Bitso Cryptocurrency Exchange Appoints New CEO in Mexico

Leonardo Perez
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Bitso Cryptocurrency Exchange Appoints New CEO in Mexico

Felipe Vallejo will occupy the position of CEO of Bitso in Mexico as of January 1, 2024, replacing Bárbara González Briseño. Bitso is currently valued at $2.25 billion (according to the company’s own data), and is the best-positioned platform in the region, according to CoinMarketCap. Bitso is ranked 51st worldwide, with a daily trading volume of more than $53 million.

The Mexican cryptocurrency exchange, Bitso, announced the appointment of Felipe Vallejo as the new CEO of Mexico, effective January 1, 2024. Vallejo has served in various positions on the platform since 2017 and is currently global director of corporate affairs and regulatory.

Bitso announced in an email statement that Felipe Vallejo will replace Bárbara González Briseño, current CEO, who held the position since 2021 and will complete her cycle on the exchange at the end of 2023. Bitso emphasized that under the leadership of Bárbara González, they managed to raise capital in rounds A, B and C, for 225 million dollars.

Mexico’s New Bitso CEO to Take Office in January 2024

Bitso is currently valued at 2.25 billion dollars (according to the company’s own data) and in the last year it launched the Bitso Card, whose transactions between Mexico and the United States were for 3.3 billion dollars. The exchange emphasized that Daniel Vogel, co-founder and former CEO of Mexico, will continue in his role as global CEO.

On the CoinMarketCap exchange list, Bitso is ranked 51st worldwide, with a daily trading volume of more than $53 million and more than 176,000 weekly visits. In addition, it has 57 cryptocurrencies listed and is one of the few exchanges that has not revealed its reserve data.

Until 2022, Bitso was one of the most used exchanges in Latin America, although the majority of its users are concentrated in Mexico, while Binance is positioned in Mexico, Brazil, Argentina, Colombia, Peru and Chile. The Mexican exchange also operates in Colombia, Brazil and Argentina.

Regarding her departure from Bitso, the current CEO, Bárbara González, stated the following:

“Felipe and I were part of the initial Bitso team and for the last year and a half he has been one of my closest partners, so his appointment is a natural decision and I know that he will be the best person to continue our shared vision.”

Bitso, the Best Positioned Cryptocurrency Exchange in Latin America

At the beginning of the year, the Mexican exchange launched its decalogue for the regulation of the cryptocurrency industry in Latin America, where it admits that, to achieve the proliferation of the ecosystem, it is necessary to mitigate the risks and guarantee the security and responsibility of the companies.

Among Bitso’s suggestions, the following stood out:

  • Defend the interests of clients, above all.
  • Secure custody of funds.
  • Ensure a truly inclusive financial system.
  • Keep technological neutrality.
  • Implement anti-money laundering (AML) policies that prevent crimes.
  • Consider education as a driver of informed risk taking.
  • Grant borderless access to financial services.
  • Reach corporate governance agreements that promote ethical business practices.

In recent months, Bitso added the TRON network for USDT transactions, integrated the Polygon network, enabled the exchange of points for cryptocurrencies with the Despegar agency, added the Payoneer digital payments network, partnered with Stellar for international payments and launched its Bitso Card at the beginning of the year. In Latin America, the exchange enabled a new pair between USDT and the Argentine peso.

By Leonardo Perez

Mutant Ape Planet NFT Scammer Will Face Up to Five Years in Prison

Audy Castañeda
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Mutant Ape Planet NFT Scammer Will Face Up to Five Years in Prison

Aurelien Michel, implicated in electronic fraud related to the NFT project “Mutant Ape Planet”, could face 5 years in prison. U.S. Attorney Breon Peace revealed that Michel’s guilty plea acknowledges conspiracy to defraud consumers. Amid efforts to combat market manipulation, authorities are highlighting the priority of holding criminals accountable.

In a US court, Aurelien Michel, the creator of the “Mutant Ape Planet” non-fungible tokens (NFT), admitted his guilt for defrauding investors.

