Bitcoin Price Decreases up to 8% in the Main LATAM Markets

Audy Castañeda
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Bitcoin Price Decreases up to 8% in the Main LATAM Markets

The price of Bitcoin in the main markets in Latin America has decreased by up to eight percentage points compared to the same period seven days ago.

The price of Bitcoin (BTC) has decreased as much as 8.11% this weekend in the main markets, after losing the 47k level in the global market.

Until April 8, the price continued to show no signs of recovery, trading at a spot price of USD 42,316, a decrease that for the moment exceeded three percent.

Argentina

Last weekend the price of the main cryptocurrency has had a drop in its price in the South American country, according to data from Ripio.

Bitcoin is valued at more than 8 million Argentine pesos (ARS) for purchase, while for sale it is over 7 million Argentine pesos (ARS), registering a drop of -2.84% in its price for this period.

Colombia

In Colombia, the price of Bitcoin is not favorable either and has had a loss margin of -1.3% in 24 hours, while accumulating -4.1% in the last seven days according to data from Buda.com.

Chile

In the southern country, the situation is not so different with the fall in the price of Bitcoin. According to Buda.com, the price of BTC is trading at about 35 million Chilean pesos (CLP), with a small contraction of -0.7% in its last 24 hours and a weekly accumulated of 3.2%.

Mexico

In Bittso, the reference exchange in Mexico, the price of Bitcoin was 855,588.24 Mexican pesos (MXN), a decrease of -4.55% compared to its previous price seven days ago.

Peru

Meanwhile, in Peru the price of BTC is trading at 161,693 Soles (PEN), with a drop in its price of -1.6% in the last 24 hours and -7.0% for the last seven days according to Buda.com.

Venezuela

According to the ivenezuela.travel website, the price of Bitcoin for the last 24 hours is 42,105 VES in dollarized Venezuela. Compared to April 10, this means a decrease of -1.46% in just 24 hours.

The Future of Bitcoin during Q2 this year

According to former BitMEX CEO Arthur Hayes, Bitcoin could crash by the end of the second quarter. Hayes’ vision is not at all rosy for Bitcoin. The expert expects that this cryptocurrency could crash at the end of the 2nd quarter. In a recent Medium blog post, Hayes predicted that Bitcoin would test the $30,000 level before the start of Q3.

The former BitMEX boss points to the fact that Bitcoin, one of the two largest cryptocurrencies, is “highly correlated” to the Nasdaq 100.

The 90-day correlation between Bitcoin and the Nasdaq-100 reached a new record high. “If tech stocks continue to underperform, cryptocurrencies will take a beating as well,” according to Hayes.

Although some altcoins are already down 75%, Hayes believes that they will not be able to escape the carnage to come.

On the other hand, Mike Novogratz, CEO of Galaxy Digital, recently said that the crypto market could go to the moon in 2022 if the Federal Reserve returned to monetary easing.

In this regard, Hayes expressed that the market will probably hit rock bottom before the Fed changes course.

By Audy Castaneda

The Pullback in the Price of Bitcoin Is about to Bottom out

Alexander Salazar
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The Pullback in the Price of Bitcoin Is about to Bottom out

If the price breaks through the 200-period SMA, it could confirm the resumption of the higher tendency. If Bitcoin stopped the sales soon, the value would resume the bullish direction, heading for USD 50,000 next.

The price of Bitcoin (BTC) has gone through a bearish week, which is about to end. The following weekly forecast will help uncover where the value of the pioneering cryptocurrency could head in the short term.

Bitcoin is trading at around USD 39,688 and has accumulated a 6.2% loss over the last 24 hours. Its daily trading volume is above USD 30.14 billion, and its market capitalization is about USD 754.43 billion, according to CoinGecko.

There has been a general reduction in risk exposure by investors, which seems to have contributed to recent sales. The US Federal Reserve (Fed) might announce an increase in interest rates soon.

Although there has been a bearish short-term trend in the cryptocurrency market, it is not yet a worrying direction.

The weekly metrics summary by CryptoQuant indicates that the bulls are still the dominant force in the market. Most indicators related to supply and demand, besides those tracking the behavior of Bitcoin whales, are bullish.

However, there are still no signs that the bulls have recovered control, so there may be more sales in the coming days.

The Weekly Analysis and Forecast of the Bitcoin Price

The daily BTC/USDT chart shows a clear short-term bearish direction due to a succession of increasingly lower lows.

