Has the Banking Revolution Started?: How Crypto is Changing the Game in Latin America
Article Highlight
Latin America has emerged as a crucial junction where traditional banking meets digital assets. Amidst high inflation and an increasingly digital landscape, cryptocurrencies offer a promising financial alternative. Countries are increasingly integrating digital assets, such as El Salvador, which became the first country to adopt Bitcoin as legal tender.
My Thoughts
With Latin America’s inflation at an average rate of 14.41%, almost 7% higher than the global average, it seems that citizens are doing their best by turning to digital assets as a hedge against devaluation, and it seems many people around the world are doing so too.
Traditional banks are capitalizing on this shift by launching crypto wallets and trading platforms, signaling a significant integration of digital assets into conventional financial systems. This would be quite unimaginable during my employment at Deutsche Bank before the last bull market in 2020 and most definitely a definitive “impossible” during my time at Morgan Stanley back in 2014. That said, it’s nice to see new technology and its transformative potential slowly changing the banking sector that I was so very much taking shape in certain regions of the world.
Latin America is positioning itself as a regional hub for crypto innovation, attracting global investment and fostering economic resilience.
Is There A Bitcoin Breakout Approaching?
Last week, Bitcoin sentiment was a bit negative as we approached various macroeconomic events that pressured retail traders, and this looks to be slightly alleviated as we head into a new week. The suspected liquidation of Mt. Gox’s assets is said to trigger a selling event among retail traders. These events, while speculative, contribute to a generally negative market sentiment at the moment. Bitcoin had a very strong start to the year, so some investors are looking at this price action as a bit of a correction before a breakout later in the fall.
On a five-day timeline, Bitcoin is making a bit of a correction and is slightly green. A recovery after dipping below $54,000 for the first time in five months was necessary to regain strength. Bitcoin exhibits robust growth within a long-term ascending trend channel, indicating growing optimism among investors and suggesting a sustained upward trajectory.
However, Bitcoin generated a negative signal with a breakdown through the support level at $57,403. There is still a chance that Bitcoin can dip to $45,929 or lower. Some view all of this negative sentiment as an opportunity to buy, as Bitcoin tends to surprise investors and not follow traditional market fluctuations.
Some positive signals include negative exchange net flows, which demonstrate that Bitcoin holders are choosing to self-custody their assets rather than keep them in a position to sell. Additionally, Bitcoin’s Relative Strength Index (RSI) is hovering at 48, signaling that a correction is not necessarily imminent. It is once again important to gauge the market on a short — and long-term scale.
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BingX was voted number one in Be In Crypto’s Top Most Safe Crypto Exchanges article! The prestigious outlet highlighted our withdrawal protection, insurance coverage, and fund safety. Check out the full story here.
About Me
I’m very excited to share my interview with Cointelegraph. From social trading to comprehensive educational resources, BingX aims to make crypto trading accessible and secure for everyone. Read more about that here.
Check out the exclusive Coingape interview and gain insights into the strategic partnerships driving BingX’s growth and impact in the crypto space.
Check out my commentary on the impacts of the Bitcoin halving with Coinpost here.
Interview with Yurufuwa at TOKEN2049.
I had a fantastic chat with WU Blockchain about BRC20, BingX’s strategy in 2024, and my professional background. Check out the article linked here!
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