“Today’s proceedings took place before Federal Judge Vera M. Scanlon. When sentenced, Michel faces up to five years in prison. “Michel also agreed to pay $1.4 million in forfeiture,” the statement said.

On November 14, US Attorney EDNY posted the following on X:

“Nonfungible Token (NFT) Developer Pleads Guilty to an International Scheme to Defraud NFT Purchasers. Aurelien Michel Conspired to Steal From Purchasers of “Mutant Ape Planet” NFTs Through False Promises and Misrepresentations

NFT Scammer Expected to Receive Prison Sentence

According to Department of Justice (DOJ) prosecutors, Michel and his accomplices marketed the NFTs to investors by falsely promising rewards and benefits designed to increase demand for the collection.

Prosecutors said Michel and his associates “intentionally failed to deliver on these promises, diverting millions of dollars in profits for their personal benefit.”

“While Michel purported to sell dream NFTs backed by rewards and benefits, he defrauded investors, turning their dream into a nightmare of deception and loss,” said Thomas M. Fattorusso, special agent in charge of the IRS criminal investigation in New York.

“There is no excuse for this kind of greed, and today’s guilty plea brings Michel one step closer to realizing his own nightmare behind bars.”

Michel was arrested in New York on January 4, 2023, on charges related to the scheme. The DOJ said on Jan. 5 that Michel admitted to the NFT collection community through a social media chat that he perpetrated a rug pull, saying “we never intended to make a rug, but the community became too toxic.”

In a recent statement from the United States Attorney’s Office in New York, it is revealed that Michel could face prison after admitting his deliberate act of defrauding investors in the Mutant Ape Planet NFT project. Federal Attorney Breon Peace stated the following:

“With today’s guilty plea, Michel has admitted that he conspired with others to defraud consumers eager to participate in a new digital asset market.”

Meanwhile, the statement emphasizes that authorities are actively persisting in their efforts to detain individuals seeking to manipulate the digital asset market and deceive investors for personal financial gain:

“Holding these criminal actors accountable and protecting the public is, and will continue to be, a priority of this Office.”

Recent FBI Warning Against NFT Scams

This comes shortly after the Federal Bureau of Investigation (FBI) issued a warning about the increasing number of NFT scams in recent times. On August 7, a digital outlet reported that scams are progressing in sophistication and increasingly leaving victims in the dark.

“Unfortunately, criminals are becoming more sophisticated and using the surge in interest in NFTs to target innocent enthusiasts.”

The Mutant Ape Planet collection, which has been removed from the OpenSea NFT platform, originally consisted of 6,797 NFTs minted on the Ethereum blockchain.

In February 2022, it boasted a sales volume of over 320 Ether, which decreased significantly in April 2022, two months later. By January 2023, around the time of Michel’s arrest, the average price and total sales volume of the collection had decreased to almost zero.

By Audy Castaneda

BlackRock Issues Warning: USDT and USDC Stablecoins Put Bitcoin at Risk

Leonardo Perez
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BlackRock Issues Warning: USDT and USDC Stablecoins Put Bitcoin at Risk

According to recent reports, the asset manager points out the potential instability of stablecoins such as Tether USD (USDT) and Circle USD (USDC), designed to hold a value equivalent to a specific asset or currency, usually the US dollar.

BlackRock, the leading asset manager in traditional finance, has highlighted the potential risks associated with stablecoins for investors considering its proposed iShares Bitcoin spot exchange-traded fund (ETF).

Despite BlackRock’s significant involvement in the cryptocurrency industry, such as pursuing a Bitcoin spot ETF and registering an Ethereum trust, it is now expressing concerns about the impact of currency price fluctuations stable on ETF’s performance.

BlackRock Raises the Alarm

BlackRock highlights that past events have shown that these digital assets can experience significant price movements, which in turn can affect the value of Bitcoin. The concerns arise from incidents involving Tether traders on February 17, 2021 and October 15, 2021, where legal action was taken due to false claims that their reserves were not fully backed by US dollars. As a result, Tether faced sanctions and restrictions.

