- Huobi Global has announced the acquisition of Bitex to expand its presence in the Latin America region that continues to embrace crypto.
- Bitex, founded in 2014, is one of the first regional crypto exchanges in Latin America, providing services in Argentina, Chile, Paraguay, and Uruguay.
- Huobi will integrate Bitex operations into its platform, with the latter retaining its brand and running independently.
The globally recognized digital assets platform of Huobi Global has announced the acquisition of the crypto exchange of Bitex to expand its presence in the Latin America region. Bitex is one of the first crypto exchanges in Latin America, having been founded in 2014, and has an extensive user network in Argentina, Chile, Paraguay, and Uruguay.
Latin America Has a Significantly Higher Crypto Adoption Rate
According to the team at Huobi, the crypto growth and adoption rate experienced in Latin America is one of a kind, experiencing a 1,370% rise between 2019 and 2021. Furthermore, the region has over 665 million residents, with Venezuela and Argentina leading the rest in the 2021 global crypto adoption index published by Chainalysis.
Jeffrey Ma, Global Head of M&A at Huobi Group, further elaborated on the region’s significance in crypto adoption through the following statement.
Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region.
We are pleased to partner with an established player like Bitex, as we look to grow our footprint in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity, and stability.
Bitex to Be Integrated into Huobi, But to be Run Independently
With the new acquisition, Huobi Global plants to integrate the crypto exchange operations of Bitex into its own, thus allowing the latter’s existing customers to access Huobi’s wide array of digital asset offerings. Once the integration is complete, Bitex will continue to be run independently by its current management team and retain its brand identity.
Bitex CEO Francisco Buero went on to add that the new acquisition will allow the exchange to serve its customers in the region better. He said:
Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America.
Having grown rapidly after eight years of successful operations, we believe our partnership with Huobi Global will not only support our expansion, but also help us better serve our customers, enabling them to access a broader range of digital assets on Huobi Global’s platform.
Additionally, Huobi Global’s strong track record in security will help safeguard our important mission as we continue to operate as a borderless exchange.
CZ: Binance Is Looking at 50 to 100 Deal Proposals From Projects Affected by the Crypto Market Drawdown
- CZ has clarified that Binance is looking at 50 to 100 deal proposals from crypto projects affected by the ongoing crypto winter.
- CZ was correcting reports by the Block that had misquoted him as saying that Binance was looking at 5,200 deals.
The founder and CEO of Binance, CZ, has clarified via Twitter that the exchange was looking at 50 to 100 deals from crypto companies affected by the ongoing bear market.
His clarification comes from publications such as The Block, misquoting him as saying that the exchange was looking at ‘5,200 deal proposals amid the market downturn.’ CZ’s clarification on the matter can be found in the following tweet.
Game of telephone. During my live interview with Yahoo earlier, I said 50 to 100. The clip is online. It become 5200 somehow by one journalist somewhere… And even CMC reposted the “news”. 😂 pic.twitter.com/VXpATG7dBp
— CZ 🔶 Binance (@cz_binance) June 24, 2022
Easy to See How it Happens. Probably My Fault for Poor Pronunciation – CZ.
In a follow-up Tweet, CZ explained that he understood how he might have been misquoted, explaining that he was probably at fault due to poor pronunciation. He said:
Fifty to a hundred => Fifty two hundred
Easy to see how it happens. Probably my fault too for poor pronunciation. And big numbers spread. Made my day.
Binance is Looking for Ways to Help Struggling Crypto Companies.
CZ’s misquoted statement comes from Yahoo.Finance interview where he explained that the crypto exchange was looking for ways to help struggling companies through loans, minority investments, or majority acquisitions.
He also pointed out that crypto projects knew Binance had substantial cash reserves and was the main reason the exchange was being approached for funding. He explained:
Everybody knows we have the largest cash reserves in the industry. We just launched the Cristiano Ronaldo deal yesterday. That is a multi-hundred dollar, multi-year deal. So we have cash reserves. Everyone already knows that in this industry and they are talking to us.
Clear Regulatory Guidelines on Reserves for Crypto Projects.
Concerning crypto regulations in a time when projects are becoming insolvent and possibly bankrupt, CZ emphasized the need for regulatory clarity and more communication from projects in distress. He said:
I think there should be clear regulatory guidelines on reserves for different types of businesses in the crypto space. I don’t think there are such clear guidelines today in most countries and also there should be requirements for transparency and disclosure.
We have seen certain projects when they are under stress, the stop communication which is really bad…especially if you are under stress, you got to communicate more frequently with users. So that is something we are trying to push the industry players to do but more regulatory guidelines in this area will definitely help.
Tron’s (TRX) Total Accounts Hits a New Milestone of 100M As the Project Celebrates its 4th Anniversary
- The total number of accounts on the Tron blockchain has hit a new milestone of 100 million.
