Brazil Trades a Record 100,000 Bitcoin in 24 Hours

Brazil Trades a Record 100,000 Bitcoin in 24 Hours

Brazil, the largest Latin American economy, broke a new record when Brazilian exchanges traded over 100 thousand bitcoin within 24 hours. In parallel, Brazil reported that its economic activity in February fell to the lowest level in the last nine months.

Brazil Trades Over 100,000 bitcoin in 24 Hours

The battle between Brazil and Argentina for the supremacy of the Bitcoin market in Latin America reached a new dimension. Cointrader Monitor, a monitoring tool that analyzes Bitcoin price movements in Brazil, announced that Brazilian cryptocurrency exchanges traded over 100,000 BTC on April 10, 2019.

This spike in the volume of bitcoins traded coincides with recent increases in Bitcoin values, surpassing the BRL 20,000 price mark. As a result, on April 10th, the total amount transacted was over BRL 2 Billion, (1 USD = 3.9 BRL) as shown in the graph below:

Brazils Economic Woes Push Bitcoin Price Higher

Regulators and traditional banks have disrupted Brazils Bitcoin exchanges. For example, several of Brazils Bitcoin exchanges, such as Bitcoin Market, have had their bank accounts closed because judges have ruled that traditional banks can terminate cryptocurrency exchange accounts at will.

Most recently, Santander Bank arbitrarily terminated the account of the Bitcoin Max exchange. After a court battle, a judge denied Bitcoin Maxs motion to reopen its bank account. However, last February, another judge reversed this decision because Santander Bank had failed to provide prior written communication of the intention to terminate the contract.

Despite the many hurdles attempting to stifle the development of the crypto market, Brazils economic realities dictate otherwise.

According to Reuters, in February 2019, the countrys economic activity was the lowest in the last nine months, adding,

The central banks IBC-BR economic activity index, a leading indicator of gross domestic product (GDP), fell 0.73 percent in February from January. That followed a revised drop of 0.31 percent in January, a smaller contraction than first reported.

Thus, many point to the countrys economic ills as one of the reasons for the upsurge of its cryptocurrency market, as The Rio Times put it,

A slump in the economy is likely the reason for the rise of cryptocurrencies in Brazil.

As Bitcoinist reported Monday, trading volume on peer-to-peer exchange LocalBitcoins has been surging across Latin America. Mexico, in particular, saw its biggest volume to date in pesos, following US President Donald Trump threatening to clamp down on remittances by illegal immigrants.

Brazil, meanwhile, has demonstrated a relatively steady weekly volume of about 1.6 million BRL.

Do you think the sluggish local economy contributes to the recent upswing in Bitcoins trading activity in Brazil? Let us know in the comments below!

Images via Twitter/@CointraderM, Shutterstock

The post Brazil Trades a Record 100,000 Bitcoin in 24 Hours appeared first on

16.04.2019 / 18:20 45
First Cinema in Brazil to Accept Bitcoin for Tickets First Cinema in Brazil to Accept
A cinema in the city of Florianopolis has reportedly become the very first one in the country to allow its customers to buy movie tickets using
Brazil Gives Investment Funds Green Light to [Indirectly] Buy Bitcoin Brazil Gives Investment Funds Green
Brazils securities regulator, Comiss?o de Valores Mobili?rios (CVM), has reportedly authorized investment funds to indirectly put their money in the
P2P Markets Report: Latin American and Hungarian Volume Surges P2P Markets Report: Latin American and
Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and
Huobi Expected to Enter Brazilian Cryptocurrency Market Huobi Expected to Enter Brazilian
The third largest cryptocurrency exchange by volume, Huobi, appears poised to enter the Brazilian market with local reports indicating that the
$270,000: Brazils Largest Bitcoin Exchange Foxbit Down for 72 Hours, 30 BTC missing $270,000: Brazils Largest Bitcoin
Foxbit, Brazils largest cryptocurrency exchange, has been down for over 72 hours, reportedly because of a bug that allowed its users to withdraw
Brazil Regulators Move to Block Bitcoin Mining Investments Brazil Regulators Move to Block Bitcoin
Brazil's Securities and Exchange Commission (CVM) has moved to suspend the offer of securities relatedto a local bitcoin mining operation. In a
Comments (0)
Add a comment
Comment on