Additionally, on March 10, 2023, USDC experienced a deviation from its $1.00 peg when it was revealed that a portion of its reserves had been held at Silicon Valley Bank after it entered Federal Deposit Insurance Corporation (FDIC).

This incident raised concerns about the stability and reliability of stablecoins. Blackrock states. While the Trust does not invest in stablecoins, it may be exposed to the risks that stablecoins pose to the bitcoin market and other digital asset markets.

BlackRock concludes that indirect exposure to stablecoins could pose significant risks to investors in its Bitcoin ETF, considering the potential volatility, operational difficulties, potential manipulation practices, and regulatory challenges associated with stablecoins.

BlackRock’s disclosure emphasizes the complex and evolving nature of risks in the cryptocurrency market, highlighting the importance of investors being aware of the underlying assets of financial products linked to digital currencies.

Cathie Wood Questions Gensler’s Stance on Bitcoin ETF

During a recent interview with CNBC, Cathie Wood, CEO of ARK Invest, weighed in on the current status of Bitcoin ETF approvals by the US Securities and Exchange Commission (SEC). Wood expressed confusion about SEC Chairman Gary Gensler’s stance on bitcoin ETFs, given his extensive knowledge of the digital currency, noting that he taught about BTC at the Massachusetts Institute of Technology (MIT).

Wood highlighted the decentralized and transparent nature of the Bitcoin network, stating that all activity can be closely tracked. She argued that these characteristics make it very unlikely that the market will be manipulated.

Given the inherent transparency and accessibility of the Bitcoin ecosystem, Wood questioned the logical reasoning behind Gensler’s hesitation to approve a spot Bitcoin ETF. To understand Gensler’s perspective, Wood speculated that Gensler’s interest in the Treasury Secretary position, which focuses on the stability of the US dollar, could be influencing his stance on Bitcoin ETFs. Wood suggested that Gensler’s potential concerns about Bitcoin’s impact on the dollar could be a factor in his reluctance to approve ETFs.

The SEC has received multiple applications for Bitcoin ETFs, but so far none have been approved. Market participants and investors have been eagerly awaiting the SEC’s decision as the introduction of a Bitcoin ETF would provide more accessible and regulated exposure to the cryptocurrency market.

By Leonardo Perez

Argentina: Candidate Sergio Massa Proposes Controlling State Accounts with Blockchain

Audy Castañeda
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Argentina: Candidate Sergio Massa Proposes Controlling State Accounts with Blockchain

The current Argentine Minister of Economy has shown interest in new technological tools, such as blockchain, since his arrival as Head of Treasury. Sergio Massa stated that the proposed blockchain technology can monitor and control the processes undertaken by the State. Recently, the Argentine official proposed the implementation of a digital currency and revealed his interest in mining cryptocurrencies with gas from the main hydrocarbon field.

The Minister of Economy and presidential candidate of Unión por la Patria, Sergio Massa, proposed promoting blockchain technology. It would be to provide more transparency in the activities of citizens with the State, in case he wins the second round of elections to be held on Sunday, November 19.

The current Minister of Economy has shown interest in new technological tools since his arrival as Head of Treasury. His proposal was presented at a meeting with representatives from national universities, civil society organizations and institutions, and control organizations.

Candidate for President of Argentina Sergio Massa Wants Blockchain for State Control

Five days before the crucial definition with Javier Milei for the presidency of Argentina, Sergio Massa signed a public commitment to transparency. In addition to proposing that the Anti-Corruption Office (OA) be directed by an opponent, the official confirmed the sending to Congress of a new Ethics Law.

The minister noted the following:

“We have to build this stage in which ethics, integrity, the fight against corruption, spending control and transparency are part of our work agenda within the framework of a government of national unity. We live in the age of communications. I want every Argentine to be able to control the State accounts online from their cell phones and for each of the Argentines to have their blockchain when interacting with the State.”

