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Crypto Crisis Caused 22% Shrinkage of Cryptocurrency Market in Brazil

crypto crisis caused 22% shrinkage of cryptocurrency market in brazil

As the crypto winter of 2022 struck, Brazil‘s Federal Revenue reported an alarming 24% decrease in the cryptocurrency market total volume compared to 2021 – a staggering BRL 154.4 billion versus 204 billion previously. This is undeniable evidence that demonstrates just how much upheaval and disruption can be caused by financial crisis periods like this one.

Compared To The Previous Year, The Cryptocurrency Market In Brazil Has Shrunk Considerably

This Monday, the Federal Revenue Service of Brazil divulged December 2022 data which demonstrated that transactions made in cryptocurrency markets totaled a lamentable BRL 10.8 billion – the least amount in all of last year’s months.

The trading volumes from each month demonstrate the effect that declining cryptocurrency rates had on the market: June 2022 was a record-breaker with BRL 13.9 billion in volume – just shy of 2021’s worst month, September, which saw BRL 12.8 billion traded. May 2021 reached towering heights at a staggering 25 Billion Brazilian Reals!

crypto crisis caused 22% shrinkage of cryptocurrency market in brazil

One of the Biggest Reasons for the Drop in Brazil was the Drop in Bitcoin

In November 2021, Bitcoin skyrocketed to an all-time high of $69k. But the following year, it plummeted down until hitting its absolute lowest point on November 9 at US$ 15,742 due to the unfortunate collapse of FTX. This marked a 78% drop from peak levels, as reported by Coingecko. As of this Tuesday (7), BTC is selling for approximately $23,016 – representing a 35% surge in just 30 days! In Brazil specifically, according to IPB’s figures, people are paying BRL 119,268 per coin right now. Last but not least – Brazilian Federal Revenue data shows that last year was full of cryptocurrency transactions totaling up to a tremendous sum worth over BRL 91 billion!

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