The price crosses the 8-day EMA and 18-day SMA to the downside following that trend. Since the 200-period SMA also remains bearish, breaking through it could confirm the resumption of the higher tendency.

There is currently bearish momentum underway, which could search for at least USD 41,000. However, the space for sales may be about to end.

For Now, the Drop in the Bitcoin Price Is Just a Pullback

The weekly chart shows an optimistic forecast for Bitcoin, which only seems to be a pullback before continuing to rise.

After creating a double floor of over USD 38,000, the price of BTC may have reached the bottom of the fall. It recently broke through the neckline of that figure.

The price is moving back toward the 8-week EMA and 18-week SMA, which it recently crossed to the upside.

If the sales of Bitcoin stopped soon, the price would resume that bullish direction. It would then head for USD 50,000 next.

If it did not, the price could remain locked in the latest sideways range in which it is, but without showing too negative signs.

Despite the bearish week that Bitcoin has just experienced, investors should not worry yet since the bulls still dominate the market. The price has fallen from USD 46,500 to nearly 40,000, clearly showing a bearish trend.

There is no confirmation that the bulls have recovered control and sales have increased, triggering fear among investors. However, it is only a matter of time to see the price of Bitcoin resume the upward trend.

By Alexander Salazar

Former Argentine President Mauricio Macri Talks with Michael Saylor about Bitcoin

Alexander Salazar
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Former Argentine President Mauricio Macri Talks with Michael Saylor about Bitcoin

Macri tweeted that they discussed the impact of Bitcoin on the economy, which achieved more than 3,000 retweets and 16,800 likes. The CEO of MicroStrategy had the opportunity to learn first-hand how economic variables move in Argentina.

During a trip to the United States, former Argentine president Mauricio Macri recently talked with Michael Saylor, the CEO of MicroStrategy, about Bitcoin. He tweeted that they also discussed the impact of the cryptocurrency on the individual and family economy, which he found interesting.

Even though that was his only comment, it achieved more than 3,000 retweets and 16,800 likes. However, Saylor has not yet uploaded any images of his meeting with Macri.

In February, the billionaire businessman surprised television viewers with his knowledge of the trading price of the blue dollar. He commented that he remembered that 1 peso (ARS) was equivalent to USD 1 from 1991 to 2002. In addition, he said that now the blue dollar is around ARS 219 right now, according to Google.

Saylor pointed out that he had around ARS 1 million in Argentina, equivalent to USD 1 million, at that time. Then he requested the finance people of his company to deposit the money in an Argentine US bank, as he did not trust local institutions.

In 2021, the CEO of MicroStrategy supported a proposal of an Argentine congressman for workers to receive their salary in cryptocurrencies. At that time, he told his Twitter followers that Bitcoin was the hope for Argentina.

Mauricio Macri Holds an Interesting Meeting with Michael Saylor

Argentines know Michael Saylor as one of the entrepreneurs with the most Bitcoin and for following the blue dollar price in the country. This time, Saylor had the opportunity to learn first-hand how economic variables move in the South American country.

Former president Mauricio Macri met with Michael Saylor, who shared a long talk on individual and family economy. Some months ago, Macri had recommended the incorporation of the pioneering cryptocurrency into the Argentine financial system.

In the face of the future economy, he described the meeting as very interesting and shared the image on Twitter. Although Michael Saylor liked the tweet, he decided not to share it with his followers.

Macri Has Another Relevant Conversation about Bitcoin

In 2019, Mauricio Macri met with American venture capital investor Tim Draper, who advised him to transform Argentina to attract entrepreneurs. One of the suggestions from Draper to the former president was to replace the Argentine Peso with Bitcoin.

Draper said they talked about Bitcoin and the devaluation of the Argentine peso. He said that he would double his investment in the country if the peso appreciated more than Bitcoin. Besides, he told the former president he had to declare Bitcoin the national currency if it acquired more value than the Argentine peso.

Bitcoin has become increasingly relevant in the economy, which politicians like Mauricio Macri have not overlooked. They have proposed incorporating the pioneering cryptocurrency into the financial system of their countries.

Bitcoin is trading at around USD 39,451 and has accumulated a 7.6% loss over the last 24 hours. Its daily trading volume is above USD 30.04 billion, and its market capitalization is about USD 749.94 billion, according to CoinGecko.

By Alexander Salazar

Bitcoin Price Drop to $39,200 Puts BTC Back in “Bear Market” Territory

Audy Castañeda
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Bitcoin Price Drop to $39,200 Puts BTC Back in “Bear Market” Territory

Traders Say Threat of Long Bear Market Rises After BTC Price Drops to $39,200.

