A report by Chainalysis has confirmed Brazil’s leadership in crypto activity in Latin America. The country stands out for its institutional tendency, which translates into large-volume transactions.

Furthermore, Brazil remains a leader in cryptocurrency adoption in the region.

Brazil draws attention for institutional crypto investments

According to Chainalysis, the monthly value of institutional-sized transactions in Brazil increased by 29.2% between the last two quarters of 2023. In addition, the number grew by 48.44% between the fourth quarter of 2023 and the first quarter of 2024.

The Federal Police (PF) dismantled a network of financial operations that practiced money laundering with crypto assets. The action took place on Wednesday (9) and is part of Operation Alcaçaria.

Furthermore, the actions are related to Operation Privilege, which took place on the same day in several cities in Rio Grande do Sul (RS)

PF dismantles group that laundered money with cryptocurrencies

According to the PF, agents served 62 search and seizure warrants, 10 preventive arrest warrants and three temporary arrest warrants in nine different states.

The environmental token industry could face new issuance rules in Brazil. The change is a proposal from a new bill in the Senate that could change the regulation of the sector.

The bill is still being processed in the Senate and there is no scheduled date for voting.

Bill seeks to regulate environmental tokens

Bill 3434/2024, authored by Senator Fernando Dueire (MDB-PE), proposes to regulate the “creation, issuance, registration, commercialization and management of tokens for digital environmental assets”. The objective is to promote sustainable environmental conservation practices.

Solana (SOL) price may be on the verge of a bullish rally, with indicators suggesting the altcoin’s value could return to a key milestone that investors have been craving.

SOL is currently priced at $142.57, down 45% from its all-time high. In this analysis, BeInCrypto highlights how a certain technical pattern could help validate a successful rally and the cryptocurrency’s targets in the coming weeks.

Solana looks set to break resistance

On October 1, Solana’s price was at $158.50 and was indicating a possible rally towards $180. However, as soon as the token attempted to climb above $160, the bears forced it lower, eventually taking the price below $145.

The memecoin Shiba Inu (SHIB) has seen a significant price surge in recent weeks. Trading at $0.000017 at press time, SHIB has gained 32% in the past month. On-chain data indicates that this growth has been largely driven by increased positions and reduced selling activity among short-term holders (STHs).

However, the sustainability of this appreciation remains uncertain. STHs are known to sell off quickly when market conditions change, raising concerns about how long this upward trend can last.

Since the start of the month, the price of Ripple (XRP) has fallen by almost 18%, falling from $0.64 to $0.53. While investors may be hoping for a recovery, market sentiment remains fragile, signaling that a recovery may not be imminent.

Instead, on-chain analysis reveals that XRP price may continue to face further declines. Here are the reasons why.

Ripple Holders Count Their Losses

According to CryptoQuant, there are risks of XRP falling below its current price due to an increase in inflows to exchanges. On October 9, data from the analytics platform revealed that the number of tokens sent to exchanges reached 32.36 million.

Bitcoin (BTC) is back above $60,000 this week, but many investors are still unsure about the cryptocurrency. The following analysis seeks to predict what comes next for the asset.

After falling more than 10% last week, reaching a low of $59.8K, BTC managed to recover, reaching a high above $64K. However, the asset was unable to maintain this momentum, falling 4% from its local high.

The CryptoFear & Greed Index, which measures the overall market sentiment towards cryptocurrency, is currently at 49 (neutral). This shows that investors and traders are indecisive about the future of cryptocurrency.

Asset management firm VanEck has launched a $30 million venture fund to support the crypto and artificial intelligence (AI) industries.

This is the firm's first venture capital fund, although it has made corporate investments in several startups and funds before.

VanEck Fund to Support Early-Stage Startups

The VanEck Ventures fund will invest in early-stage startups to support the development of the crypto and AI industries. This marks the asset manager’s entry into venture capital, reflecting its interest in identifying transformative opportunities early.

Cardano (ADA) has been showing signs of a slow recovery after facing a significant drop. Despite the slow pace, investors are keeping a close eye on the altcoin’s movements as substantial gains are still on the horizon.

ADA’s recent price action has left many holders frustrated, but a rally to the right level could unlock $1 billion in profits, bringing renewed hope to its supporters.

Investors seek profits from Cardano

The In/Out of the Money Around Price (IOMAP) indicator reveals that approximately 3.6 billion ADA, valued at over $1.2 billion, were purchased between the current price and $0.37. This large volume of ADA means that breaking the $0.37 resistance could unlock significant gains for investors, making it crucial for future profits.

According to the latest report from CryptoQuant, stablecoin liquidity has broken new records, mainly due to Tether and Circle. In this sense, Ripple is looking to gain ground in the sector with its new token, RLUSD.

The high movement of stablecoins on centralized exchanges also signals bullish activity for Bitcoin.

