Back in the Bull Times: Investor Paid Near $20,000 for Bitcoin on a Small Brazilian Exchange

Due to a recent glitch in a small Brazilian cryptocurrency exchange, users were buying Bitcoin (BTC) for $19,000 on February 16. This is a similar price to what individuals were paying back in December 2017 when the most popular virtual currency reached $20,000.

The local exchange TemBTC has been affected by a trader that made a very large purchase and that “cleaned” the whole order book at the exchange. Finally, users were able to purchase Bitcoin for $19,000, $16,000 and $13,000, more than $10,000 higher than the current prices.

Renato Abreu, the founder of the virtual currency exchange, mentioned that this large order was made by a user with little knowledge about how to trade virtual currencies. Indeed, the trader paid more for the BTC he transacted than what users paid back in 2017 at its all-time high.

Nevertheless, the buyer ended at purchasing 0.0047 BTC for 340 Brazilian reals. At that time, this was worth around $91 rather than $15 on other exchanges in the country. If he would have bought a whole Bitcoin he would have paid around $19,400.

The central bank of the country seems to be taking important steps to adopt virtual currencies and blockchain technology. The current president of the Brazilian central bank is Ilan Goldfajn and he has been working on a project related to blockchain technology in the financial sector. According to a recent article released by Reuters, Jair Bolsonaro, the president of Brazil, appointed the Economist Roberto Campos Neto as the new president of the central bank.

Campos Neto has been a strong proponent of blockchain technologies. Reuters informs that Campos Neto has already sent a letter to the Brazilian Senate explaining the work he has been doing in terms of financial innovation and new technologies applied to the financial industry.

Brazil is a very important country in terms of virtual currencies in Latin America. Being one of the most powerful economies around the world, the crypto market has a lot to grow in this country.

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