e28315122

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The approval allows Binance to acquire São Paulo-based investment platform Sim;paul, a licensed broker-dealer authorized to distribute securities and issue electronic money (EMI), according to an announcement shared with Cointelegraph.

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Binance, the world’s largest crypto exchange, was approved as a licensed broker-dealer in Brazil, the most populous country in Latin America.

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Binance has secured its 21st global regulatory authorization; this one from Banco Central do Brasil, the central bank of Brazil, marks a significant milestone for crypto adoption in Latin America.

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According to CoinGecko, memecoins were the second-best-performing crypto narrative of 2024. The sector returned an average of roughly 2,185% to investors during the year — second only to artificial intelligence, which returned an average of approximately 2,939%.

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Data from CoinGlass shows that a total of $419 million have been liquidated over the last 24 hours, with $333 million making up long positions. Long BTC leveraged positions totaling $53 million have also been liquidated on the day.

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Massive liquidations across the derivatives market accompanied this downturn in the crypto market.

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BTC price dropped as much as 5% to an intra-day low of $103,173 on Dec. 18. The decline in BTC triggered panic selling among crypto investors, with cryptocurrencies dropping across the board.

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This sudden plunge has left many investors scratching their heads, trying to understand the core catalysts behind this downturn and whether more losses are on the horizon.

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The cryptocurrency market took a hit today, with the total market capitalization dropping by around 3% to about $3.65 trillion on Dec. 18.

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This puts Bitcoin’s downside target for December at approximately at around $92,000, coinciding with the 50-day exponential moving average (50-day EMA; the red wave).

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Traditional analysts see rising wedges as bearish reversal indicators, resolving when the price breaks below the lower trendline and drops by as much as the wedge’s maximum height.

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Second, Bitcoin’s drop is part of its prevailing rising wedge trend, where the price is rising inside two converging, ascending trendlines. On Dec. 18, BTC tested the wedge’s upper trendline as resistance, leading to a sharp decline toward its lower trendline support today.

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Simply put, Bitcoin’s upward momentum is weakening, which typically precedes a price correction such as the one happening today.

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First, the drop follows a growing bearish divergence between BTC’s rising prices and declining relative strength index (RSI) on the daily chart.

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Bitcoin’s price drop in the last 24 hours has appeared further due to weakening technicals.

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He has been a staunch advocate of digital assets and innovation, speaking out against the Gensler-led SEC’s “regulation-by-enforcement” approach to the crypto industry on several occasions.

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Since 2017, Atkins has served as the co-chair of the Token Alliance, a crypto lobbying group for the Chamber of Digital Commerce which aims to introduce clear regulations and promote mainstream adoption of crypto assets.

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Speaking on a podcast in 2023, Atkins said the only reason the FTX crisis became an “international debacle” was because the US didn’t make clear enough rules to accommodate digital assets. However, he conceded that Bankman-Fried’s fraudulent activities were the primary cause of the collapse.

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Simply put, Bitcoin’s upward momentum is weakening, which typically precedes a price correction such as the one happening today.

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First, the drop follows a growing bearish divergence between BTC’s rising prices and declining relative strength index (RSI) on the daily chart.

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