A report revealed that Bitcoin, Ether, and Litecoin are the best-known cryptocurrencies in Latin America. Australia imposed a new series of restrictions on Binance, so users must reduce and close their futures positions.
The leading cryptocurrencies on the market recently had a dramatic but timely pullback for those who want to see it. Although Bitcoin, Ether, BNB, and other cryptocurrencies suffered losses of up to 10%, the attraction of big purchases from the bulls resurfaced.
In addition to the cryptocurrency market, the US stock market also sold off amid a downward trend. Maybe fears that the collapse of Chinese real estate company Evergrande will hurt other markets have caused it.
The price of Bitcoin fell to USD 43,000, its lowest level since August 7th. Meanwhile, the value of Ether fell more than 10% below USD 3,000 for the first time since August.
Cryptocurrencies lose value at a time when some investment banks increase their forecasts on them in the coming months.
Bitcoin is trading at around USD 42,500, while Ether is worth roughly USD 2,989, varying by -3.05% and -2.41%, respectively. The bearish sentiment continues and affects the rest of the cryptocurrency market, according to data from CoinGecko.
After Buying the Dip, El Salvador Now Has 700 Bitcoins
People say that the decline of the price of Bitcoin has been positive as it allowed President Nayib Bukele to buy cheaply.
When the price of BTC fell below USD 43,000, Bukele announced that El Salvador had bought on the drop. In that way, they added 150 bitcoins to the country’s holdings, equivalent to more than USD 6.75 million. That acquisition of the pioneering cryptocurrency brought the Central American government’s account to 700 bitcoins.
That is not the only time the country has taken advantage of a drop in Bitcoin prices. When BTC became legal tender, El Salvador bought 150 bitcoins amid a sudden drop below USD 43,000. At that time, their holdings increased from 400 BTC to 550 BTC, which capitalized up to 700 BTC with their last purchase at low prices.
Diversified Investment is the Main Reason to Choose Cryptocurrencies in Latin America
A report by the public relations (PR) agency Sherlock Communications revealed aspects about adopting cryptocurrencies. According to that study, Bitcoin, Ether, and Litecoin were the best-known cryptocurrencies in the region. With approximately 50 locations, Colombia was the Latin American country with the most Bitcoin ATMs after El Salvador.
Regarding Brazilians, they showed to be more supportive towards the adoption of Bitcoin than Salvadorans. Forty-eight percent of those surveyed said they wanted Brazil to take the same approach to the crypto asset.
Similarly, data from the P2P exchanges Paxful and LocalBitcoins indicated the country with the most money transfers in Latin America is Venezuela.
Binance Will Not Offer More Cryptocurrency Futures and Options in Australia
Cryptocurrency exchange Binance continues to limit its services amid the ongoing global regulatory scrutiny. In recent days, they announced that Australia imposed a new series of restrictions on them. Australian users will have to reduce and close their positions in cryptocurrency futures, options, and leveraged tokens within 90 days.
The fear of using cryptocurrencies has led many countries worldwide to adjust their regulations on them. They have even banned exchanges from trading and warned people not to invest in them. However, the relevance of those assets will not stop as there will always be people who want to buy them.
By Willmen Blanco
