Brazil’s National Currency ‘Real’ Plunges by 10% Causing Local Bitcoin Trade Volumes to Soar


In the wake of Brazil’s recent market slide, a local cryptocurrency exchange has noted a massive spike in its daily BTC trade volume. To be a bit more specific, we can see that the exchange in question (Negocie Coins) saw $1.5 billion worth of BTC/BRL trades being processed over the course of the last 24 hours.

With that being said, we should point out that it is possible that a massive chunk of these trade figures might have been inflated through the use of certain manipulative tactics that have previously been employed by some trading platforms.

More on the Matter

As mentioned earlier, there seems to be a lot of financial turbulence going on in Brazil, but it is still not certain as to how badly the local markets have been affected.

In this regard, a report released by Reuters states:

“Brazil’s real will turn more unstable as it becomes increasingly exposed to a pending discussion of a plan to overhaul the social security system that is proving hard to sell in a divided Congress, a Reuters poll showed.”

Additionally, a lot of respected economists have also noted that Brazil has incurred a spike in its public debt levels in recent times. As a result of this, the current regime now plans on introducing some ‘pension reform schemes’ that will help mitigate the ongoing financial situation.

From a technical standpoint, we can see that since February 2019, the Real (BRL) has fallen by over 10% against the US Dollar (3.6 BRL per dollar to now 3.93). This is quite alarming because just over 10 years ago, BRL was nearly at par with USD.

Other Statistics Worth Pointing Out

  • Despite Brazil nothing exceptional growth all through 2009-2012 (a time when the global economy was contracting), the country has seen little to no growth over the course of the past 12 months.
  • At press time, Brazil’s inflation rate stands close to 5%, while interest rates lay somewhere around the 6.5% mark.

Final Take

In closing out this piece, it should be pointed out that a lot of Brazilians are now beginning to realize how easy it is to operate cryptocurrencies— as a result of which mass adoption of Bitcoin (BTC) seems to be taking place all across the country.

Bitcoin’s price is $48,890.55 BTC/USD exchange rate today. The real-time BTC market cap of $911.45 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $18.61 Billion and live coin value change of BTC 2.59 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$48,890.5544 change ~ 2.59%

Coin Market Cap

$911.45 Billion

24 Hour Volume

$18.61 Billion

24 Hour VWAP

$48.78 K

24 Hour Change

$1,266.85

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