Venezuela, Brazil, and Colombia are the Latin American Countries with the Highest Adoption of Cryptocurrencies

Audy Castañeda
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Venezuela, Brazil, and Colombia are the Latin American Countries with the Highest Adoption of Cryptocurrencies

According to a Finder survey, the highest percentage of Bitcoin owners in Latin America is in Brazil.

Finder, the data analyst, and consulting company released, a few days ago, relevant metrics regarding the adoption of cryptocurrencies globally. In Latin America, countries such as Venezuela, Argentina, Brazil, Colombia, and Mexico were the most prominent, according to data from this consultancy.

It should be noted that the Finder data in its report was obtained using the three-month moving average, which consisted of responses collected from people from 26 different countries between the months of May and July 2022, a period during which Finder claims to have received 217,947 responses.

In the first place, we have the global crypto adoption metric, where Venezuela appeared with a wide result (18%) that took it to the eighth position in the table, and to be the first country in Latin America with the highest level of crypto adoption in the region.

India appears as the country, according to Finder, with the highest adoption of cryptocurrencies globally with a percentage of 29%.

Regarding the other Latin American countries, Brazil follows Venezuela in the ninth position with just 17%, Colombia is in twelfth place with 15%, while Argentina and Mexico are in 15th and 16th positions with 13% both.

The Biggest Bitcoin Owners

Another of the metrics to be evaluated by Finder was the level of adoption, specifically of Bitcoin, in the various countries that were surveyed.

It should be noted that according to the published report, El Salvador was not considered, resulting in this table being led by Australia (60%), followed by four African countries such as Ghana (54%), South Africa (52%), Kenya (49%), Nigeria (47%).

In such table, the Latin American countries were not protagonists, as compared to the other countries, since Brazil barely appeared in the eighteenth position with 31% adoption, followed by Argentina with 30%, Venezuela (28%) occupied the 22nd place, Colombia (27%) the 23rd, and Mexico the last place with just 23%.

Likewise, among the Latin American countries surveyed, Venezuela appeared as the country with the least adoption of Ethereum and other cryptocurrencies, since it occupied the last place, with 13% in the adoption of Ether, 13% Doge, and 9 % of ADA.

Men Outnumber Women

On the other hand, according to Finder, there is a huge gap in crypto adoption between men and women. Of those who own cryptocurrencies, an average of 36% are women, as compared to 64% of men.

Norway, which leads the table, has the widest gap, with 74% of people who own cryptocurrencies being men. On the other side are Colombia and Vietnam, with a smaller difference between the genders: 56% of men, and 44% of women.

In relation to the other Latin American countries, Argentina and Venezuela have a wider gap: 62% for men, and 38% for women. For its part, Brazil had 60% for men and 40% for women, while Mexico obtained 59% for men and 41% for women.

By Audy Castaneda

After Retesting USD 25,000, the Bitcoin Price Creates a Bearish Weekly Candlestick

Alexander Salazar
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After Retesting USD 25,000, the Bitcoin Price Creates a Bearish Weekly Candlestick

Since BTC has traded within an ascending parallel channel after its low in June, there might be a breakout in the price. An alternate count suggests Bitcoin has completed wave four, but a final decline will occur before the price bottoms out.

The price of Bitcoin (BTC) has created a bearish weekly candlestick while giving downward signals on the daily timeframe.

After reaching its all-time high of nearly USD 69,000 in November 2021, the value of Bitcoin has not stopped dropping. In June, the bearish movement led to the local low of USD 17,622.

The price subsequently rebounded, validating support at the USD 19,300 horizontal zone, and has not stopped rising since then.

Despite reaching the local high of USD 25,211 on August 15th, Bitcoin created a bearish candlestick over the last week. That invalidated much of the gains made since its low in June.

Since the weekly RSI has maintained a descending resistance line and has not broken above 50, the trend still seems bearish.

The Daily Analysis of the Price of Bitcoin

The daily chart shows a predominantly bearish outlook, as the RSI collapsed from its ascending support line and dropped below 50. While those movements usually precede price declines, the RSI falling below 50 signals a bearish trend.

