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
BNB Price Faces More Downside—Can Bulls Step In?

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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.
Market
VanEck Sets Stage for BNB ETF with Official Trust Filing

Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).
This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.
VanEck Moves Forward with BNB ETF
The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.
As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.
Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.
“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).
The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.
This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.
“A big step toward bringing BNB to US institutional investors!” another analyst wrote.
Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.
“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.
This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.
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Market
XRP Recovery Stalls—Are Bears Still In Control?

XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.
- XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
- The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.20 resistance zone.
XRP Price Faces Rejection
XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.
The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.
On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.
Another Decline?
If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.
If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.10 and $2.050.
Major Resistance Levels – $2.120 and $2.20.
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