First Debate in the Metaverse is Held in Argentina

Audy Castañeda
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<strong>First Debate in the Metaverse is Held in Argentina</strong>

The Digital Societies Forum made history in Argentina by being the first space in the metaverse focused on debating.

The Digital Societies Forum of Argentina was held for the first time in the metaverse. The event, which took place this November 5. It was attended by more than 800 participants.

This forum made history in Argentina, as it was the first space in the metaverse dedicated specifically to a debate.

In it, the participants reflected on the “technological impacts on democratic processes” and raised the need for a political approach to the advancement of markets to guarantee greater well-being in the economy and society. The event had the collaboration of the Government of Argentina.

During the debate, the Argentinian Minister of Labor, Kelly Olmos, highlighted the importance of ICTs in the world of work, which is why debates of this type would be essential to adapt to changes. And the best example to adapt to technological changes would be nothing less than a debate in the metaverse.

“The impact of information and communication technologies in the world of work is an absolutely central aspect. Our aspiration is that they become an opportunity to access work with rights, within the framework of a social commitment that adds to the general well-being,” Olmos pointed out.

“In 2022, the Debate in the Metaverse Became a Reality”

The Digital Societies Forum has been held in Argentina since 2008. According to its organizer, the Digital Societies Foundation, this year the event was very different from the previous ones. Thanks to the metaverse, the Forum was able to extend for an eight-hour day with more than 20 panels on 5G connectivity, artificial intelligence, robotics, Blockchain, digital money, video games, cybersecurity, augmented reality, and regulations.

The debate also explored the future of the media, SMEs, logistics services, and education. Finally, the role of the State with respect to new technologies was also touched upon, including the corresponding public policies that would promote or reduce their use. On the latter, the former national deputy Osvaldo Nemirovsci talked about 5G connectivity and highlighted the following:

“As a country we need to understand that just like any other important technology, we have to develop it autonomously and sovereignly. The future is not dreamed; the future is built.”

For the closing, the singer-songwriter Teresa Parodi performed “Esa musiquita” and “Pedro Canoero”, the two songs were shown on the auditorium screen, while her avatar also enjoyed the show. For the first time, in a historical moment, folklore reached the metaverse hand in hand with the artist. For the artist; “All the tools of technology allow us to grow and develop more and more, and as long as they are used correctly, they are absolutely useful.”

In summary, the Digital Societies Forum was considered a success, confirming its plans to continue with it next year.

By Audy Castaneda

Could Bitcoin (BTC) Price Drop to the $6,000 Level?

Audy Castañeda
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<strong>Could Bitcoin (BTC) Price Drop to the $6,000 Level?</strong>

Bitcoin price has fallen to a new yearly low

Bitcoin price has been affected by the FTX crisis and Sam Bankman-Fried. Could BTC fall to the $6,000 range?

In a previous analysis, BeInCrypto noted that a lower high could be imminent if BTC were to drop below the 0.382 Fibonacci support around $20,200.

Basically, this would be a bearish signal, and therefore reaching the support zone between $17,600 and $18,600 would again be up for debate.

Bitcoin Price Prediction: Will BTC Bounce Bullish?

For the reasons discussed, which seemed unlikely, Bitcoin could fall below the yearly low of around $17,600. Should this scenario materialize, as it has, Bitcoin will find the next significant support at roughly $14,000.

Bitcoin price broke the yearly low of around $17,600 and has set a new yearly low of around $15,700. Unless BTC rebounds now, the price of Bitcoin could drop to as low as $14,000. BTC is already facing significant Fibonacci resistances around $18,775 and $20,000 and barring a breakout, the downward move will remain intact.

Furthermore, the MACD histogram on the daily chart marks lower to the downside and the MACD lines cross to the downside.

A death cross could now be established on the 4H chart again, confirming the downtrend in the short term. Also, the MACD lines are also crossing bearish here and it looks like a continuation of the bearish move. However, there is bullish hope on the weekly chart, as the RSI could show a bullish divergence.  After this, the BTC price could bounce back very strongly. The MACD lines continue to cross bullishly on the weekly chart. However, the MACD histogram is starting to mark a bearish low this week.