Since the price dropped below the USD 22,000 area after apparently breaking above it, that area should now provide resistance.

According to the six-hour chart, BTC has traded within an ascending parallel channel since its low on June 18th. Those channels usually contain corrective structures, implying that any breakout in the price might occur.

Bitcoin is at the bottom, which legitimizes the possibility of the price breaking out of the channel. If that happens, its price is likely to drop to new lows.

The Long-Term Wave Count of Bitcoin

According to the most likely long-term wave count, Bitcoin has completed a corrective ABC structure. In it, waves A and C had a ratio of 1:1.61, the most common in that type of structure.

Various indicators on the chain show the possibility of the price bottoming out in the long term.

The presence of the channel causes the alternate count to suggest that Bitcoin has just completed wave four. Another final decline will follow before the price bottoms out.

That will remain the alternate count until the value of Bitcoin breaks out of the channel.

Bitcoin is trading at around USD 21,195 and has accumulated a 1.3% loss over the last 24 hours. While its daily trading volume is above USD 22.27 billion, its market capitalization is about USD 405.43 billion, according to CoinGecko.

By Alexander Salazar

Bitcoin Tries to Stay Above 20,000 and Eyes the Stock Market

Audy Castañeda
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Bitcoin Tries to Stay Above 20,000 and Eyes the Stock Market

Experts believe that if the shares give way, the cryptocurrency could lose that level.

This is a new day in red for Bitcoin and most cryptocurrencies. The best-known of digital currencies is down more than 1.5% this Monday and is struggling to hold above the $20,000 level as it watches the stock market closely.

According to the experts, what Bitcoin does in the coming days will greatly depend on the progress of the actions.

This is highlighted by Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in her market commentary on Monday. “Bitcoin struggles to stay above the $20,000 level. If we see US stocks, especially tech stocks, give up gains this week, we could see Bitcoin fade below the $20,000 mark.”

Bitcoin might fade away

Last Friday, the main digital asset fell to its lowest level in more than three weeks, below $22,000. It remains there for now. It did so after topping 25,000 for the first time since June, following the rally in US stocks.

Likewise, Ethereum is also suffering a major blow at the beginning of this week. The second most important crypto is left at more than 3% and struggles to maintain $1,500 when all eyes in the world of digital currencies are focused on it, before ‘The Merge’, expected to take place in September.

This event, one of the most anticipated, promises to further shake the digital asset market, which has been on a real roller coaster for months.

New winter for Cryptocurrencies

According to Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, the new “cooling off” in cryptocurrencies has come “amid fears that the market is headed for a crypto winter.” As he puts it, “although Bitcoin is still some way off its June lows below $19,000, volatility is rattling the market again.”

Simon Peters, Crypto Markets Analyst at eToro, has also discussed the correlation between digital currencies and equities. “With the close correlation between US equities and cryptocurrencies in recent months, I suspect that what happened with the stock market has filtered into the cryptocurrency markets and is the reason why we are seeing the sale,” he said to CNBC.

Bitcoin Price Analysis

Bitcoin has dropped below $22,000 as a result of recent negative market swings. The downtrend is over, but Bitcoin is struggling to recover its value. While MicroStrategy’s Michael Saylor wants Elon Musk to invest more in Bitcoin.

The latest Bitcoin data, as of August 19, shows that it has seen a positive turnaround. The available data shows that it has added 1.04% in the last 24 hours. The weekly data shows a loss of 12.20%.

The Bitcoin price value is in the range of $21,419.21. The market capitalization value of Bitcoin is estimated at $409,466,632,041. The 24-hour trading volume of this coin is approximately $23,247,288,492.

By Audy Castaneda

Lower Expectations about the Ethereum Merge Cause the Price of ETH to Drop

Alexander Salazar
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Lower Expectations about the Ethereum Merge Cause the Price of ETH to Drop

The news of the sanction of the OFAC against Tornado Cash raised concerns about censorship and centralization. However, there might be other reasons for the drop of ETH, as it accumulated double-digit gains in the previous weeks.

