Market
X (Twitter) Banned in Brazil 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 notes that Brazil’s government has banned X (formerly Twitter) due to its non-compliance with local regulations. Meanwhile, Chile has initiated a legal battle against Worldcoin due to concerns over biometric data, among other updates.
Bitcoin Adoption in El Salvador: Progress or Setback?
El Salvador’s President Nayib Bukele has acknowledged that Bitcoin adoption in his country has not advanced as quickly as expected. This comment is particularly interesting, given that the country declared BTC as legal tender in 2021.
In an interview with TIME Magazine, Bukele described the results as “positive,” although he admitted that the anticipated benefits were not achieved. Although large businesses in El Salvador, such as supermarkets and restaurant chains, accept Bitcoin as a means of payment, mass adoption has not materialized.
Read more: Who Owns the Most Bitcoin in 2024?
To date, Bukele’s government has promoted the use of cryptocurrency in daily transactions and also put forward ambitious proposals such as the creation of Bitcoin City. This initiative intends to build a city powered by geothermal energy from volcanoes that would serve as a global hub for cryptocurrencies. In addition, the president has launched a citizenship program for people who invest at least $1 million in Bitcoin or Tether, with the aim of attracting international investors.
However, despite these efforts, Bukele’s administration remains strongly supportive of Bitcoin. Since the president implemented the Dollar Cost Averaging (DCA) strategy to buy one Bitcoin daily, the country has consistently purchased BTC regardless of market conditions.
At the time of writing, El Salvador’s mempool shows that the government holds 5,859 BTC. With the current market price of Bitcoin, this amount is equivalent to approximately $346.35 million.
Brazil has suspended the social media platform X following its failure to comply with local regulations. Minister Alexandre de Moraes ordered the ban after Elon Musk’s company neglected to appoint a legal representative in the country. The platform is expected to become inaccessible within 24 hours.
In addition to the ban, Brazil has imposed a fine of R$50,000 (approximately $10,000 USD) per day on individuals or companies using VPNs to access the app. Apple and Google have also been given a five-day deadline to remove the app from their stores.
This situation arose after X removed its legal representatives from Brazil in response to what Musk described as “untenable demands” from the Brazilian court, including censorship and privacy concerns.
Considering Brazil’s sixth-place global ranking for the number of X users, a ban could have significant consequences. Furthermore, this decision could impact the country’s crypto community.
X is a crucial platform for real-time market updates and crypto discussions. A potential ban would significantly challenge investors who rely on the platform for information and market insights.
According to a recent survey by CoinGecko, 34.4% of crypto traders and investors rely on X for their information needs. Specifically, 66.7% of the 1,065 survey participants identified X as their primary source of crypto information.
Worldcoin Sued in Chile Over Biometric Data Concerns
Chile’s National Consumer Service (SERNAC) has filed a lawsuit against the Optimistic SpA Group, the company that operates Worldcoin in the country. The lawsuit, submitted to the 2nd Local Police Court of Las Condes, cited irregularities in collecting biometric data from Chilean citizens.
SERNAC’s investigation uncovered multiple violations of the Consumer Law, particularly concerning the lack of transparency and inadequate protection of personal data.
The Chilean agency seeks to impose substantial fines, potentially reaching $20 million, on Worldcoin for its alleged misconduct. Additionally, it demands the immediate halt of Worldcoin’s operations in the country until the legal issues are resolved.
US Bill Reaffirms Sanctions on Venezuela, Targeting Cryptocurrencies
Amid ongoing political tensions, US Congress members are preparing to introduce a bill that will reinforce sanctions against Venezuela, with a specific focus on cryptocurrencies. The proposed “Law for the Promotion of Freedoms, Opportunities and Rights in Venezuela” (VALOR) seeks to maintain pressure on the Venezuelan government by blocking the assets of key financial institutions, including the Central Bank of Venezuela and the state-owned cryptocurrency, Petro.
This legislation, spearheaded by Congresswoman María Elvira Salazar, aims to tighten existing measures and expand the reach of US sanctions to ensure Venezuela remains under international scrutiny.
“The VALOR Act will do just that by seeking international cooperation for a peaceful transition to democracy in Venezuela and maintaining sanctions until there is substantial and measurable progress,” Salazar said.
In 2018, the Trump administration also implemented measures against Petro, a cryptocurrency the Maduro government launched to sidestep US sanctions. Trump labeled Petro as a corruption tool and a desperate bid to sustain the government.
Stellar Invests in Colombia’s Puntored to Boost Cross-Border Payments
The Stellar Development Foundation (SDF) announced investing $2 million in the Colombian FinTech company Puntored. They facilitated this investment through the Stellar Enterprise Fund as part of an effort to use blockchain technology to enhance remittance services and financial inclusion in Latin America.
Colombia has seen a significant increase in remittance inflow. The country’s Ministry of Finance reported a 17.3% rise between January and July 2024 compared to the previous year.
Read more: How To Accept Crypto Payments: A Brief Guide
Stellar’s collaboration with Puntored currently serves over 18 million users across Colombia, Mexico, and Puerto Rico. Therefore, this partnership is expected to transform the digital payments sector in the region.
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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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