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Report reveals ‘diversifying investment’ to be top reason for choosing crypto for Latin Americans

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While El Salvador might dominate the news cycle for some time, it’s vital that entrepreneurs and experts pay attention to the exploding crypto scene across Latin America. The recent Blockchain LatAm Report 2021 by Sherlock Communications revealed fascinating insights about crypto adoption and resistance in a number of booming economies.

The king coin reigns

Diversifying investment portfolios was the top motivator for Latin Americans to invest in cryptocurrencies. According to the report, Bitcoin was the most well-known cryptocurrency across the region. Ethereum and Litecoin came in second and third, respectively. After El Salvador, Colombia had the most number of Bitcoin ATMs in Latin America, with approximately 50 locations.

Brazilians were the most supportive of El Salvador’s Bitcoin adoption, with 48% of survey respondents expressing that they wanted Brazil to adopt the same approach. There are also around 1.4 million registered crypto users in Brazil.

According to the Useful Tulips data gathered from P2P exchanges Paxful and LocalBitcoins, Venezuela was the top country in Latin America for money transfers.

Meanwhile, the blockchain report by Sherlock Communications stated,

“Venezuela is recognized by the University of Cambridge as the Latin American country which contributes most to the Bitcoin hashrate, meaning that there is a certain amount of computing power generated in the country.”

Across Argentina, Brazil, Chile, Colombia, and Mexico, “three out of four people agreed that economic downturns were likely to affect their interest in digital currencies.”

Eyes of regulators

Governments across Latin America have differing views on cryptocurrencies and their regulation. In Costa Rica, cryptocurrencies are not centrally regulated but are a “legitimate means of payment.” Mexico too has a vibrant fintech scene, where cryptocurrencies are digital assets which can be used for payments.

Moving into South America, the Argentinian government taxes income earned from the sale of digital currencies at 15%. In Brazil, a “regulatory sandbox” has allowed crypto innovators to work with the Brazilian Securities and Exchange Commission (CVM). Crypto ETFs are popular, but tax rules apply to capital gains.

Despite Binance coming under the Brazilian regulatory radar, crypto exchanges across Latin America saw widespread growth this year. However, the Chilean Supreme Court confirmed that banks had the right to close down the accounts of crypto exchanges.

Crypto resistance

Not all Latin Americans greeted crypto development with optimism. Out of the non-crypto users surveyed in Brazil, 42% expressed concerns about money security. Meanwhile, 40% of non-crypto users surveyed in Mexico cited a lack of knowledge. Finally, 44% of non-crypto users surveyed in Colombia said they didn’t have the money to invest. The report also noted that crypto rejection became more widespread in Argentina this year.

What is the takeaway for entrepreneurs hoping to enter the Latin American market?

The analysis by Sherlock Communications stated,

“…the best way to increase Latin Americans’ trust in cryptocurrencies is to make literature on the subject more widely available.”

Where to Invest?

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Source: https://ambcrypto.com/report-reveals-diversifying-investment-to-be-top-reason-for-choosing-crypto-for-latin-americans

Blockchain

The Graph (GRT) Doubles in Price Over October – is There More to Come?

The Graph (GRT) has moved above its Sept highs, and is facing virtually no resistance until $1.65. Technical indicators are bullish.

The post The Graph (GRT) Doubles in Price Over October – is There More to Come? appeared first on BeInCrypto.

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The Graph (GRT) has moved above its Sept highs, and is facing virtually no resistance until $1.65.

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GRT has been moving upwards since Oct 1, when it broke out from a descending resistance line. This indicated that the correction that had spanned the entire of Sept had come to an end. 

Both the RSI and MACD support the continuation of the upward movement. 

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The RSI, which is a momentum indicator, has been increasing since the aforementioned breakout. On Oct 23, it moved above 70. This is a strong sign of a bullish trend, even if it shows overbought conditions. The sharpest portion of an upward movement usually transpires when the RSI is above 70. 

The MACD, which is created by a short- and a long-term moving average (MA), is positive and increasing. This means that the short-term trend is faster than the long-term one. 

On Oct 26, GRT finally moved above its Sept highs at $1.05. Now, the next closest resistance area is at $1.65. This is the 0.5 Fib retracement resistance level and a horizontal resistance area.

GRT Breaks out
Chart By TradingView

Cryptocurrency trader @Incomesharks outlined a GRT chart, stating that the token is likely to see an upward movement that could take it as high as $1.65. As outlined above, the token has already initiated its upward movement and is increasing towards the $1.65 resistance area.

GRT increase
Source: Twitter

GRT/BTC

The GRT/BTC pair is not yet as bullish as its USD counterpart, but it shows signs that often precede upward movements. 

First, GRT has broken out from a long-term descending resistance line. Second, it has reclaimed the 1500 satoshi horizontal area, after initially deviating below it (red circle). This is a bullish development that often preceded upward movements.

Furthermore, the RSI has moved above 50, which as stated above, is a sign that momentum is turning bullish. 

