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Mercado Livre Bans Cryptocurrency Listings Following $750 Million Investment From Paypal

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Cryptocurrency listings have been prohibited from publication on Mercado Livre, also known as Free Market, following a $750 million investment into the platform from Paypal. Just prior to the announcement, more than 10,000 listings relating to virtual currencies were identified on the platform.

Also Read: Why Africa Continues to Lag Behind in Cryptocurrency Adoption

Latin America’s Largest Marketplace Bans Crypto Asset Listings

Mercado Livre, the largest Latin American e-commerce marketplace by number of visitors, has prohibited the listing of advertisements offering the sale of cryptocurrencies on the platform. The news comes shortly after it announced that Paypal had purchased $750 million worth of shares in Mercado Livre.

Mercado Livre issued a notice requesting that users terminate listings pertaining to virtual currencies before the date, with the platform announcing it will automatically terminate all cryptocurrency listings on the platform from March 19 onwards.

Mercado Livre Bans Cryptocurrency Listings Following $750 Million Investment From Paypal

In addition, the platform simultaneously banned listings for “pre-paid cards for games.” The new rules came into effect as of March 19. Mercado Livre operates in Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, the Dominican Republic, Uruguay, and Venezuela.

Over 10,000 Cryptocurrency Listings on Brazilian Platform Alone

According to research conducted by local media in partnership with Mercado, the platform contains approximately 9,326 advertisements relating to the search term “criptomonedas,” the Spanish word for cryptocurrency.

Additionally, 5,638 listings were associated with the search term “bitcoin,” while 2,636 ads were found related to “ethereum.”

Mercado Livre Bans Cryptocurrency Listings Following $750 Million Investment From Paypal

The banning of cryptocurrency listings on the platform comes one month after Latin America’s largest standalone investment bank, Banco BTG Pactual SA, announced plans to enter the virtual currency sector with the launch of a security token. The bank hopes to raise $15 million through a security token offering for its Reitbz token, which it plans to back with distressed real estate assets in Brazil.

What is your reaction to the banning of cryptocurrency listings on Mercado Livre? Share your thoughts in the comments section below!


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The post Mercado Livre Bans Cryptocurrency Listings Following $750 Million Investment From Paypal appeared first on Bitcoin News.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode

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In recent market action, bitcoin core (BTC) has struggled to hold above $4,000 following four consecutive green weekly candles, while bitcoin cash (BCH) appears to be consolidating above $150 after comprising the best performing of the 10 largest crypto assets by market cap of the last seven days. In other news, ravencoin (RVN) and tezos (XTZ) are among the highest capitalized top gaining markets of the past week.

Also Read: 8 Useful Browser Extensions for Cryptocurrency Users

BTC Consolidates at $4,000

Following four weeks of green weekly candles, BTC is currently struggling to hold above $4,000 after retracing approximately 1.4% in the last 24 hours. As of this writing, BTC is trading for approximately $3,975 on Bitstamp and $4,040 on Bitfinex, indicating a spread of approximately 1.7% between USD and USDT exchanges.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode
BTC/USD – Bitstamp – 1D

BTC has a market capitalization of $70.91 billion. Approximately $10.6 billion worth of BTC has changed hands during the last 24 hours.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode

BCH Consolidates Above $150

BCH appears to have established support at $150 after posting a 4% retracement over the course of the last 24 hours. The retracement following seven days of strong bullish momentum, with BCH comprising the top gaining of the 10 largest cryptocurrencies by capitalization after posting a weekly gain of 14%. BCH is currently trading for approximately $153.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode
BCH/USD – Kraken – 1D

When measured against BTC, BCH is consolidating around the 0.038 BTC support area after gaining 16% last week. BCH is currently the sixth largest crypto asset with a market cap of $2.73 billion. Approximately $471 million worth of BCH has been traded in the last 24 hours.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode
BCH/BTC – Bittrex – 1D

XTZ and RVN Rank Among Top Gainers

XTZ has broken into the top 20 crypto assets by capitalization following a dramatic 70% rally in seven days, ranking tezos as the 18th strongest performing crypto assets of the past week. XTZ is currently the 20th largest cryptocurrency with a market cap of $525 million and is trading for $0.755.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode
XTZ/USD – Bitfinex – 1D

When measured against BTC, XTZ is trading for more than 0.00019 BTC after gaining 55.5% in less than seven days. Nearly $12.4 million worth of XTZ was traded during the last 24 hours, making XTZ currently the second most liquid of the top 20 markets by capitalization.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode
XTZ/BTC – Bitfinex – 1D

RVN is currently ranked as the past week’s 14th top performing market after gaining 72% over the last seven days. The week comprises the fourth-consecutive green candle, with RVN having gained 345% in less than one month. The bullish momentum has propelled RVN back into the top 50 crypto assets by market cap, currently ranking 43rd with a capitalization of $143 million.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode
RVN/USD – Bittrex – 1D (calculated by Tradingview)

When measured against BTC, RVN broke into new all-time highs this past week, with RVN currently trading for 1,118 satoshis after gaining roughly 305% in less than four weeks. Roughly $86.22 million worth of RVN has changed hands over the last 24 hours.

Markets Update: BCH Holds Above $150, RVN and XTZ Explode
RVN/BTC – Binance – 1D

Do you think the markets are starting to transition out of the bear season? Share your outlook in the comments section below!


Images courtesy of Shutterstock


Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

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