Category Archive : Latin America

Crypto Espresso: Contrarian ideas rule today’s quick shot of the latest crypto moves and news?

Morning Coinheads!

While BTC has vacillated between US$28k and US$31k over the last week, the focus remains the fallout from terraUSD’s unhinging from its fiat equivalent, eToro’s market analyst and crypto expert Simon Peters says.

But, it’s the first time Bitcoin has copped eight straight weekly falls.

It’s full bear, the technicians reckon, but there’s debate that’s a bad thing.

It’s Tuesday in cryptoland, let’s begin.

 

Bitcoin tech analysis #1: Eight weeks in the red, sellers win

Newsbtc.com is speculating on what the record breaking price slide means for Bitcoin fans, saying for the past two months it’s been a consecutive nightmare.

“Now, it can be safely assumed that the crypto market has successfully made its way into the bear market. This has been the reason for the low and negative momentum among investors over the last couple of months. But with Bitcoin closing so many weeks in the red, it is expected to get worse,” says Newsbtc’s Owie Best.

“Even though there are those who see this as a time to accumulate, the massive sell-offs triggered by these red closes have simply won out in the end. These types of consecutive negative weekly closes have become known as an unavoidable part of being in a bear market.”

 

Bitcoin tech analysis #2: Contrarian bulls to trigger rally to US$33.7k

FX Street’s Tony M reckons BTC’s price sentiment is “in extreme fear, which is contrarian bullish”. So prep for a breakout.

The Bitcoin price Fear and Greed index has been “residing in extreme fear levels for over two weeks”.

“This Index can be used as a contrarian bullish signal since more investors are unwilling to invest in the current BTC price leaves more room for smart money to accumulate large orders.”

Talking of contrarian, he goes on to say BTC is forming a B wave triangle, so er, the sideways price action is now becoming more clear. But all that bullish talk is out the window if there’s a “breach below the swing low at $26,500”.

 

El Salvador’s BTC whack now equal to next bond payment

Bitcoin’s troubles are now El Salvador’s; its losses the equivalent of the next due payment to bondholders.

Since becoming the world’s first government to make Bitcoin legal tender last September, President Nayib Bukele has snapped up around US$105m of BTC.

That’s now worth circa US$66 million.

The loss exceeds the next payment on its foreign debt, with US$38.25…

Read more at stockhead.com.au

Conservative party ends its investigation into complaint about a racist email

The text that Rempel Garner shared expresses support for Nazism and includes racist remarks directed at Black and Asian people. It ends with the author saying they support Pierre Poilievre, an Ottawa-area Conservative MP who is also running in the leadership race.

In response to the email flagged by Brown’s campaign last week, Poilievre said, “if you are a racist, I don’t want your vote.”

The party also appointed a new member to its shadow cabinet on Monday, tapping British Columbia MP Dan Albas as its new finance critic.

Interim Party Leader Candice Bergen announced the move days after long-time MP Ed Fast stepped down from the position.

Fast’s move came Wednesday shortly after he had criticized Poilievre for proposing to fire the Bank of Canada governor over the country’s high inflation rate.

Fast, who is helping chair Jean Charest’s bid for the party leadership, had told reporters he believed Poilievre’s pledge hurt the party’s credibility on economic issues and counted as interfering with the central bank’s independence.

Some within caucus felt Fast had crossed a line by invoking his finance critic title in his remarks. Fast said he was made to feel like he needed to stay silent on Poilievre’s attacks against the central bank and promotion of the cryptocurrency Bitcoin as a solution to inflation.

This report by The Canadian Press was first published May 23, 2022.

The Canadian Press

Read more at chatnewstoday.ca

Davos: Central bankers say cryptos aren’t real currencies

With the prices of cryptocurrencies like bitcoin and ethereum and so-called stablecoins like Luna and TerraUSD plunging in value and hurting many investors in the process, that seems unlikely for now — at least not until crypto starts behaving more like traditional currencies, central bankers and regulators in a panel discussion at the World Economic Forum in Davos told CNN’s Julia Chatterley Monday.

“Bitcoin may be called a coin but it’s not money. It’s not a stable store of value,” said Kristalina Georgieva, managing director of the International Monetary Fund.

