Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia mulls using the Chinese yuan in international trade settlements, inflation reaches 108.8% in Argentina, and Steve Hanke states he can eliminate Venezuela’s inflation in 30 days.
The government of Bolivia has announced it is considering the usage of the Chinese yuan as a replacement for the US dollar for international trade settlements. The Bolivian President Luis Arce instructed the central bank to research if the recent advancement regarding the use of the Chinese currency in Brazil and Argentina could be also be applied in Bolivia’s case.
In a meeting with Bolivian journalists, Arce stated:
In the world, there are several countries that are going through illiquidity of dollars, to such an extent, what Argentina, Brazil, France, and the Arab countries are doing is no less. What are they doing? They decide not to trade in dollars.
Bolivia recently passed a law to sell half of its gold reserves for dollars to give a solution to its dollar liquidity issues.
The National Statistics Institute of Argentina (INDEC) has delivered the price data corresponding to April, registering an inflation increase of 108.8% year over year. The inflation number jumped further higher than the 104.3% registered in March. Food and beverage items contributed the most to the rise in inflation numbers, with prices rising 10.1%.
The Argentine government explained that “the exchange rate unrest in the financial dollar markets, in the last part of the month, prompted preventive price increases in many products and services of our economy,” acknowledging that it would have to make bigger efforts to achieve better results in its fight against inflation.
Steve Hanke, professor of applied economics at Johns Hopkins University, stated that he could bring inflation down in Venezuela in 30 days. Hanke, who is currently an economic advisor to Roberto Henriquez, a presidential candidate for the upcoming elections, believes that the solution to Venezuelan inflation is the implementation of a currency-board system.
This currency board system would allow for the exchange of Venezuelan bolivares at a fixed rate against the US dollar. In an interview on a local radio station, Hanke stated:
Within 30 days the inflation in Venezuela would be completely eliminated: and the inflation rate would be very close to the inflation rates in the U.S.
Hanke has already directed programs of this kind in Estonia, Lithuania, Bulgary, and Bosnia and Herzegovina.
What do you think about the developments in Latin America this week? Tell us in the comment section below.
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The Taipei District Prosecutors’ Office of Taiwan’s cryptocurrency sector has indicted 32 people on fraud and money laundering charges. This cluster includes individuals like JackIssue founder David Pan and his associate, Lin Keng-hong, who is involved in Ace Exchange. The prosecutors are suggesting a 20-year jail term for the four principal suspects, a crucial milestone in this continuing court case.
The indictments outline a sophisticated fraud that left over 1,200 investors misled and losses currently estimated at almost 800 million New Taiwan dollars ($24.56 million). This amount is far above the original estimates, which were only 340 million NT$ ($10.6 million). One of the most important figures indicted is Wang Chen-huan, a well-known lawyer and the chairman of Ace Exchange, who would potentially face 12 years of imprisonment if found guilty. His participation as a legal consultant provided a sense of legitimacy to the false actions.
Taipei City Police apprehended David Pan and 14 others in January 2024 after a detailed investigation. The raid hit several places, including the principal office of Ace Exchange. The probes found connections with a fake crypto wallet service, known as “Alfred” or “Afu wallet,” and associated cryptocurrency cards.
In 2019, the suspects actively promoted a number of token investments, among them NFTC tokens and bitnature coins, and issued devious white papers and promotional materials. They aimed to make Ace Exchange the top blockchain ecosystem for crypto trading in Asia. Nevertheless, the reality for investors was far more harrowing, as their tokens would lose value without being able to be converted back to fiat currency, despite the assurances given.
This financial incongruity resulted in many investors filing lawsuits, which has brought about the current charges. Seizing the defendant’s assets, the court has already acted, the value of which is at least 3.5 million NT$ ($110,000), thus providing a kind of compensation for the fake investors.
In response to the indictment, Ace Exchange declared on April 8 that David Pan is not associated with Trader’s Paradise, that he has not been related to the day-to-day operations since 2022, and that his accused fraudulent activities were not connected to the platform’s current operations. However, such a guarantee did not help restore Ace Exchange’s trust.
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(Kitco News) – The cryptocurrency market ended the week with a whimper as Bitcoin (BTC) continued to consolidate near support at $64,000 while most altcoins recorded slight losses.
The weakness comes as the Federal Reserve’s preferred inflation gauge – the core Personal Consumption Expenditures (PCE) index – showed that inflation remains higher than preferred, rising 2.8% over the prior year in March, above estimates for 2.7%
Stocks rallied despite yet another inflation reading coming in hotter than expected as the earnings reports from Alphabet and Microsoft spurred hopes of a Big Tech rally for investors.
At the closing bell, the S&P, Dow, and Nasdaq finished higher, up 1.02%, 0.40%, and 2.03%, respectively. The DXY gained 0.41% in response to the PCE report, and trades at 106.02 at the time of writing, while the U.S. 10-year Treasury yield fell by 88 basis points to 4.665%.
Data provided by TradingView shows that Bitcoin traded in a range between $63,300 and $64,825, with bulls and bears evenly matched for strength.
BTC/USD Chart by TradingView
At the time of writing, Bitcoin trades at $63,970, a decrease of 1.27% on the 24-hour chart.
