• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Sushi DAO in Hot Water: Head Chef Requests $3 Million USDT For Legal Defense Fund
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Sushi DAO in Hot Water: Head Chef Requests $3 Million USDT For Legal Defense Fund
brazil bitcoin
Advertisement

Brazil Trades a Record 100,000 Bitcoin in 24 Hours

Julio Gil-Pulgar by Julio Gil-Pulgar
4 years ago
in Bitcoin Exchange, Bitcoin, Emerging Markets, News, News teaser
0
Advertisement

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.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Brasil negocia 100 mil Bitcoins e bate recorde da América Latina#BTC #BitCoinhttps://t.co/BpN4ZS09ro

— Cointrader Monitor (@CointraderM) April 15, 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:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Brazil’s Economic Woes Push Bitcoin Price Higher

Regulators and traditional banks have disrupted Brazil’s Bitcoin exchanges. For example, several of Brazil’s 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 Max’s 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, Brazil’s economic realities dictate otherwise.

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

The central bank’s 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 country’s 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 it’s 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 Bitcoin’s trading activity in Brazil? Let us know in the comments below!


Images via Twitter/@CointraderM, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Julio Gil-Pulgar

Julio Gil-Pulgar

Julio has worked for Fortune 100 companies and the United Nations. He has led projects involving IT, operational, and compliance audits, in the U.S. and throughout the world. His expertise is in cryptocurrencies, IT engineering, risk management, and security. Julio is also a tango dance enthusiast.

Related Posts

Bitcoin price

Bitcoin Price Will Hit $50,000 In Under A Year, This Economist Says

3 hours ago
bitcoin powerful rally

Why Bitcoin Could Be Ready For Its Most Powerful Rally In Years

7 hours ago
Bitcoin Mining

Bitcoin Miners Find Relief As Revenues Spike To Highest Since June 2022

15 hours ago
bitcoin investor

Matrixport Reveals The Investor Demographic That Is Driving The Bitcoin Rally

16 hours ago
Crypto

Crypto Fear And Greed Index Surges To 16-Month High As Bitcoin Breaches $28,000

22 hours ago
Bitcoin

Bitcoin Bullish Signal: Transaction Activity Hits Highest Since April 2021

1 day ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Top 7 Altcoins with 10x Potential in 2023

    11 hours ago
  • Becoming Borderless Pioneers. Bware Labs Roadmap and...

    14 hours ago
  • Learn why TMS Network (TMSN) is growing exponentially, in...

    16 hours ago
  • TMS Network (TMSN) surging 1100%, While TRON (TRX) and...

    16 hours ago
  • Could TMS Network’s (TMSN) trading platform help...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.