Crypto News From the Spanish-Speaking World: Nov. 10–16 in Review


Cointelegraph en Español presents a weekly digest of selected cryptocurrency- and blockchain-related news from the Spanish-speaking world.

In this week’s news from the Spanish-speaking world, a Venezuelan official claims that all currencies will be replaced by cryptocurrencies, the Argentinian chief of the Banking Association criticizes fintech and crypto, and Spain offers prepaid visa card to teenagers that they can reload with crypto.

Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph en Español.

“Currencies will be replaced by crypto,” says Venezuelan official

The Deputy of the National Constituent Assembly of Venezuela, Francisco Torrealba, said in an interview on national channel Globovisión that in the future all existing currencies will be replaced by cryptocurrencies.

“The country is facing a change of time, a generational change,” he said, adding that President Nicolás Maduro is making a “great contribution” to the country by “crypto-monetizing” transactions within the Venezuelan economy. Torrealba concluded his interview by saying that “everything will be from this currency [the Petro].”

Given the Venezuelan government’s history of not delivering on promises related to the Petro, Cointelegraph advises readers to approach news on the subject with skepticism.

Argentinian Banking Association’s chief blasts fintech and cryptocurrencies

On Nov. 11, Cointelegraph en Español reported that Sergio Palazzo, the head of the Argentinian Banking Association (AB), expressed harsh criticism against fintech and cryptocurrencies.

Palazzo reportedly said that the emergence of new players in the fintech industry, which he claims have no regulations and salary costs, are “a kind of unfair practice” in relation to financial institutions that do offer employment, and have to deal with the consequential costs. He added:

“That absence of regulations even implies the lack of controls on money laundering and generates computer insecurity […] The virtual currency systems generated by big tech are a threat in that they supplant issuance, a function that the state cannot delegate. Another threat is outsourcing services to countries that offer cheap labor because of precarious worker rights.”

Mexico: Experts agree that blockchain will have a big impact in education

During the INCMonterrey Entrepreneurship Festival held in Mexico, CEO of Collective Academy Patricio Bichara and Juan Freire, academic dean of the Monterrey School of Business of Technology, agreed that blockchain technology will impact the way universities deliver degrees and how people are educated.

Bichara added that, with advancements in digital accreditation via blockchain, the time when university degrees had to be validated from country to country, or from school to school, will be a thing of the past. 

Spain: Bitsa offers a prepaid Visa card for teenagers that recharges with crypto

Bitsa Young is a new prepaid Visa card that is rechargeable with crypto and is being offered to Spanish teenagers between 14 and 17 years old. 

The Bitsa prepaid card gives the teenagers a multitude of options, without being associated with a bank account. They can use the card to buy online or at any store, withdraw cash from any ATM, make transfers between cards and easily recharge it from a voucher or with cryptocurrencies. 

In a statement, Bitsa said that they are offering young people a crypto-friendly account because it is clear that they have a strong interest in cryptocurrencies, “from those who are curious about the exciting universe of cryptography to the gamers who acquire tokens for their favorite video games.”

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Crypto Markets Turn Red While BTC Fails to Impress Below $8,500


Cryptocurrency markets are mostly showing red candlesticks while Bitcoin price struggles below the $8,500 mark.

Friday, Nov. 15 — Crypto markets are mostly showing red candlesticks, while Bitcoin (BTC) fails to impress as it crawls its way below the $8,500 price point.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

For most of the day, the world’s largest cryptocurrency has been trading within a tight range between $8,700 and $8,600, while taking a sudden swing below the $8,500 price mark during recent hours. Bitcoin is currently trading at a price of $8,480, showing a loss of 1.85% on the day.

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

Despite Bitcoin’s continued struggle to reach higher highs, Tom Lee, renowned Bitcoin bull, co-founder and Wall Street strategist at Fundstrat Global Advisors, said that he believes that Fundstrat’s $25,000 by 2022 forecast for Bitcoin is still “quite easy to achieve.” He said:

“Cryptocurrencies are network value assets, meaning the more people hold the asset, the greater the value. In fact, it’s a log function — so if you double the users hold it, you get a quadrupling of value. To go to $25,000 you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin.”

Ether (ETH), meanwhile, is currently sitting at $180 per coin. The number one altcoin has been trading in perfect sync with BTC, showing downward price behavior leading to its current trading position, courtesy of a loss of almost 3% on the day.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

XRP, the third-largest coin by market capitalization, is no exception to today’s trend of red candlesticks and has been consistently losing ground in the past few days. The token sits at around $0.261 per coin, down 3.20% on the day at press time.

According to regular Cointelegraph contributor Rakesh Upadhyay, XRP price is in danger of dropping to the next support at $0.24508. Upadhyay said that if this support holds, the altcoin will remain range-bound between $0.24508 and $0.31491 for a few more days. However, if the support cracks, a drop to $0.22 is likely.

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

It’s a red day for the top 20

Most of the top 20 coins are showing red candlesticks, with Tezos (XTZ) taking the title of biggest loser, showing a loss of more than 5% on the day. Monero (XMR) follows closely with a similar loss on the day, and is trading at $62.5 per coin.

The only exception is Cardano (ADA), the 12th largest cryptocurrency by market cap, up 2.5% in the last 24 hours.

The overall cryptocurrency market cap currently sits around $232.7 billion, with Bitcoin making up 65.9% of the total.

Keep track of top crypto markets in real time here

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