Cryptocurrencies

Cryptocurrency trade volumes in Brazil surged in the first months of 2024.

Cryptocurrency trading volumes in Brazil rose in the first months of 2024. According to data from Kaiko Research, cryptocurrency trading activity in the country rose by 30% year-on-year.

From January to early May 2024, the trading volume of cryptocurrencies denominated in the Brazilian real reached $6 billion, representing a 30% increase over the previous year. So far, in 2024, the country ranks as the largest market in Latin America and the seventh-largest globally in terms of fiat currency trading, Caico said.

In the first four months of 2024, cryptocurrency trading volume in Mexican pesos reached $3.7 billion, while Argentine peso volume reached about $300 million.

“Despite the recent market correction, BRL trade volumes are still up 30% compared to last year,” the report said, adding that BRL trade volumes have been growing faster than US dollar trade volumes since late January.

Distribution of trading activity according to assets. Source: Kaico Research

Stablecoins are becoming more popular compared to Bitcoin (BTC) and other cryptocurrencies in the country. Nearly half of all trades in 2024 involved stablecoins, according to Caico, with Tether’s (USDT) market share up about 20% since the 2021 bull market.

According to data from B3, the country’s main financial market infrastructure provider, the Brazilian cryptocurrency market now includes 13 exchange-traded funds (ETFs), including popular funds from Hashdex and BlackRock. Bitcoin ETFs have been trading in the country since 2021, with around 2.5 billion riyals (~$500 million) under management as of March.

“BTC and ETH combined represent 43% of Brazilian Real trading volumes. For context, they account for more than 70% of US dollar-denominated volumes.

Binance currently has the largest market share in Brazil with 79% of transactions, although its dominance is shrinking. In contrast, the largest Brazilian exchange, Mercado Bitcoin, along with Mexico-based Bitso, saw their combined market share rise to 21% by early May, reaching its highest point in more than three years, Caico reported.

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