Fun

Brazil leads LATAM crypto trading with $6B volume in 2024

News Feed - 2024-05-14 05:05:56

Ana Paula Pereira3 hours agoBrazil leads LATAM crypto trading with $6B volume in 2024Brazil recorded a 30% increase in crypto trading volume in the first months of 2024, outpacing USD weekly trading volume since mid-January.332 Total views34 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto trade volumes in Brazil have spiked in the first months of 2024. According to data from Kaiko Research, crypto trading activity in the country is up 30% year-over-year.


From January to early May 2024, crypto trading volume denominated in Brazilian real reached $6 billion, marking a 30% increase from the previous year. Thus far, in 2024, the country has ranked as the largest market in Latin America and the seventh-largest worldwide in terms of fiat currency trade, said Kaiko.


In the first four months of 2024, crypto trading volume in the Mexican peso was $3.7 billion, while the Argentine peso volume was approximately $300 million.


“Despite the recent market correction, BRL trade volumes are still up 30% compared to last year,” reads the report, adding that BRL trade volumes have been growing faster than United States dollar trade volumes since late January.Breakdown of trading activity by asset. Source: Kaiko Research


Stablecoins are becoming more and more popular over Bitcoin (BTC) and other cryptocurrencies in the country. Almost half of all trades in 2024 involved stablecoins, according to Kaiko, with Tether’s (USDT) market share rising by nearly 20% since the 2021 bull market.


According to data from B3, a primary financial market infrastructure provider in the country, the Brazilian crypto market now has 13 spot Bitcoin exchange-traded funds (ETFs), including popular funds from Hashdex and BlackRock. Bitcoin ETFs have been traded in the country since 2021, managing about 2.5 billion reals (~ $500 million) as of March.“BTC and ETH accounted for a combined 43% of BRL trade volumes. For context, they make up more than 70% of USD-denominated volumes.”


Binance currently holds the largest market share in Brazil at 79% of transactions, though its dominance has been shrinking. In contrast, the largest Brazilian exchange, Mercado Bitcoin, along with Mexico-based Bitso, have seen their combined market share climb to 21% by early May, reaching its highest point in over three years, Kaiko reported.


Magazine: The real risks to Ethena’s stablecoin model (are not the ones you think)# Business# Brazil# Latin America# TradingAdd reaction

News Feed

Jesse Coghlan6 hours agoDropbox ditches unlimited storage offering, blaming crypto cloud minersThe storage platform turned to metered storage after discovering its Advanced plan was being used by some for crypto mining a
Derek Andersen4 hours agoChina opens industrial park for digital yuan CBDC development in ShenzhenThe government is incentivizing new residents to come develop payment solutions, smart contracts, hard wallets and promoti
Meta burns another $4.5B on metaverse in Q2, preps for AI growth
Tom Mitchelhill4 hours agoMeta burns another $4.5B on metaverse in Q2, preps for AI growthMeta’s share price popped 7% in after-hours trading following a better-than-expected Q2 earnings call.1098 Total viewsListen to
Cardano (ADA) At A Crossroads As Fibonacci Level Indicates Potential Fall To $0.42
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Betting Your Coins Online? Be Sure to AskGamblers First
Betting Your Coins Online? Be Sure to AskGamblers First Visit AskGamblers.com before ever wagering your hard-earned coins in an online casino. AskGamblers is the
Amaka Nwaokocha11 hours agoFTX’s FTT token rallies 28% — Binance effect or FTX 2.0 reopening?The surge suggests significant institutional attention despite the token’s historical association with FTX’s financial
Biggest Movers: ETC Biggest Gainer in Top 30 on Thursday, ZEC Also Rises
Biggest Movers: ETC Biggest Gainer in Top 30 on Thursday, ZEC Also Rises Ethereum classic was easily the biggest gainer in the top 30 on Thursday, as the global crypto market was t
Only 3.5 Million Bitcoin Is Traded Worldwide; Majority of BTC Held Long-Term as Digital Gold, Says Chainalysis
Only 3.5 Million Bitcoin Is Traded Worldwide; Majority of BTC Held Long-Term as Digital Gold, Says ChainalysisOnly 3.5 million bitcoin or 19% of total circulating supply is actively
XRP Price Rallies To ATH At $3.4, Here’s What’s Driving It And Why The Pump Will Continue
Este artículo también está disponible en español. The XRP price has rallied to its all-time high (ATH)of $3.4, sparking bullish sentiment in the XRP community. This price
Thailand Approves Tax Relief Measures for Crypto Trading
Thailand Approves Tax Relief Measures for Crypto Trading The Thai Cabinet has approved tax relief measures for crypto trading. The new tax rules are “much more friendly to b
3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets
3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets Three different bills have been introduced in the U.S. this year to empower the Commodity Futures Tra
Hydro-Québec Looks to Suspend Power Distribution to Crypto Miners in Bid to Save Capacity
Hydro-Québec Looks to Suspend Power Distribution to Crypto Miners in Bid to Save Capacity According to a Hydro-Québec newsroom report, the company has asked the electricity trans