Georgieva said some cryptocurrencies are more akin to a pyramid scheme for the digital age because they aren’t backed by real assets. But she said central bank digital currencies (CBDCs) supported by governments can, in fact, be stable.

François Villeroy de Galhau, a governor with the Central Bank of France, agreed.

“Cryptocurrencies are not a reliable means of payment. Someone must be responsible for the value and it must be accepted universally as a means of exchange. It’s not,” Villeroy said, noting that some “citizens have lost trust in crypto” because of the massive volatility.

He added that governments looking to adopt digital currencies must do so in partnership with large commercial banks.

What is the real role of cryptos?

Other panelists wondered what the long term goals of digital currencies should be.

Sethaput Suthiwartnarueput, a governor with the Bank of Thailand, said that Thailand has been experimenting in the world of digital currencies. But he said it “has to be clear what problem you want to solve.”

“We don’t want to see it as a means of payment,” Suthiwartnarueput said, adding that cryptos are more of an investment than a medium of exchange.

Villeroy mentioned that the experiment by El Salvador to use bitcoin as legal currency shows how risky it can be to embrace cryptocurrencies.

“I would prefer that El Salvador citizens have access to the euro,” he quipped.

That said, Georgieva noted that digital money can be a “global public good” that can help people send remittances across borders. The key is for interoperability, so that it is just as easy to transfer digital currencies as it is paper-backed currencies like the dollar and euro.

But panelists stressed that it will take time for digital currencies to evolve and become more mainstream for consumers, major financial institutions and governments. Lawmakers in the United States as well as the Federal Reserve are also debating the…

Read more at www.cnn.com

Bitcoin Tanks 38% in 2022: Buy It Cheap?

Time to buy Bitcoin with its price falling?

Written by Adam Othman at The Motley Fool Canada

Bitcoin (CRYPTO:BTC) is no stranger to ups and downs. The world’s first cryptocurrency has gone through considerable corrections throughout its history — and right now, its valuation is US$29,288.90, representing a 38% year-to-date decline.

If you’ve been following the cryptocurrency industry long enough, you might remember other times when the token’s valuation dropped more than 50% in less than a month. Investors who managed to buy Bitcoin during those considerable dips have managed to rake in significant profits in its ensuring recoveries.

Bitcoin’s price history

Bitcoin has had about seven major corrections (the price being slashed in half) since it was created. And Bitcoin has managed to bounce back strong from each of those declines.

In April 2013, Bitcoin fell more than 80% within a short timespan. It lost 50% of its value when China banned Bitcoin toward the end of that year as well. 2018 was a devastating year when it declined all the way to US$3,000 per unit by December — and this was after it hitting a high of US$20,000 a year earlier.

Most recent investors remember 2020 crash, when Bitcoin lost an enormous 50% in a matter of two days. May 2021 saw a similar decline in a short time span.

Yet, many people are buzzing about Bitcoin losing over 26% between May 4 and May 21, 2022, and declining 54% from its all-time high in November 2021.

Knowing where Bitcoin has been might be enough to give you confidence about where it might go. The historical performance indicates that the world’s first cryptocurrency is here to stay, despite all the times it’s appears to be down and out.

Of course no one can predict what Bitcoin will do next. Bitcoin has always managed to defy all expectations regarding its valuation. The only thing that’s been consistent over the years is its ability to climb to new all-time highs after massive declines.

Foolish takeaway

If you ignore all the noise about Bitcoin’s volatility right now and consider getting exposure at historically valuable prices, buying Bitcoin today could be worth it for you. Dips like the one right now have been some of the best times to buy Bitcoin for the long haul.

However, it is important to understand that investing in Bitcoin or any other cryptocurrency entails a significant degree of capital risk. Allocating a significant portion of your investment portfolio to Bitcoin might not be…

Read more at ca.finance.yahoo.com

GAIMIN Gladiators’ DOTA 2 Team Finish Top 4 in Stockholm Major – Press release Bitcoin News

PRESS RELEASE. Zug, Switzerland, 22nd May 2022: GAIMIN Gladiators are delighted to announce their DOTA 2 finish Top 4 in the ESL One Major in Stockholm.

