Brazil goes crypto crazy as two more dominos fall

GB Market Commentary 16/08/2022

by Marcus Sotiriou

Bitcoin is currently at a critical level as it is consolidating under the 100 daily moving average, a key resistance level, which lies at around $24,700. If Bitcoin can overcome this level this would indicate a major trend reversal and a potential move to the high $20,000 range, but if not then we can expect more pain ahead on the longer time frame.

Meanwhile, crypto adoption continues to grow in Brazil, as the country’s largest brokerage, XP, has launched Bitcoin and Ethereum trading for over 3.6 million customers.

Also the largest investment bank in Latin America, BTG Pactual, just announced the launch of a Bitcoin and cryptocurrency exchange in Brazil. This is a significant milestone for Bitcoin as the investment bank has over $200 billion in assets under custody.

The bank’s new trading platform is called Mynt and will allow users to have direct access to Bitcoin, Mynt will also provide educational content about Bitcoin once users have an account.

Product manager Pedro Frazao said in an interview, “Any product we launch will come along with some content like a video or a paper that provide the means for the customer to understand more about what they're investing in, and if they have any questions the app has a 24/7 chat function.”

Andre Portilho, partner and head of digital assets at BTG, said, "our vision is that crypto technology will do to the finance industry what the internet did to the information industry, it changed it completely". I could not agree more with Portilho, as the efficient exchange of value which blockchain technology provides is incredibly more advanced than current financial systems.