The price of Ether (ETH), the Ethereum native cryptocurrency, has reached above USD 2,000 for the first time since May. The primary reason is the news of its upcoming migration to a proof-of-stake (PoS) mechanism.

Some players in the industry have predicted that the transition between Proof of Work (PoW) and PoS might affect the network positively.

Over the last four months, increasing Ethereum Name Service (ENS) registrations has led many to view it as higher demand for Ether.

The Effects of the OFAC Sanction against Tornado Cash

The news of the US Office of Foreign Assets Control (OFAC) sanctions against Tornado Cash triggered the recent decline. That situation raised concerns about censorship and centralization in the cryptocurrency community.

Some players in the industry have pointed out that 66% of validators on the network could meet these requests.

However, Brian Armstrong, the CEO of Coinbase, said the company would stop its staking services if regulators required censoring transactions.

However, this might not be the only reason behind the drop in the price of Ether over the last seven days. That is evident as the cryptocurrency accumulated double-digit gains in the previous weeks.

Bitcoin, Ether, and other Cryptocurrencies Lose Gains

The capitalization of the overall crypto market has dropped over the past seven days. For example, Bitcoin has lost about 13% of its value over the last week, according to CoinGecko.

Polkadot (DOT), Solana (SOL), Cardano (ADA), Ethereum Classic (ETC), Avalanche (AVAX), and Polygon (MATIC) also dropped by double digits in the same period.

However, the capitalization of the overall crypto market has shown recovery signs over the last 24 hours, increasing by 0.3%. Meanwhile, the daily trading volume reached above USD 76 billion.

However, Ethereum has yet to recover fully. It is currently trading at USD 1,587, a drop in value of almost 2% in the last 24 hours.

Ether is trading at around USD 1,567 and has accumulated a 3.6% loss over the last 24 hours. While its daily trading volume is above USD 14.64 billion, its market capitalization is about USD 188.48 billion, according to CoinGecko.

The upcoming Ethereum Merge has raised euphoria among many cryptocurrency community members. However, other factors have influenced the price of ETH to the downside over the last week. It is a matter of time before the behavior of the market allows predicting where it will head next.

By Alexander Salazar

Solana and Polkadot: Price Analysis

Audy Castañeda
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Solana and Polkadot: Price Analysis

SUN at $36.1: Has consolidation started? DOT price stumbles at $7.34 after briefly recovering.

According to Solana prices, the bears have returned. Selling pressure has slowed down the recovery process that began yesterday; So far, the price is trading in the negative direction at $36.1. As the sellers have been active, a steady decline has been following the market over the last week. Previously, there were bullish intervals where the market followed an uptrend, but over the past week, the overall advantage has gone to the bears. But now, the coin appears to be in the consolidation phase as the bears have returned after a day of bullish activity.

Polkadot, meanwhile, reveals that the coin appears to have found its support floor. The bulls tried hard to make a comeback yesterday and have been successful enough so far as the coin rejected a further drop below $7.22 and covered an ascending range to $7.42. The recovery was minimal but provided support to the price of the cryptocurrency. It has been following a steady downtrend for over a week as selling pressure has been high in the market. Today, the price has corrected again and the trend is down as the coin is currently priced at $7.34.

SOL/USD: Bears Fight Bulls after Brief Recovery

One day Solana price analysis confirms that the price is on the downside for today. The chances of recovery have been postponed as of now, and the bears dominate the price charts as more selling activity takes place. The price has declined to $36.1 and overall the cryptocurrency has lost around 19.35 percent of its value over the past week. The value of the moving average (MA) is trading at $39.4 after crossing below the 50 SMA curve.

Price analysis in the last few hours predicts a bearish trend for Solana, as a slight decrease in the SOL/USD market value has been detected. However, the latest development has been in the bullish direction as support has appeared again. The price is now stabilizing at $36.1 as a result of the latest bullish efforts. The short-term trend line is still moving higher due to yesterday’s uptrend. At the same time, the moving average value is currently $35.88 below the 50 SMA.