Coin toss for Bitcoins future
“After a nice reaction from the $62.8k area yesterday, Bitcoin pushed back towards the Weekly Open at $65k,” said Market analyst CryptoChiefs. “This continues to be strong resistance as still we have not seen any 4-hour candle close above it. This is a big level to flip, but just above that we also have strong downtrend resistance.”
“The orange trendline has been resistance for almost 3 weeks, so keep an eye on the reaction if this is tested,” he said. “Any further move down from here, the DM VAL has yet to be tested.”
According to market analyst Castillo Trading, it’s currently 50/50 whether the crypto market will head lower or climb higher from here, but he will personally be buying any dips.
We are basically in a 50/50 spot here for both $BTC $ETH and rest of crypto market.
Some valid opinions on why market should go down, and some valid opinions on why market should go up.
If you are unsure, no trade is still a trade.
For me, I am bullish and I will add on dips.
— Castillo Trading (@CastilloTrading) April 26, 2024
“I am okay with this market boring participants out of it. That seems to be the point before we see big moves higher,” he added. “The fact we haven’t broken down is a sign of stability to me. Support is acting as support.”
And according to MN Trading Founder Michaël van de Poppe, the boring price action for Bitcoin could continue for the next three to six months, which means that the altcoin market could see an increase in activity.
#Bitcoin is still stuck in a range.
I don’t think we’ll see much happening from here for the coming 3-6 months.
Slow sideways, perhaps a grind.
Expecting way more from #Altcoins. pic.twitter.com/akiD1uhTCU
— Michaël van de Poppe (@CryptoMichNL) April 26, 2024
Altcoins end the week lower
The vast majority of tokens in the top 200 recorded losses on Friday after the hotter-than-expected inflation reading prompted many traders to reevaluate their risk exposure.
Daily cryptocurrency market performance. Source: Coin360
Rising despite the widespread downturn was BinaryX (BNX), which gained 18.5% to trade at $1.06, while Helium (HNT) climbed 7.35%, and Neo increased 6.7%. A 14.3% pullback for cat in a dogs world was the biggest loss on the day, followed by declines of 9.8% for Arweave (AR) and Pendle (PENDLE).
The overall cryptocurrency market cap now stands at $2.36 trillion, and Bitcoin’s dominance rate is 53.4%.
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The presale of Bitcoin Minetrix is approaching its conclusion, while eTukTuk has just released a mobile game, enhancing its eco-friendly transportation solutions. Meanwhile, BlockDAG‘s presale has exceeded $21 million, having initiated its 10th batch with a coin price of $0.006. BlockDAG’s miners, especially the X100 model, are achieving up to 2,000 coins daily, underscoring their commitment to advanced mining technology.
This article delves into these developments, focusing on Bitcoin Minetrix’s presale, eTukTuk’s innovative game, and the achievements of BlockDAG’s presale and mining technology.
Currently, Bitcoin Minetrix is in the latter stages of its presale, which has attracted $13 million in investment, reflecting strong interest in this cloud mining platform.
It enables users to mine Bitcoin effortlessly, even without advanced hardware, appealing particularly to beginners. As the presale nears its end, Bitcoin Minetrix anticipates an uptick in the investment threshold for its token.
eTukTuk has introduced “Crazy Tuk Tuk Taxi,” a mobile game now available on both the App Store and Google Play. This game is part of eTukTuk’s presale efforts, allowing players to navigate Sri Lankan streets, complete missions, and collect rewards.
The game aims to promote eTukTuk’s AI-driven, sustainable transport solutions and is free to download. With the ongoing presale, eTukTuk has raised $3.1 million. The game supports the company’s environmental objectives by featuring its electric Tuk Tuks and incorporating play-to-earn features.
BlockDAG’s presale has successfully surpassed $21 million, launching its 10th batch at a coin price of $0.006, marking a 500% increase from the initial batch. Analysts forecast a staggering 30,000x return on investment for BlockDAG investors, highlighting the project’s ambitious financial targets and market confidence. The X100 miner, boasting a 2 TH/s hash rate and 1800W power usage, exemplifies BlockDAG’s dedication to sophisticated mining technology and high efficiency, promising daily outputs of up to 2,000 BDAG.
The X100 miner is designed specifically for the BDAG network, incorporating cutting-edge ASIC technology to enhance processing power for effective block mining. This makes the X100 an essential asset for both enthusiastic and large-scale miners. It is engineered for scalability, adapting to the changing demands of mining operations, and focuses on maximising energy efficiency and profitability while keeping noise levels low.
BlockDAG’s technological success is also evident in its sales of over 4,920 miners, generating $2.2 million in revenue. The public’s keen interest is amplified by BlockDAG’s innovative marketing initiatives, such as the release of its DAGpaper and a recent moon-themed keynote teaser, enhancing its visibility and appeal in the competitive crypto-mining sector.
BlockDAG occupies a leading position in the cryptocurrency market through its successful presale and advanced mining technology. The launch of the 10th batch at an advantageous coin price of $0.006 and the debut of the X100 miner, capable of producing up to 2,000 coins daily, affirm BlockDAG’s focus on efficiency and profitability.
These elements, combined with the firm’s robust marketing strategy and market trust, position BlockDAG as a frontrunner in the cryptocurrency mining industry, set for further expansion and success.
Join BlockDAG Presale Now!
Website: https://blockdag.network
Presale: https://purchase.blockdag.network
Telegram: https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
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