Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Nayib Bukele wins the presidential elections in El Salvador, the Brazilian tax authority finds over 25,000 irregularities in crypto tax statements, and Argentine President Javier Milei warns there will be no dollarization this […]
Bitcoin News
Bitcoin Pioneer Nayib Bukele Reelected in El Salvador by a Landslide
President Nayib Bukele, a pioneer in introducing the law that made bitcoin legal tender in El Salvador, has been reelected as president of the country in the ballot completed on Sunday. The Latam leader, who will reportedly continue implementing bitcoin-related policies, won by a landslide, scoring 85% of the popular vote.
Bitcoin Advocate Nayib Bukele Gets Reelected With 85% of the Popular Vote
Nayib Bukele, the current president of El Salvador, won the presidential election on Sunday by a landslide, an outcome that was predicted by mostly all local polls and reports. The leader, who has been vocal about his support of Bitcoin and introduced the disputed idea of establishing bitcoin as legal tender in a country for the first time, agglomerated the support of most of the Salvadoran society, scoring at least 85% of the popular vote.
Celebrating his victory, Bukele stated:
We have won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 deputies in the Assembly. A record in the entire democratic history of the world.
Furthermore, Bukele invited the Salvadoran people to celebrate the victory in the National Palace.
Felix Ulloa, vice-president of El Salvador, had declared that if Bukele won the presidential ballot by a landslide, he would deepen the application of bitcoin policies, like the program of giving passports to bitcoin entrepreneurs and the issuance of the Volcano bonds, that would provide part of the funding for the construction of Bitcoin City, a planned tax haven for crypto companies.
Even with the popular vote on his side, Bukele’s reelection is surrounded by controversy, given that he received a leave of absence in 2023 to be able to be present at these elections as a candidate. A Bukele-controlled national tribunal established this was a requirement to be reelected back in 2021, a decision that was considered unconstitutional by his detractors.
Nonetheless, Stacy Herbert, director of the National Bitcoin Office (ONBTC) of El Salvador, remarked on the historic victory for the world’s democracy, informing that the previous all-time widest margin for a democratic election was 56.2% in Portugal in 1991.
What do you think about the victory of Bitcoin-friendly President Nayib Bukele in El Salvador? Tell us in the comments section below.
Avalanche Crumbles More Than 16% As Crypto Landslide Continues
Avalanche (AVAX), dubbed the “Ethereum killer,” has plunged to more than 16% following the disastrous crypto market scenario. Other crypto tokens that are also competitors to Ethereum have had massive double-digit losses in the last 24 hours.
AVAX, considered the 13th biggest cryptocurrency with a market cap of .6 billion, has dramatically sloughed off over 16% of its TVL in the past few hours, and is now trading at .94.
AVAX Treading The Bearish Path
AVAX is leading the bearish action, which has placed the token down by 80% compared to its all-time high, which registered an impressive 6.22 in November 2021.
The downward trend is triggered by the sluggish growth of different DeFi projects hedged on Avalanche.
Suggested Reading | Ripple (XRP) Struggles To Breach .45 Level, Down 16% In Last 7 Days
Avalanche – Ethereum Rival
Ethereum is said to be slow and expensive in pricing, which paved the way for the creation of Avalance, which is eco-friendly, fast, and affordable.
Avalance was created by Ava Labs, co-founded by Kevin Sekniqi, Emin Gün Sirer, and Maofan “Ted” Yin.
The Ethereum-killer, Avalanche, is a blockchain that combines the trailblazing speed in confirmation times plus scaling capabilities using the Avalanche Consensus Protocol, which can process over 4,500 transactions per second (TPS).
AVAX total market cap at .98 billion on the daily chart | Source: TradingView.com
Avalanche went live and was launched in September 2020 and is considered one of the most reputable blockchains giants. Avalance now has a TVL of billion, ranking it as the fourth-largest DeFI-based blockchain, following Terra and Binance Smart Chain.
Avalanche has derived some protocols from Ethereum that you can experience in their DeFi ecosystem, including SushiSwap, decentralized exchange protocol, and Aave, its lending protocol.
DeFi Projects TVL Down by 8.57%
The TVL of DeFi protocols on the Avalanche blockchain is currently down by 8.57% in the last 24 hours or at .74 billion. This is relatively low compared to its all-time-high TVL, which went as high as .7 billion on December 2, 2021.
The dip that registered at 7.5% was pretty significant for AVAX.
TraderJoe, considered the most prominent decentralized exchange on Avalanche, plunged to 12.84 % in terms of the user base. Liquidity also decreased from 2 million to 7 million in barely a month.
Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?
Total active wallets found on the Avalanche network escalated to over 2.8 million yesterday, which is its all-time high. However, despite the increase in active wallets, the token still was bearish.
To make matters worse, Avalanche total transactions have also dipped to only 358,474 from 800,000 last week.
The numbers have plummeted miserably, especially if you compare the figures to its all-time high, which registered at 1.1 million daily on January 27, 2022.
Featured image from Saanich News, chart from TradingView.com
NewsBTC
Ripple (XRP) Landslide To Continue: ETH Down 6%, BTC Breaks $7K
- Ripple price is down close to 6% and it broke the .2050 support area against the US dollar.
- The price is likely to continue lower below .2000 and .1980 in the near term.
- Earlier, there was a break below a couple of bearish continuation patterns with support near .2120 and .2050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum is also down more than 6% and it is now trading near the 0 support.
Ripple price is declining heavily against the US Dollar and bitcoin. XRP price remains at a risk of another landslide below the .2000 support area.
Ripple Price Analysis
In the past few hours, there was a strong bearish wave in ripple, Ethereum, EOS, and a few other altcoins against the US Dollar. XRP price broke the main .2150 and .2120 support levels to move further into a bearish zone.
Furthermore, there was a close below .2100 and the 100 hourly simple moving average. The price even spiked below the .2050 support.
More importantly, there was a break below a couple of bearish continuation patterns with support near .2120 and .2050 on the hourly chart of the XRP/USD pair. The pair traded close to the .2000 support area and the recent low is near .2018.
The current price action suggests very less chances of an upside correction above .2040 in the short term. The first key resistance is near the .2050 level. It is near the 23.6% Fib retracement level of the recent slide from the .2185 high to .2018 low.
If ripple price corrects above the .2050 and .2060 levels, there are chances of further gains. The next major resistance is near the .2100 area. Moreover, the 50% Fib retracement level of the recent slide from the .2185 high to .2018 low is also near .2108.
Conversely, the price could continue to slide below the .2020 and .2000 support levels. In the mentioned bearish case, the price is likely to slide below the .1980 support area. The next major support is near the .1960 level.
Looking at the chart, ripple price is down and out below the .2100 level. The price action is super bearish and suggesting more losses below the .2000 support. Additionally, if bitcoin and Ethereum continues to slide, XRP is likely to follow.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still declining into the oversold area.
Major Support Levels – .2020, .2000 and .1960.
Major Resistance Levels – .2050, .2060 and .2100.
The post Ripple (XRP) Landslide To Continue: ETH Down 6%, BTC Breaks K appeared first on NewsBTC.