The cryptocurrency market took a downward turn on April 11 after concerns related to rising inflation, the prospect of more interest rate hikes by the US Federal Reserve, and fears of a global food shortage will cause widespread weakness in financial markets.

Data from Cointelegraph Markets Pro and TradingView shows that the bears broke the bulls’ defensive line at $42,000 in early trading on Monday to drop Bitcoin (BTC) to a daily low of $39,200 with several analysts projecting lower prices in the short term.

Below is what analysts are saying about Monday’s move lower and whether traders should expect more declines in the coming days.

USD 40,000 or It’s Over

Market analyst Michaël van de Poppe foreshadowed the drop below $40,000.

Following Monday’s pullback, van de Poppe posted a follow-up tweet addressing the rejection at $43,000 and offering insight on what level to watch as the next support. According to the trader, “the green zone” in the range of $43,000 to $44,000 would have to become support to preserve any budding bullish momentum.

This Bear Market is “Different”

Decentralized finance advisor and pseudonymous Twitter trader ‘McKenna’ offered some insight into the confusion many cryptocurrency traders have been experiencing over the past year was provided by who posted the following chart analyzing Bitcoin’s price action since April of 2021.

McKenna said that, “this has been the weirdest bear market I’ve ever seen,” and then added that, “I don’t even think we’ll see below $30k, I’m more for choppy price action in this range which is also hell. I just need Bitcoin to cool down and let my altcoins run.”

Crypto analyst and pseudonymous Twitter user ‘360Trader’ expressed a similar sentiment, by highlighting the consolidation range that Bitcoin has been fluctuating in since last November.

360Trader said that, “Bitcoin consolidation continues…leverage is in control…float continues to dry up…This is not going to last forever. Just put a Band-Aid on and keep pushing.”

Where is Bitcoin Going from Now?

Phillip Swift, Markets Analyst and Founder of LookintoBitcoin offered one last insight into the future of the BTC price through the publication of a chart showing the recent rejection of the price from the 1-year moving average (MA).

According to Swift, the 1-year MA “has acted as the pivot point for bull and bear markets throughout Bitcoin’s history.”

Swift said that, “you can’t really call it a bull market until we’re convincingly above the 1-year MA.”

It is worth looking at what professional traders have been doing since March 31. They have slightly reduced their bullish positions, in a move directly opposite to the margin trading markets, which have shown a significant improvement in sentiment during the first week of April 2022.

The paramount factor that could help explain such a move is the drop in Bitcoin price by 32% in the last twelve months. Futures traders have been cautious when building bullish positions using leverage, although BTC flirted with $48,000 last March 29.

It appears then, that professional traders are playing it safe while remaining hopeful that $50,000 and up is possible in the short term.

By Audy Castaneda

Indira Kempis Explains the Steps to Adopt Bitcoin in Mexico

Alexander Salazar
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Indira Kempis Explains the Steps to Adopt Bitcoin in Mexico

Senator Indira Kempis explained the legal steps to follow for adopting Bitcoin in Mexico. She stressed that the new value of money implies inclusion, justice, and financial freedom, which would close inequality gaps.

Mexican senator Indira Kempis recently spoke about the adoption of Bitcoin (BTC) in Mexico. She announced that she would propose reforming some laws passed years ago to allow using the pioneering cryptocurrency more freely.

She said that she would work on updating their FinTech Law and their Monetary Law to open the discussion in Mexico. They seek to make Bitcoin the door to a new future and new possibilities for the Spanish American country.

According to the senator, money is for people, not governments or corporations. She stressed that the new value of money must be for the people, which implies inclusion, justice, and financial freedom. Furthermore, she believes that Bitcoin would open up the possibility of closing inequality gaps in society.

The government official calls for creating special economic zones or a pilot on a Bitcoin city like El Salvador.

She pointed out that legal initiatives to approve Bitcoin in Mexico are already underway but indicated that changing the laws will take time. Likewise, she summoned President Andrés Manuel López Obrador to discuss the possibility of adopting Bitcoin in Mexico.

The senator said that she would like Bitcoin to be legal tender since it would help reduce pressure from the state. She acknowledges that Mexico is different from El Salvador due to its financial circumstances, but Bitcoin emerged as a solution.