For the last 10 days, GAIMIN Gladiators’ DOTA 2 team have achieved unprecedented acclaim for their progression in the ESL One Stockholm Major. As a newly formed team, in their first four months, this team has achieved success that is typically only seen in longer established and more highly funded teams.

The DOTA 2 team lost out to OG in the lower bracket semi-final in the Hovet Arena, Stockholm, placing them Top 4 in the tournament. The GAIMIN Gladiators’ Management were delighted with this performance; it has given the DOTA 2 team experience in playing in major tournaments and for the first time, they heard the emerging fanbase chanting for “GG” in a large arena!

Alex Cuccovillio, Vice President and Founder of GAIMIN Gladiators stated “I am delighted with the team’s performance. This was their first Major, first time on stage and first time being able to interact as a team with the other teams. This tournament has consolidated our team’s bonding and the team acted professionally in all aspects of the event. I am delighted with how this team performed and look forward to their progression in other tournaments and events.”

Shaun Porter, CEO and Founder of GAIMIN Gladiators, further commented, “The team exceeded our expectations in this tournament and demonstrated a professional approach throughout the event. Early event statistics are still to be finalised however with an average of 250,000 viewers and peak viewership of over 560,000 of the event, GAIMIN Gladiators are starting to get noticed!”

Martin Speight, CEO of GAIMIN stated, “To hear the “GG” chants in the audience and to see Slacks interviewing attendees supporting GAIMIN Gladiators was absolutely amazing! We decided to invest in esports 5 months ago to increase awareness of the GAIMIN brand. This team has justified the decision was the right one. We all look forward to their progression!”

About GAIMIN Gladiators

GAIMIN Gladiators were formed from the OCG Esports Club; a Canadian Esports organisation established in 2019 by brothers Nick and Alex Cuccovillo and Shawn Porter. Their aim was to conquer their chosen esports and since 2019 they have achieved significant success winning major events such as Dreamhack Canada for Counter-Strike: Global Offensive and successfully competing in the highest…

Read more at news.bitcoin.com

Dollar today: how much the official and the other exchange options are trading this Monday, May 23

The dollar It is listed stable this Monday, May 23 at $117.75 for the purchase now $123.75 for sale on the screens of the Bank of the Argentine Nation (BNA). Last week, it was up 75 cents.

For his part, the blue dollar it is negotiated at $201 for the purchase now $204 for sale in the City of Buenos Aires. In the previous week, he was up just 50 cents end to end and it remained as the cheapest exchange rate in the market.

I also read: Blue dollar today: how much is it trading for this Monday, May 23

Consequently, the gap with the wholesaler is located at 71,50%.

the continuation, one by one, the prices of the different options to operate in dollars that can be accessed in Argentina.

Savings or solidarity dollar

The solidarity dollar or savings opera a $204,19. With the fall of the blue, it ceased to be the cheapest option on the market to access dollars. It has a monthly quota of…

Read more at www.zyri.net

Crypto Price Check: Is the Correction Over?

Cryptocurrency investors poking their heads up out of their foxholes on Monday have just one question.

Is it over?

Crypto prices had edged up over the last 24 hours following last week’s slaughter where the market, by some estimates, lost almost $200 billion.

The Fed’s Role

Bitcoin was essentially flat on May 23 at $30,420.63 at last check, according to CoinGecko. Ethereum was off about one-half percent to $2,067.33, while dogecoin was down nearly 1% to $0.087630.

Last week’s collapse came as stock prices cratered while the stablecoin UST, or TerraUSD, and its token sister Luna collapsed. Both are cryptocurrencies of the Terra ecosystem.

Read more at www.thestreet.com

7 Key Reasons why Cryptocurrency is Gaining Mass Adoption

Cryptocurrency is a topic that has been widely discussed for the past couple of years. Google Trends shows that bitcoin search queries spike during certain periods that correspond with Bitcoin’s price increase. This indicates that many people are interested in this new technology and are willing to participate.

Digital currency’s popularity stems from several factors, including the fact that it is utilized in several industries. For instance, it is the currency of choice in the deposit $5 get 80 NZ casinos, several e-commerce stores, and even in countries like El Salvador.

However, this is just a small part of why cryptocurrency is quickly being adopted around the globe.