Can BTC Price Drop Back to $6,000?

After breaking the support between $17,000 and $18,600, Bitcoin could drop to the next support between $10,800 and $14,000. Bitcoin could find the final bottom there. Currently, there are many signs that the bear market is coming to an end.

Finally, the crypto market is in the last phase of the bearish cycle; the surrender phase. Furthermore, the MACD histogram on the monthly chart continues to tick higher.

However, if Bitcoin breaks the support between $10,800 and $14,000 in a bearish manner, Bitcoin could fall as low as $6,000, where the next significant support is.

It is questionable, though, whether Bitcoin could really stay below $10,000 for long and whether the bulls will not vigorously defend this price region. In fact, a scenario similar to the COVID crash experienced in 2020 could be looming, when the crypto market only dipped extremely low for a very short time.

By Audy Castaneda

The SEC and the CFTC React to the Collapse of FTX

Alexander Salazar
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<strong>The SEC and the CFTC React to the Collapse of FTX</strong>

Sam Bankman-Fried worked for the CFTC to treat cryptocurrencies as a digital commodity, but Rostin Behnam said regulatory issues are currently unclear. Gellash believes the collapse of FTX shows the urgent need for legislation, but regulators might worsen the situation even further.

It is hard to imagine the repercussions of the FTX collapse, whose darkest scenarios are on the table. Various crypto ecosystem participants have commented on the latest developments regarding the cryptocurrency exchange. However, the silence from the authorities is evident, as there have been no official reactions but only hallway rumors.

The CFTC Has Negotiated with Sam Bankman-Fried and FTX

Everyone first looks at the Commodity Futures Trading Commission (CFTC), the federal agency responsible for regulating commodities. It is relevant to remember that Sam Bankman-Fried worked for that institution to treat cryptocurrencies as a digital commodity.

Rostin Behnam, the chairman of CFTC, said in September that he favored the bill supported by the CEO of FTX. However, the spokesperson for the institution recently reacted by stating that regulatory issues are currently unclear.

The SEC Needs to Take a Position on the FTX Collapse

Observers are also waiting for the US Security and Exchange Commission (SEC) to react to the FTX collapse. Due to the lack of an official statement, Ty Gellasch expressed his viewpoint on the case.

This former market consultant for the SEC and executive director of the Healthy Markets Association said regulation is at a crossroads.

Gellash said that the collapse of FTX shows the urgent need for legislation. However, he thinks Sam Bankman-Fried does not know what he is talking about, and regulators could further worsen the situation.

The SEC must consider whether to regulate or allow the market to take over. The legislative branch says it wants to protect US citizens from international companies like FTX profiting in the country.

Patrick McHenry Believes the Treasury Department and Congress Must Help

Eventually, US consumers will be among the victims of the FTX collapse. However, Gambill West, another specialist in the industry, said crypto companies affected by bankruptcies are not always in the United States. Therefore, his questioning regarding which laws apply to those events has remained unanswered.

Patrick McHenry, a member of Congress, summarizes the current reflections of the political class in the United States. He considers it imperative they establish a regulatory framework to protect US citizens while allowing innovation to thrive.

In the coming days, there will be further reactions to the collapse of FTX, leading the public to view cryptocurrencies differently.

Over the last few days, the collapse of FTX has affected the value of cryptocurrencies. Although Changpeng Zhao agreed to buy the company to help solve its liquidity crisis, he declined to complete the transaction.

Meanwhile, Bitcoin is trading at around USD 16,753 and has accumulated a 6.7% loss over the last 24 hours. While its daily trading volume is above USD 78 billion, its market capitalization is about USD 321.71 billion, according to CoinGecko.

By Alexander Salazar

The Price of BTC Drops by 11% amid Liquidations Exceeding USD 875 Million

Alexander Salazar
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<strong>The Price of BTC Drops by 11% amid Liquidations Exceeding USD 875 Million</strong>

Traders lost around USD 233 million as Bitcoin reached the highest level in terms of liquidations, followed by Ether Solana and the FTT token. The acquisition of FTX by Binance has affected cryptocurrency prices the most, as the former has liquidity problems.