Massa stated that the proposed technology can monitor and control the processes undertaken by the State:

“In this planning that the State must have, in addition to a blind application mechanism between both the contracting and the contracted parties, there must be a certain payment date in the bidding process itself, in the contracting process itself, and in the award process itself, because blockchain also gives traceability, gives certainty to the contracting party with the State, and controls public spending.”

Argentina: Sergio Massa’s Interest in Blockchain and Cryptocurrencies

Recently Sergio Massa proposed the implementation of a digital currency for Argentina. The Minister of Economy did not offer further details regarding this initiative, but everything suggests that it would be a version promoted by the Central Bank, that is, a CBDC.

The current president of Argentina, Alberto Fernández, signed a decree (207/22) that changes the statute of the Mint and enables the possibility of issuing a CBDC. The words of candidate Massa were part of the proposals raised in the first debate of presidential candidates.

Added to this is that the official candidate has also publicly shown his interest in mining cryptocurrencies with gas from Argentina’s main unconventional hydrocarbon deposit. This is “Vaca Muerta”, a shale geological formation located in the Neuquén basin. The deposit area is 30 thousand square kilometers, involving the provinces of Neuquén, Río Negro, La Pampa and Mendoza.​

Meanwhile, the NGO Bitcoin Argentina presented a draft bill that seeks to regulate cryptocurrencies in that country. The proposal aims to advance while preserving decentralization and the protection of public savings and trust, aspects that it considers to be its main purposes. The initiative was presented at the LABITCONF 2023 event, held in Buenos Aires.

By Audy Castaneda

Bitcoin Macro Index Enters ‘Expansion’, Echoing 400% Bull Run

Leonardo Perez
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Bitcoin Macro Index Enters ‘Expansion’, Echoing 400% Bull Run

Bitcoin has recently seen a strong rally, rising from $34,000 to a provisional high of $38,000.

In a detailed market update, Charles Edwards, founder of Capriole Investment, provided an in-depth analysis of the current position of the Bitcoin market, highlighting a fundamental shift towards an “expansion” phase in the Bitcoin Macro Index. This transition is particularly notable as it parallels conditions seen prior to historic price increases in Bitcoin valuation.

After a brief period of resistance, the price corrected to around $36,500. Edwards highlights this move as a critical technical victory, with Bitcoin surpassing and staying above the major resistance benchmarks of $35,000 on both the weekly and monthly periods.

This consolidation above key resistance levels sets a bullish backdrop in long-term technical analysis, positioning Bitcoin in a strong technical stance according to traditional market indicators. The recent breakout into the 2021 range offers the best high-term technical setup we have seen in years. As long as $35K is maintained weekly and monthly in November, the next significant resistance is the high range ($58-65K).

Bitcoin Macro Index Enters Expansion

The crux of Edwards’ update is the change to the Bitcoin Macro Index, a complex model that synthesizes more than 40 metrics spanning Bitcoin on-chain data, macro market indicators, and stock market influences. The index does not take price as an input, thus providing a “pure fundamentals” perspective.

The current expansion is the first since November 2020 and only the third since the index’s creation; The two previous occasions caused significant price rallies in the following periods. Edwards clarifies this by stating that “The transition from recovery to expansion is simply the optimal time to assign Bitcoin a risk-reward opportunity for this model.”

Bitcoin price increased by a whopping 400% during the last bull run from early November 2020 to November 2021, after the Macro Index entered the expansion phase. The first historical signal was provided by the Macro Index on November 9, 2016, which was followed by a massive run of almost 2,600% until Bitcoin reached its all-time high of $20,000 in February 2018.

Derivatives and Short-Term Technical Market Analysis

In the short term, the technical outlook presents a mixed picture, according to Edwards. Derivatives markets are indicating a state of overheating, and low-term analysis suggests a pullback could be imminent. Edwards introduces the ‘Bitcoin Heater’ metric, recently launched on Capriole Charts, which aggregates various derivatives market data and quantifies the level of market risk based on open interest and the heating level of perpetual, futures and options markets.