DOT/USD: Selling Pressure Degrades the Price Again

24-hour Polkadot prices show that selling pressure has built up again as the price has been steadily declining. The bears have also successfully dodged the bulls that were in the lead yesterday as more selling activity was seen in the market today. As the bears take the price function to the downside, the price has reached $7.34; the next support for the bulls is present at $7.05. The coin is currently reporting a 1.15 percent gain over the past 24-hour period due to yesterday’s bullish price action. However, the coin is reporting a 19.76 percent loss over the past week due to extreme selling pressure.

In the last few hours, Polkadot also confirms the downtrend for today as the overall momentum is down for today as well. The price is currently rising again as this area appears to be a support zone for the DOT/USD price, but the drop seen at the beginning of the trading session has the market in a downtrend as of now. The MA value is present above the price level at $7.36 on the 4-hour chart.

Solana and Polkadot’s hourly and daily price analysis predicts a downtrend for the day as the price follows a downward movement as the price is trading in the red.

By Audy Castaneda

An Internet Entrepreneur Believes the Mainstream Use of Currencies Needs a Significant Market Collapse

Alexander Salazar
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An Internet Entrepreneur Believes the Mainstream Use of Currencies Needs a Significant Market Collapse

Kim Dotcom thinks cryptocurrencies will go mainstream with use when they break free from oppression through decentralization. Although he predicted that elites would become masters, he suggested buying BTC and BCH as the US dollar might lose its value.

Kim Dotcom, a German-Finnish Internet entrepreneur, recently said a significant drop would help spread cryptocurrencies as an exchange medium rather than encourage speculative behavior.

The businessman recalled that the crypto market fell sharply following a sudden sell-off. The price of Bitcoin (BTC) has dropped by around 4% to USD 21,130, its lowest level in more than three weeks. Meanwhile, the value of Ether (ETH), the second-largest cryptocurrency, decreased by 9% to USD 1,640.

Dotcom, self-proclaimed as an Internet freedom fighter, thinks cryptocurrencies need a large crash to go mainstream with use rather than speculation. He explained that this occurred after breaking free from oppressors and allowing freedom to flourish through decentralized power.

The Prices of Cryptocurrencies Are Dropping

The price of BTC recently broke above USD 25,000 for the first time since its USD 17,500 low of mid-June. A rally in US stocks amid signs that inflationary pressures might ease helped it happen.

The long-awaited Ethereum Merge scheduled for September 15th has caused the price of ETH to rise to more than USD 2,000 over the last month.

The willingness of the market to fluctuate might have led to the latest drop in cryptocurrency prices. Leading crypto assets like Binance Coin (BNB), Solana (SOL), and Cardano (ADA) have also fallen.

Sebastian Menge, the COO of burn-to-earn platform Fitburn, said this happens due to often over-indebted settlement cascades responding to large long trades.

The executive explained that liquidated leverage reflected on cryptocurrency prices across the board. He said that market makers usually seek liquidity, driving the price up or down to settle trades.

He Recommends Using Cryptocurrencies rather than HODLing Them

The Finnish-German businessman and political activist commented that the US economy was beyond bankruptcy. Likewise, he expressed that he felt pessimistic about the future of the global economy.

Dotcom predicted a New World Order where he intended to move into a new dystopia where elites are masters without the cosmetics of democracy.

However, he suggested buying BTC and Bitcoin Cash (BCH), as the US dollar might lose its value. Finally, he advised that people use cryptocurrencies as a payment method every day.

He highlighted that nothing could stop the revolution of cryptocurrencies, so he recommended not HODLing them.

Advocates of crypto assets have waited for their mass adoption for a long time. In March, US President Joe Biden issued an executive order on the industry explaining how he planned to deal with it.

The executive order, covering various topics that include consumer protection and financial stability, took a positive approach to cryptocurrencies. That led many observers to view it as a crucial factor in adopting them as a mainstream payment medium.

The pioneering cryptocurrency is worth around USD 21,436 and has accumulated a 0.9% gain over the last 24 hours. While its daily trading volume is above USD 22.32 billion, its market capitalization is about USD 410.04 billion, according to CoinGecko.

By Alexander Salazar

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