- Tron is also celebrating its 4th Anniversary as an independent chain after migrating from Ethereum on June 25th, 2018.
The total number of accounts on the Tron blockchain has hit a new milestone of 100 million. The team at Tron DAO highlighted the milestone through the tweet below which also pointed out that Tron was ‘the world’s fastest growing public chain with 3.4 billion transactions, millions of daily active users and continuous daily new accounts every day.’
🎉Congratulations!!! #TRON‘s total accounts exceeded 100 million! Milestone achieved!
🚀#TRON is the world’s fastest-growing public chain with 3.4 billion transactions, millions of DAU, and continuous daily new accounts every day.
— TRON DAO (@trondao) June 25, 2022
100 Million Users is Just a Beginning of Tron’s Mass Adoption – Justin Sun
TRON total users just surpassed 100 million.
It is just a beginning of our mass adoption journey! Always remember there are 7 billion people on this planet!
Tron Celebrates its 4th Anniversary as an Independent Blockchain.
Also today, the Tron project and community celebrated its fourth Anniversary as an independent chain after migrating from Ethereum on June 25th, 2018. The Tron DAO team marked the event by tweeting a 2018 quote from Justin Sun saying, ‘ Tron is founded on a community of active users who should have their voices heard.’
🎉Celebrating the 4-year anniversary of #TRON independence day!
— TRON DAO (@trondao) June 25, 2022
The Price of Tron Continues to Benefit from Purchases of TRX by the TRON DAO Reserve.
With respect to value, Tron has benefited from the continual purchases of TRX by the Tron DAO reserve ‘to safeguard the overall blockchain industry and crypto market.’ The most recent purchase of $10 million worth of USDD and TRX was made earlier today as seen in the following tweet.
— TRON DAO Reserve (@trondaoreserve) June 25, 2022
The purchases by the Tron DAO reserve have been a way of preventing short sellers from pushing down the price of TRX and that of USDD. The impact of the purchases of TRX by the Tron DAO reserve can be seen in the following daily chart.
Also, from the chart, it can be concluded that the future price of TRX cannot be easily forecasted.
To begin with, the daily MACD is about to cross in a bullish manner below the baseline. Secondly, the daily MFI and RSI are in neutral territory of 45 and 42, respectively. Thirdly, Tron is about to experience a death cross with the 50-day moving average (white) and the 200-day moving average (green). Fourthly, Tron’s trade volume is also reducing, hinting at a bearish future for TRX.
Therefore, caution is advised when trading TRX, given the conflicting events of the Tron DAO Reserve’s mission to keep buying the digital asset and the bearish environment highlighted by some of the indicators on the daily chart.
Bitcoin Selling By Miners Could Continue into Q3 if BTC’s Price Does Not Improve – JP Morgan
- Bitcoin miners needing to sell could weigh down on the price of BTC for some time.
- According to analysts from JP Morgan, miners offloading Bitcoin to cover costs could continue into the third quarter of 2022 if the value of BTC does not improve.
- However, selling pressure could reduce, given Bitcoin production costs have dropped from $18k – $20k to $15k due to new machines being energy efficient.
Bitcoin miners needing to sell their coins could continue to weigh down the price of BTC for some time.
According to JP Morgan analysts, public-listed miners have already reported Bitcoin sales in May and June to increase their liquidity, meet production costs, and possible deleverage. The same public-listed miners make up 20% of the total Bitcoin miners.
Bitcoin Selling by Miners Could Continue into Q3 if BTC Prices Do Not Improve.
At the same time, the analysts from JP Morgan forecasted that privately-held Bitcoin miners could have sold a considerable chunk of their BTC holdings to meet ongoing costs. Furthermore, selling by all Bitcoin miners could roll into Q3 if BTC’s value did not improve. They explained:
Offloading of Bitcoins by miners, in order to meet ongoing costs or to delever, could continue into Q3 if their profitability fails to improve.
That offloading has likely already weighed on prices in May and June, though there is a risk that this pressure could continue.
Bitcoin’s Production Has Dropped to $15k.
On the bright side, the JP Morgan analysts pointed out that Bitcoin’s production costs had dropped from an average range of between $18k and $20k to a lower level of $15k. The drop is the result of improved energy efficiency in mining hardware and could assist in maintaining profitability for the miners.
To note is that the production costs of more extensive mining facilities are as low as $8k, which means that some Bitcoin miners are still earning comfortable profits.
Over $4B in Bitcoin Mining Loans are Coming Under Stress.
In another analysis, the team at Bloomberg had pointed out that the ongoing crypto market drawdown is exerting stress on $4 billion worth of loans taken by BTC miners and backed by their equipment. The report explained that ‘a growing number of loans are now underwater’ and a ‘few miners have defaulted on their loans so far.’
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