Most of the time, when the Bitcoin heater is above 0.8, the market corrects or consolidates. “But there are big exceptions to the rule: like the main bull market rally from November 2020 to the first quarter of 2021. […] We should expect this metric to be high more often in 2024 (just like in the fourth quarter 2020-2021),” Edwards said.

The analyst concluded that the overall trend of Bitcoin remains positive, and the main data indicates a strong bullish scenario. However, he also warned of possible short-term risks in the derivatives and short-term technical market. These, he says, are common in the development of a bull market and could offer valuable opportunities if declines occur.

By Leonardo Perez

Cathie Wood: Owning Bitcoin Will Generate Higher Returns Than Investing in ETFs

Audy Castañeda
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Cathie Wood: Owning Bitcoin Will Generate Higher Returns Than Investing in ETFs

Ark Invest CEO expressed on CNBC her enthusiasm for Bitcoin and that it is currently perceived as “the money revolution.” Cathie Wood pointed out that Bitcoin acts as “a safe store of value for investors,” despite other cryptocurrencies giving higher short-term returns. Ark Invest CEO on Gary Gensler: He knows Bitcoin very well and has a personal interest in becoming the next Treasury Secretary.

Ark Invest founder and investment manager, Cathie Wood, once again publicly admitted her enthusiasm for Bitcoin, noting that it is perceived as “the money revolution” for most people. Cathie Wood pointed out that Bitcoin is a better option, despite ETH being “faster and cheaper.”

During her participation in the CNBC Squawk Box program, the CEO pointed out that in the short term, Ethereum (ETH) and Solana (SOL) are more profitable, but Bitcoin is “a safe store of value for investors.” She even went on to say that “it’s as good as it looks.”

Cathie Wood: Bitcoin is the True Safe Store of Value

Cathie Wood has shown her enthusiasm for Bitcoin in recent months. In early November, she noted that “BTC is digital gold” and reiterated that she would choose Bitcoin for long-term storage over precious or fiat metals.

On this occasion, Cathie Wood emphasized the following on the CNBC program:

“We believe that Bitcoin will perform better in the long term. But it is a diversified exposure through stocks. We are trying to find the company that will produce the digital wallet. That will be a very important position. Is it Coinbase? Is it the Square with Cash app?”

At some point during the interview, Ark Invest CEO was questioned about the status of the Ark Invest ETF, a topic that served as a pretext to comment on the president of the United States Securities and Exchange Commission (SEC), Gary Gensler, who he said “knows Bitcoin very well” and who would even have a personal interest in becoming Treasury Secretary.

Cathie Wood also commented the following on BlackRock and Larry Fink:

“Bitcoin’s health is about as good as it gets. And it seems that this is a bullish rally. Of course, we will have purchase and sale options. Nothing goes up. But I think there is a flight towards quality. BlackRock CEO Larry Fink used that expression. We call it a flight to safety.”

A digital media reported in September when Ark Invest filed an application for an Ethereum-based Spot ETF. Since its presentation, it emerged that the ARK 21Shares Ethereum ETF (ARKE) would be an exchange-traded fund that issues common shares that are traded on the Cboe BZX Exchange, Inc.

Ark Invest CEO Believes Bitcoin Grows When Stock Market Falls

Ark Invest began its journey into the world of cryptocurrency-based exchange-traded funds in 2021. At that time, it made its first application to launch a Bitcoin spot ETF.

For Cathie Wood, Bitcoin is the only current asset that has proven to be able to overcome local banking crises. In this case, it showed that in periods considered “difficult”, BTC can go from 19,000 to 30,000 dollars. This is what she specified to CNBC:

“If you look at the current bank stock index, we see that it is back down close to where it was in March. Larry could say flee to quality, which is good. It’s true. We would say flee to a safe place because there is no counterparty risk in Bitcoin.”

By Audy Castaneda

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