Finally, there is a bullish divergence in the MACD. This means that while the price dropped, the MACD did not, and is seen as a sign of strength.

GRT has to move above 2250 satoshis in order for the rate of increase to accelerate.

GRT Resistance
Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto’s Senior Analyst.

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Source: https://beincrypto.com/the-graph-grt-doubles-in-price-over-october-is-there-more-to-come/

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Blockchain

Photoshop to launch new feature that will counter NFT art theft

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Adobe is adding a new feature into Photoshop that will, among many other things, help prove the true ownership of an NFT.

According to the software giant, the feature the feature will help to determine whether the person selling an NFT is the actual person who made it. Dubbed ‘Content Credentials’, this feature will help NFT creators to link the Adobe ID with their crypto wallet addresses. By doing this, compatible NFT marketplaces will then show some sort of verified certificate proving the authenticity of the art’s source.

According to reports, the feature will be built into Photoshop with an option to “prepare as NFT”, launching on test mode by ending of October.

Adobe also announced its partnership with NFT marketplaces like OpenSea, SuperRare, KnownOrigin, and Rarible will be supporting Content Credentials to show Adobe’s attribution information.

Art theft has always been a major concern in the NFT space. Many examples abound, of people minting NFT they never owned any rights to or created. For some reason, it has always been that anyone can actually mint any art, even if they don’t own the copyright to that particular content. To make matters worse, the minting can easily be kept on the blockchain, just as if it were the original work, thereby making the creation seem authentic.

Photoshop may not outrightly stop NFT theft, but can prove the authenticity of an art

In short, anyone could easily mint another copy of an NFT, potentially fooling buyers that don’t know the difference. However, Adobe’s latest system does offer a way to prove that the NFT you’re selling is rightfully yours and not stolen, albeit it won’t prevent art theft.

NFTs will not be the only beneficiaries of Adobe’s Content Credentials though. As part of its Content AuthenticityInitiative, the likes of Getty Images, BBC, Nikon, Microsoft and Rarible will also enjoy from the functionality.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/photoshop-launch-new-feature-will-counter-nft-art-theft/

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Bitcoin’s Latest All-Time High Shines Light On New Prospects To Watch Out For

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Bitcoin Options Volume Explodes Higher As Market Warms Up To First U.S. BTC ETF

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Bitcoin broke through the previous price roof in the wake of an ETF approval in the US and reached an all-time high of $66,909, eliciting huge excitement among proponents. From Reddit, Medium, and Facebook, to Twitter, the social media realm was awash with massive praises of the digital currency, from the right and left segments.

BTCUSD Chart by TradingView

And it appears to be just the beginning of good things ahead for the entire digital currency industry, CTO and Co-founder of Bitcoin rewards app Lolli, Matt Senter, told ZyCrypto.

“We Bitcoiners love ‘Uptober,’ our cheeky nickname for October, and it’s living up to its name. With bitcoin at a new all-time high, Bitcoin is proving that historical price patterns are no joke.”

“Bitcoin has characteristically performed very strongly during October, kicking off a price climb that continues through the first of the new year. At this rate, with increasing institutional adoption and a warming regulatory environment, we believe the bull run is just getting started.”

Probably the next big milestone to watch for Bitcoin is at $72,800, when Satoshi Nakamoto’s striking creativity will surpass the total value of all silver globally in market capitalization, according to the Chief Strategy Officer at Oslo human rights foundation Alex Gladstein.

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That’s the next big milestone for Satoshi Nakamoto’s remarkable invention, once just a string of code on the solitary computer, running quietly in the wake of the Great Financial Crisis.”

At $1.2 trillion in market capitalization, Bitcoin is close to transcending silver in market cap by an entire 90%. Silver is at $1.38 trillion. When there is excessive news of crypto hitting an all-time high, many people begin to sell it to cash in on profits. But many holders may currently still be willing to hold on to their dear coins expecting further breakouts as the fundamentals and prospects by analysts are still looking great. 

At this rate, Bitcoin is up 205 percent this year. But the debut of the Bitcoin ETF approval in the United States has sparked a huge demand. Head of Communications at Lolli Aubrey Strobel said the ETF approval may still activate further price pumps because it makes Bitcoin acceptable to institutional investors.

“The SEC’s approval of the futures ETFs also signals promise for other Bitcoin-related financial products – a sign of a warming regulatory environment for Bitcoin in the U.S., where financial authorities are recognizing that Bitcoin is very much here to stay and that there is an ever-growing body of consumers with interest in owning or investing in Bitcoin.” 

Strobel said that Bitcoin’s all-time high price is the latest validator that Bitcoin is the most secure store of value in history given the high yearly ROI – especially in the last decade.

“Bitcoin has consistently discredited critics who deride its volatility as an augur of a coming price crash by breaking ever-higher price ceilings, inviting growing institutional and mainstream interest.” 

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Source: https://zycrypto.com/bitcoins-latest-all-time-high-shines-light-on-new-prospects-to-watch-out-for/

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