Brazil trades record 100,000 bitcoins within 24 hours

Brazil trades more than 100,000 bitcoins within 24 hours

The struggle between Brazil and Argentina for the dominance of the Latin American bitcoin market has reached a new level. Cointrader Monitor is a monitoring tool for analyzing the price movements of Brazilian bitcoin, announcing the Brazilian cryptocurrency exchange on April 10, 2019. Trading over 100,000 BTC.

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The surge in Bitcoin trading volume coincides with the recent increase in the value of Bitcoin, exceeding the price of BRL 20,000. Therefore, on April 10, the total transaction amount exceeded BRL 2 billion (US$ = 3.9 BRL), as shown below:

Brazil's economic difficulties push up bitcoin prices

Regulators and traditional banks have disrupted the Bitcoin exchange in Brazil. For example, the bank accounts of several Brazilian bitcoin exchanges, such as the Bitcoin market, have been closed because judges have ruled that traditional banks can arbitrarily terminate cryptocurrency trading accounts.

Recently, Santander has arbitrarily terminated the largest trading account of Bitcoin. After a court battle, the judge denied the move by Bitcoin Max to reopen the bank account. However, in February last year, another judge withdrew the decision because Santander did not provide “intention to terminate the contract with prior written notice”.

Although there are many obstacles trying to stifle the development of the encryption market, Brazil's economic reality has other requirements.

According to Reuters, in February 2019, the country’s economic activity has been the lowest since the last nine months, and the central bank’s IBC-BR economic activity index is the leading indicator of gross domestic product (GDP), from February In January, it fell by 0.73%. After that, it was reduced by 0.31% after the correction in January, and the contraction was smaller than the initial report.

Therefore, many people point out that the country’s economic ills are one of the reasons for the soaring cryptocurrency market, as the Rio Times said:

The economic downturn may be the reason for the rise of Brazilian cryptocurrencies.

As the Bitcoin Group reported on Monday, the volume of local exchanges in LocalBitcoins has been soaring in Latin America. After US President Donald Trump threatened to crack down on illegal immigrants, Mexico, in particular, saw the largest number so far in the peso.

At the same time, Brazil's weekly production is relatively stable, at around 1.6 million BRL.

Article source: thebitcoinnews

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