Brazilians negotiated more than 351 thousand Bitcoins in 2020 in national exchanges

Volume of Bitcoins traded at Brazilian exchanges rises from 351 thousand Bitcoins in 2020

The exchanges of cryptomorphs that operate in Brazil trade, in 2020, more than 351,204,655 Bitcoins, which in value today, January 5, exceeds $ 61 billion, according to data shared with the Cointelegraph by Cointrademonitor, CTM, one of the main price aggregators of cryptomorphs in Brazil.

According to the portal, all volume information was collected directly from exchanges through their respective information channels (API). No information collected was submitted to filters or changes, so it is based 100% on information provided by companies.

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Volume information was collected from the following exchanges:

Alterbank,AccessBitcoin, BitBlue, BrasilBitcoin, BitCambio, Biscoint, Binance, bitPrice, Braziliex,BolsaCripto, Bitso, Bitnuvem, Bitrecife, BitcoinTrade, BitcoinToYou, BULLGAIN, ComprarBitcoin, Coinext, CryptoMKT, Citcoin, CointradeCX, eJuno, flowBTC, Foxbit, FTX, MercadoBitcoin, Modiax, NovaDAX,NewCash,Omnitrade, PagCripto, PagCripto,OTC, Stonoex, UpCâmbio, Walltime and YouBTrade.

Bitcoin Market leads

According to the portal, the exchange with the highest volume was the Bitcoin Market, MB, with 75,558.05 Bitcoins traded, corresponding to 21.51% of the national market, indicating a decrease in market share because, in the previous year, this exchange had 31.36% of the volume traded.

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However, the upward movement in Bitcoin in the months of November and December was not followed by a significant increase in the volume of national exchanges.

In the case of the MB, the day that the company registered the largest movement in Bitcoin in the period was March 13 with 4,267.55 BTC being traded. The day with the smallest negotiation was January 1st, registering 65,67 Bitcoins.

Still according to data from CTM January presented a volume within the average – 27,849 BTC – considering that the monthly average volume of 2020 was 29,267 BTC.

“There was a predictable decrease of the monthly volume in the month of February however, in March, the negotiated volume increased significantly. While the national exchanges, in February 2020, moved 22,960 Bitcoins, they saw an 85% increase in that volume in the following month, trading 42,390 BTC in March 2020,” the publication reveals.

International Volume and Federal Revenue

The Bitcoins negotiations in Brazil although presenting a billion dollar figure are still very long from the international market.

As a comparison with Binance, one of the largest Bitcoins exchanges in the world, it trades on average 107 thousand BTCs, per day, according to data from Coinmarketcap.

This way, in only one week, the company alone, negotiates the double of Bitcoins traded by all national companies in 12 months.

Moreover, the volume, although expressive, does not represent the total volume of investment of Brazilians in the cryptocap market, since the movements in international exchanges, the P2P market and the trading of other cryptocaps besides Bitcon, such as Ethereum, USDT, Ripple, among others, are not computed.

This way, the data that are computed by the Federal Revenue Service, by means of the Normative Instruction, 1888, reveal an even bigger market.

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Thus, according to the regulator, between January and October this year alone more than R$ 89.559 billion in cryptomoedas have been traded in Brazil.

“The year 2020 was a year of much growth for the cryptoactive market in Brazil. But the market does not evolve only in volume but in terms of maturation, with institutional products, new companies exposing themselves to cryptomotives and, like it or not, with more regulation, this market was gaining body and thus attracting more money. This reflects on the market of nearly US$ 1 trillion that we live today”, declares Daniel Coquieri, Bitcoin Trade founder and specialist on cryptoactives.