The Adoption of Bitcoin in Mexico Would End Inequality

Kempis considers El Salvador an example and an inspiration due to what she could verify during her recent visit to that country. She noted that citizens use Bitcoin to transact daily and are in charge of driving its adoption nationwide.

Her trip allowed her to see the adoption of Bitcoin as legal tender closely and to ratify her support for the cryptocurrency. She said that it is one of the most significant inventions since it supports financial inclusion.

The senator met with several Salvadoran businesspeople to learn how they adopted Bitcoin. Rafael Barraza, the president of Banco Agrícolas, and Carlos Calleja, the vice president of Grupo Calleja, were among them.

She also talked to government agents, like the Nuevas Ideas parliamentary group, the party of President Nayib Bukele. The senator publicly thanked him for hosting her and sharing his vision with her.

In El Salvador, they are gestating a dose of the future that already exists, so she believes it is necessary to anticipate it. She also reiterated that the future lies in decentralized digital finance, which can make Spanish America more prosperous and inclusive.

In that way, Indira Kempis showed her interest in adopting Bitcoin to help people access virtual transactions without discrimination. She had previously questioned that Mexico was not engaging much with the financial innovation unleashed by the pioneering cryptocurrency.

Bitcoin is trading at around USD 40,745 and has accumulated a 4.8% loss over the last 24 hours. Its daily trading volume is above USD 26.29 billion, and its market capitalization is about USD 773.49 billion, according to CoinGecko.

By Alexander Salazar

Mining Farms: Large-Scale Project between Argentina and Paraguay

Audy Castañeda
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Mining Farms: Large-Scale Project between Argentina and Paraguay

Companies in Argentina and Paraguay collaborate to develop mining farms.

Bitcoin mining has recently become popular due to the opportunities it offers. On the one hand, it provides new jobs where highly skilled labor is required, and on the other hand, it has a positive impact on local economies. On this occasion, the company Bitfarms is the promoter of the project to create Bitcoin mining facilities in both countries. The information, included in the Q4 2021 report, presented an upcoming projection for developing mining centers.

Extending Bitcoin Mining in LATAM

Construction work began in January 2022 in Paraguay, where the mining centers will use hydroelectric power. This green energy source provides a significant competitive advantage to miners using these facilities, as they will be able to use very low-cost electricity while keeping their fixed costs lower than other competitors located abroad. In addition, it is a benchmark project in Paraguay since there have not been any major initiatives yet. On the other hand, in Argentina, Bitcoin mining is becoming more popular and continues to spread throughout the territory, reaching more and more cities where you can install devices even in apartments.

In Argentina, they are building facilities that will have at least 27,500 mining devices of the Whatsminer M30S type produced by the manufacturer MicroBT, which are highly specialized equipment in the resolution of the computational operations necessary to validate a new block in the Bitcoin network. Each of these devices will contribute 88 Terahashes per second and the entire facility will add about 2.42 Exahashes per second (EH/s) to the Blockchain hash rate.

An increasingly decentralized Bitcoin Network

Currently, there is around 206 EH/s of combined computing power globally for the Bitcoin network. In Argentina alone, Bitfarms plans to reach 1% of world computing power with the facilities that it has under development. For the users and for the institutions that use the bitcoin network, it is of vital importance that the hash rate be “decentralized”. This means that the hash rate is distributed in different countries of the world so that the network is more secure and virtually impossible to hack since it would need, hypothetically speaking, 51% of those 206 EH/s to be able to falsify information, something that would clearly be more expensive than simply mining Bitcoin with that computing power.

With an electrical power expenditure of 100 MW, there is an estimation that the mining plants will be operational in Q4 of 2022. They are building the Argentinian farms in Río Cuarto, in the province of Córdoba. The locations of the other centers projected for development in the country are unknown, but according to estimates, all the mining centers will consume the amount equivalent to a hundred Argentine houses per year. Without a doubt, the energy consumption of mining is high, but it also opens up various opportunities for the regional and national economies. In addition, the activity will bring cryptocurrencies closer to the citizens of these regions, providing them with the opportunity to venture into the sector.

In conclusion, being at the forefront of computing is undoubtedly profitable and you can take advantage of this experience for developments such as mining Bitcoin, Ethereum, or other currencies. To make this possible, access to low-cost energy is vital, since the necessary computer equipment represents a large initial investment for companies and, therefore, there is a payback period of several months or even a few years depending on market behavior. In any case, the spread of activity in South America shows that interest in crypto is on the rise and that mining is a profitable business activity when planned correctly.

By Audy Castaneda

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