This article will reveal six top reasons why everyone likes virtual currency.

The Factors Behind Digital Currency’s Swift Rise

Here are some factors behind the rise of cryptocurrency:

  • Public Blockchains Attract Cheap Fees

In general, cryptocurrency is built on blockchain technology, a revolutionary way of storing information on a database. Popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin use public blockchains to record transactions.

Typically, public blockchains attract low fees for transactions made on the network. While it is true that fees can arise from time to time, the surges are attributed to a transient increase in the crypto’s buying pressure. When you compare it to the conventional online payment options with fixed charges, cryptocurrency becomes a much better choice.

It’s particularly because of this that more online shops are choosing crypto as a payment option. Apart from the low charges for customers, they also get to lower their expenses.

  • Cryptocurrency Has Zero Affiliation with Governments

One of the reasons some individuals invest in cryptocurrency is that it is not affiliated with governments like fiat money. In essence, if there is political instability in a country, it is unlikely to affect the price of different digital currencies.

Hence, virtual currencies are a way for investors to hedge wealth, which has given rise to an increase in their market capitalization. Cryptocurrency’s affiliation is solely with ‘citizens of the world.’ Anyone in any country can join the Bitcoin network, making it a truly global currency that cuts beyond geographical boundaries.

  • Cryptocurrencies can Offer Investors Gains

Cryptocurrency has a behavior similar to stocks, precious metals, and other financial instruments. Buying a coin or…

Read more at www.techguide.com.au

The Future President of Argentina Might be a Crypto Supporter

Juan C. Guerrero HackerNoon profile picture

Juan C. Guerrero

A blockchain and crypto enthusiast, who also loves to write and teach about politics & free markets.

There is an anarcho-capitalist lurking in the shadows of the Argentine presidency. We’re talking about the person responsible for occupying the first positions in the different opinion polls, Javier Milei.

The 51-year-old self-declared anarcho-capitalist economist has…

Read more at hackernoon.com

XRP vs. SEC Lawsuit: Some Interesting Developments

Image source: Getty Images

Ripple’s (CRYPTO:XRP) native token has gone from bad to worse in Q2 2022. From US$0.733 on April 21, 2022, XRP plunged 43.78% to US$0.412 in 30 days. The current price is also 87.8% lower than its peak of US$3.37 on January 7, 2018.  

Besides the prevailing negative sentiment in the cryptocurrency market, the lawsuit filed the SEC in December 2020 against Ripple Labs and two of its senior executives remains unresolved. In a tweet, Stuart Alderoty, Ripple’s general counsel, said, “It now looks like a resolution will come in 2023.”

Painful legal battle

The SEC lawsuit in December 2020 was painful, because it stunned what could have been XRP’s bullish growth heading into the new year. Some crypto exchanges, including Coinbase, delisted XRP from their platforms. Panic gripped investors, although the crypto remained resilient throughout 2021 before closing at US$0.849 at year-end.

Fintech company Ripple builds global payment products, and the XRP payment system is one of them. The independent digital asset provides real-time messaging, clearing, and settlement of financial transactions. It connects users or enterprises such as banks, payment providers, and crypto exchanges.

Cross-border payment technology

However, the SEC contends that XRP is an illegal security offering and that Ripple isn’t providing financial and managerial information required by law. The defendants reject the agency’s argument and maintain that XRP is a utility token for payments, and they say it’s not a speculative asset.

Atty. Alderoy said, “There was never a contract for an investment. Owning a unit of XRP provides no right title or interest in Ripple or any distribution of profits from Ripple.” He added that the SEC lawsuit has not slowed Ripple’s growth internationally because the cross-border payments technology continues to make gains.

High stakes

Ripple’s general counsel said, “What we’ve said since day one is that Ripple is defending this lawsuit not only on its own behalf but on behalf of all of the entire crypto industry.” In May 2022, the legal brawl centres on the emails of former SEC director William Hinman.

Hinman said in 2018 that the Ether cryptocurrency was not a security. Somehow, crypto analysts took it to mean that Hinman’s statement was an endorsement that cryptocurrencies are not securities. However, the SEC refuse to release Hinman’s speech drafts and related emails, despite the federal judge’s…

Read more at www.fool.ca