The recent liquidation of over 380,000 crypto market participants caused the closure of over USD 875 million in positions. Consequently, the price of Bitcoin (BTC) and Ether (ETH) suffered double-digit declines.

Over the last 24 hours, the crypto market has lost much money, as the global capitalization dropped by 6.8% to USD 950 billion. The liquidation of over USD 875 million occurred while the price of Bitcoin fell by 11% to around USD 18,400.

Traders lost around USD 233 million worth of BTC as the cryptocurrency reached the highest level in terms of liquidations. Ether followed it with USD 175, Solana (SOL) with USD 41.5 million, and FTT, the FTX token, with USD 28.4 million.

The largest single transaction occurred on Binance, with USD 6.7 million worth of BTC. The liquidation of more than 380,000 traders amounts to USD 243 million.

The change in the trend affected those traders expecting the crypto market to improve. Bitcoin and other cryptocurrencies have looked good as the end of 2022 approaches, but they may have to continue struggling.

Cryptocurrency Liquidations May Have Canceled the Bullish Market

While the market shows signs of improvement, analysts wonder what may have caused the drop in the prices of cryptocurrencies. Although many worrying developments have occurred over the last few days, nobody knows how they have influenced their value.

The acquisition of the FTX cryptocurrency exchange by Binance is the most prominent development, as the former has liquidity problems. Sam Bankman-Fried, the CEO of FTX, admitted that situation after having denied it, saying the transaction would solve the problem.

Bankman-Fried thanked Changpeng Zhao, the CEO of Binance, saying FTX was in the best of hands. However, the news of the acquisition caused the price of the FTT token to drop considerably.

The Prices of Bitcoin and Ether Break Their Support Levels

The FTX token has dropped by over 70% and might be another victim of the bearish market, alongside Bitcoin and Ether. The price of BTC fell below its USD 20,000 support level and reached a new long-term low of USD 17,100. The value of Ether is also trading at USD 1,300, significantly below its USD 1,500 support level.

BTC and ETH seemed in excellent shape to break out of their resistance levels of USD 22,500 and USD 1,550, respectively. While the market focuses on stabilizing itself, investors must wait longer for that price increase to take place.

Bitcoin is trading at around USD 17,904 and has accumulated a 10.2% loss over the last 24 hours. While its daily trading volume is above USD 84.79 billion, its market capitalization is about USD 343.80 billion.

Meanwhile, the price of Ether has dropped by 20% to around USD 1,190 over the last 24 hours. Its daily trading volume is slightly above USD 31.48, while its market capitalization is roughly USD 150.18 billion, according to CoinGecko.

By Alexander Salazar

Can Kim Kardashian Defeat the SEC in the EthMax Lawsuit?

Audy Castañeda
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<strong>Can Kim Kardashian Defeat the SEC in the EthMax Lawsuit?</strong>

A judge will dismiss a lawsuit against Kardashian and other celebrities arguing they ripped off investors.

A judge appears on the verge of dismissing a lawsuit that accuses celebrities, including Kim Kardashian, of misleading investors about EthMax.

In January, investors filed a class action lawsuit against Kardashian, as well as other celebrities, accusing them of perpetrating a scam.

In October, Gary Gensler, 33rd Chair of the SEC, posted on Twitter that they “had charged Kim Kardashian for unlawfully touting a crypto security. This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.”

Investors claimed that celebrity endorsements had tricked them into buying the EthereumMax cryptocurrency at “inflated prices.” The affected parties accused the celebrities of colluding with EMAX co-founders, Steve Gentile and Giovanni Perone, to pump up the price of the token, and entice buyers to dump it, leaving the new owners with a worthless bag of coins.

Other defendants in the proposed lawsuit include former boxing champion Floyd Mayweather Jr. and former NBA star Paul Pierce.

Judge Claims that Prosecutor’s Argument Lacks Consistency

Now, US District Judge Michael Fitzgerald has expressed his intention to dismiss the lawsuit in a written order. He said that despite “trying to act like” the Securities and Exchange Commission (SEC), the prosecution’s argument lacks consistency with the authority’s approach.