Tether and Circle's dominance

The report particularly highlights an optimistic outlook, stating that stablecoin liquidity has reached new heights.

After a dramatic 65% drop, baby hippo-themed memecoin Moo Deng (MOODENG) is eyeing a recovery after its price surged 11.15% in 24 hours.

This recent surge has taken its market cap to $156 million, having at one point surpassed $300 million. With investor optimism resurfacing, this analysis looks at whether the meme coin has what it takes to erase all those losses and retest its previous peak.

Market begins to support Moo Deng

Dogwifhat (WIF) is attempting to break out of its rising wedge pattern. The memecoin is trading at a two-month high, and its next target is to secure a 36% increase.

If successful, WIF could see a total increase of 55%, capturing the attention of investors looking for significant gains in the memecoin space.

Dogwifhat has negative correlation with Bitcoin

WIF currently has a negative correlation with Bitcoin, which is generally considered a bearish sign for altcoins. However, things are unfolding differently for Dogwifhat.

On-chain detective ZachXBT has uncovered a series of accounts on X (formerly Twitter) that specialize in promoting memecoins. Allegedly, a single individual controls these accounts.

The individual then used these accounts to promote memecoins such as ANALOS, BALLZ, and CATDOG. Additionally, rumors suggest that they were also involved in promoting Polkadot (DOT).

Individual promotes memecoins through 16 X accounts

ZachXBT reported that the X account “ardizor” is linked to 16 other accounts, most of which display blue verification badges. These accounts have large follower numbers, ranging from tens of thousands to several hundred thousand.

Toncoin (TON) price has faced significant downward pressure recently as broader market pessimism weighs on the crypto.

Over the past few days, TON has seen a significant drop, and the outlook looks bleak as the cryptocurrency is on the verge of a Death Cross.

Toncoin may start a downtrend

Toncoin is approaching a Death Cross, a bearish signal that occurs when the 50-day Exponential Moving Average (EMA) crosses below the 200-day EMA. As such, this pattern is often seen as a strong indication of a prolonged downtrend.

Binance Coin (BNB) has seen a 5% gain over the past week, approaching its long-term resistance level of $598.90. At press time, the altcoin was trading at a seven-day high of $585.50 and looks set to continue its upward momentum.

Technical indicators suggest a possible break above the $598.90 resistance. This could push the price towards the four-month peak of $652.90. This analysis explores how realistic this scenario is in the near term.

SUI, the native coin of the Sui Network blockchain, has been performing strongly recently. It is currently trading at $1.92, recording a price growth of 115% in the past month.

However, this dramatic price increase has occurred at the same time as growing interest in short positions, suggesting that many traders remain skeptical about its long-term prospects.

Sui futures traders not impressed

SUI has seen an increase in demand for short positions since early October, as evidenced by its negative funding rate, which stands at -0.0012% at the time of writing.

Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP ETF (exchange-traded fund). If approved, the investment firm will offer investors access to XRP without having to purchase the asset directly.

The prospects for an XRP ETF continue to rise, while hopes for a similar financial instrument for Solana continue to fade.

How Canary’s XRP ETF Should Work

Based on the record, the fund will track the value of XRP using the CME CF Ripple Dollar Benchmark Rate. This is a daily reference price index for Ripple. It aggregates trading data from multiple Ripple-USD markets operated by major crypto exchanges. Furthermore, these exchanges meet CF Benchmark’s stringent regulatory requirements.

EigenLayer (EIGEN) has seen a sharp rise in price today after a lukewarm week. Thus, the altcoin, which launched amid much hype and controversy, is now experiencing a wave of renewed interest.

With momentum building, EIGEN is eyeing the possibility of setting a new all-time high (ATH). This rally has therefore sparked excitement among traders and investors, who are eager to see if the altcoin can sustain its gains.

EigenLayer may see increased interest

Scroll, a zkRollup scaling solution for the Ethereum network, has announced an airdrop of its native token, SCR. The asset is set to debut on the Binance launchpool.

The SCR token enables Scroll’s mission to build a scalable, secure infrastructure and accelerate real-world adoption with global distribution.

Scroll reveals plans for SCR

The Scroll ecosystem is planning an airdrop event as part of its token distribution strategy. Out of a total of 1 billion tokens, 15%, or 150 million tokens, have been allocated for airdrops, divided into two phases — 7% and 8%, respectively.

Ethereum (ETH) shows little price fluctuation this Wednesday (9), which makes it difficult to predict its future trend.

Data from CoinGecko shows that ETH is up just 0.1% in 24 hours. As a result, the asset has not fluctuated compared to the price seen seven days ago.

Check out what the technical analysis has to say below.

What is the trend of Ethereum?

Ethereum, as seen on the daily chart above, has been partially recovering after hitting a bottom at $2,300 on October 3. However, the Fibonacci retracement shows that the current bounce does not characterize the beginning of a trend reversal at the moment.