with Bitcoin, Ethereum, and Solana. While only these three cryptocurrencies are supported initially, more will be added soon.

Nubank reported a 1,500% increase in cryptocurrency transaction volume between March 2023 and March 2024. This new feature lets customers transfer their crypto assets whenever they want.

In a separate development, USDC stablecoin issuer Circle announced the launch of its infrastructure in Brazil, partnering with Nubank and BTG Pactual. This alliance will provide direct liquidity to retail customers and institutions through the Brazilian banking system, enabling the exchange and redemption of USDC.

Circle forum in São Paulo — Circle Launches in Brazil to Catalyze USDC Adoption. Source: X/Jeremy Allaire

As the Latin American crypto scene continues to grow, these stories highlight the region’s increasing influence in the global market. From Argentina’s ambitions in AI to Brazil’s expanding cryptocurrency services, 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.

Source link

Related Topics:America Curated Latin News Top

Up Next

Uniswap’s Fee Switch Delay Triggers 5% Drop in UNI Token

Don't Miss

Ethereum ETF Fee Wars Heat Up as Issuers Slash Rates

Click to comment

Market

Exploring Upward Momentum and Bullish Prospects

Published

47 mins ago

July 3, 2024

admin

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Source link

Market

Should Investors See This as a Buying Chance?

Published

2 hours ago

July 3, 2024

admin

Source link

Market

Ethereum Reverses Course: Can ETH Bulls Save The Day?

Published

3 hours ago

July 3, 2024

admin

Ethereum price failed to climb above the $3,520 zone and corrected gains. ETH is now showing bearish signs below the $3,400 support zone.

Ethereum started a downside correction after it failed to surpass the $3,520 zone.
The price is trading below $3,400 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now at risk of more downsides below the $3,350 support zone.

Ethereum Price Dips Again

Ethereum price failed to continue higher above the $3,520 and $3,550 resistance levels. ETH formed a top near $3,520 and started a fresh decline like Bitcoin. There was a move below the $3,450 and $3,420 support levels.

The bears pushed the price below the 50% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high. It seems like the price trimmed most gains and might continue to move down below the $3,350 support zone.

Ethereum is trading below $3,400 and the 100-hourly Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high.

If there is a recovery wave, the price might face resistance near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. The first major resistance is near the $3,435 level.

The next major hurdle is near the $3,465 level. A close above the $3,465 level might send Ether toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. Any more gains could send Ether toward the $3,650 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,410 resistance, it could continue to move down. Initial support on the downside is near $3,365. The first major support sits near the $3,350 zone.

A clear move below the $3,350 support might push the price toward $3,250. Any more losses might send the price toward the $3,120 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,350

Major Resistance Level – $3,435

Source link