SEC Chairman Gary Gensler has said that he believes most cryptocurrencies are effectively securities, which issuers should register with the authority. The SEC is pursuing a high-profile case against Ripple Labs on that basis. They insist that the XRP token is a security that Ripple illegally issued without properly registering it.

However, in the case against the celebrities, the prosecution did not argue that EthMAX (EMAX) tokens were securities. They also neglected to invoke a standard securities fraud claim in your case.

The judge also noted that the celebrities did not promote the tokens as securities. Fitzgerald concluded by saying that he would later issue a final decision on the matter.

Kardashian Fined Over $1 Million for Illegally Shilling Ethereum Token

The ruling will come as a relief to Kardashian, who has faced additional scrutiny for her EMAX promotion. Last month, the SEC fined Kardashian for failing to disclose the payment she received for promoting the crypto asset.

Kardashian settled the charges by paying $1.26 million. This included $1 million, on top of the $250,000 he received from the promotion, plus additional interest.

Other celebrities have also lost millions due to their cryptocurrency choices, though through investments, not fines. American rapper Lil’ Baby admitted to losing millions to cryptocurrencies in a recent interview.

Meanwhile, soccer star Neymar and musicians Madonna and Eminem suffered substantial losses by investing in Bored Ape Yacht Club NFT.

By Audy Castaneda

Brazil: Investment in Cryptocurrencies Tripled, according to the Federal Revenue Secretariat

Audy Castañeda
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<strong>Brazil: Investment in Cryptocurrencies Tripled, according to the Federal Revenue Secretariat</strong>

In the registry corresponding to September, it was reported that there were almost one and a half million people, which, compared to the first half of the year, is almost twice as many users.

Brazilian Secretariat of Federal Revenue reported that, in September, about 1.5 million people in that country invested in cryptocurrencies. Specifically, it was 1.49 million citizens who declared having some digital asset.

The figure meant 10% more than the record corresponding to the previous month, where a number of 1.3 million Brazilians was reached. The figure represents a jump of almost twice as many people registered at the end of the first half of the year (794,981 users back then).

Numbers Analyzed

As for September 2021, the result for the ninth month of this year was even more representative. According to the authority, in the same month last year, only 424,524 account statements were received in cryptocurrencies.

The Secretary of Federal Revenue pointed out that although the number of crypto declarations in the country grew, the number did experience a drop in the month in question. Thus, September 2022 closed with a cryptocurrency holding value of 1.7 billion dollars, while in August this year the value had consolidated at 1.8 billion dollars.

Another curious aspect of the report has to do with the rise of corporate investors. Thanks to the increase in companies with investments in digital currencies, Brazil went from having 11,797 corporate investors in June to 14,255 by the end of September.

Preferred Cryptocurrencies

Bitcoin remains the most traded cryptocurrency in the system, but Tether’s USDT, the dollar-pegged stablecoin, is the one with the highest volume of funds traded.

The most popular stablecoin reached 25.9 million reais, equivalent to more than 5 billion dollars. Bitcoin (BTC) was in second place, with purchases of more than 4.5 billion reais (or $872 billion).

Further back on the list were the stablecoin USD Coin (USDC) with 1.7 billion reais, Ethereum (ETH) with 1.6 billion reais, and the Brazilian local indexed digital token (BRZ) with 1.5 billion reais.

Days ago, the possibility of creating a new superintendence, dedicated exclusively to issues related to the regulation of the crypto market, was announced by Brazilian Securities Regulator (CVM) president, João Pedro Nascimento. Understanding that 2023 will be a decisive year for crypto regulations worldwide, the top official has already announced that the procedures have begun to search for new personnel specialized in digital assets.

Added to this panorama is the uncertainty regarding the position of the elected president Luis Inácio Lula Da Silva. Nascimento explained that he hopes to start early talks with the new president. The idea is to start a dialogue with the new economic team after its inauguration, to continue what was worked on under the Bolsonaro administration.

By Audy Castaneda

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