Brazil's largest bank is making Bitcoin trading accessible to all, solidifying the nation's position as a leader in LATAM crypto trading which is projected to reach a volume of $6B in 2024. One of the remarkable developments in the Brazilian cryptocurrency market is the launch of the Brazilian Real Stablecoin on the XRP Ledger. This move is seen as an expansion of crypto trading in Brazil, echoed by Binance's addition of new trading pairs and zero fee trading promotion for Argentine, Brazilian, and South African currencies. However, contrasting predictions for Brazil's economic performance suggest a weaker performance for the Brazilian Real in 2024.
In line with the progressive cryptocurrency developments, Brazil's Central Bank uploaded CBDC files to GitHub, and the Brazilian Real (BRL) transfer support was also initiated by the KuCoin Exchange in light of new Central Bank policies. This attracted Coinbase to enter the Brazilian market by partnering with Pix Payment App, although Binance had to suspend withdrawals and deposits following new central bank policies. Meanwhile, Bitcoin correlation with equities has emerged as the four-month trading volume in Brazil reaches $6 billion. The crypto market in Brazil has grown significantly, with a record 100,000 Bitcoin being traded in 24 hours.
Other noteworthy events include the substantial 75% of all Binance fiat trading volume being in Turkish Lira and the significant price spread of over $100 USD between Bitcoin priced in Russian Ruble and Brazilian Real.
BRL Coin News Analytics from Wed, 02 Jul 2008 07:00:00 GMT to Fri, 21 Jun 2024 10:51:26 GMT -
Rating 6
- Innovation 5
- Information 8
- Rumor 3
