Purchases from foreign cryptocurrency exchanges, considered imports, have broken records in Brazil, putting some weight into the nation’s trade balance. During the last 12 months, cryptocurrency purchases reached .84 billion, after reaching .3 billion last year. Likewise, crypto imports reached .69 billion in Q1 2024, rising by 118% compared to the numbers registered in Q1 […]
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Latam Insights: South African Ponzi Scheme Boss Dies in Brazil, Argentine House Passes Crypto Tax Regularization Bill
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: South African Ponzi scheme mastermind dies of a heart attack in Brazil, the Argentine House advances crypto tax regularization bill, and Buenos Aires targets Worldcoin with a new bill. South African Ponzi Scheme […]
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Citi: Brazil Is at the Top of Digital Money Initiatives in Latam
A recent report by Citi, a global financial institution, has put Brazil at the top of the nations leading the digital money initiatives in Latin America. The report states that Brazil features a combination of factors that ease the adoption of digital money such as government support and digital payment solutions. Citi: Brazil Leads Advancements […]
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South African BTC Ponzi Scheme Mastermind Succumbs to Heart Attack While Detained in Brazil
Johann Steynberg, the mastermind behind a South African bitcoin Ponzi scheme, recently died of a heart attack while under house arrest on a farm in Brazil. According to his Brazilian wife, Steynberg left no will and had no assets that could be inventoried. South African Police Investigate Steynberg’s Reported Death Johann Steynberg, a South African […]
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Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First Day Of Trading
After announcing in March its plans to include Bitcoin futures in its offerings, B3, a Brazilian stock exchange, has officially opened up trades, achieving a significant milestone on its very first day of trading Bitcoin futures.
B3 Bitcoin Futures Sees Surge In Demand
Following its launch of Bitcoin futures on April 17, B3 experienced a massive wave of demand and interest from cryptocurrency enthusiasts eager to trade the newly listed Bitcoin futures. The stock exchange reported that on the debut trading day, more than 7,400 Bitcoin futures contracts were actively traded.
This unprecedented trading volume underscores investors’ strong interest in cryptocurrency derivatives as well as the increasing demand for BTC exposure among Brazilian cryptocurrency traders and enthusiasts.
Notably, B3 disclosed that the demand for Bitcoin futures on its exchange was so profound that it had hit 111,000 buy or sell orders on the trading screen. The market had displayed intense participation in the newly launched contracts, with the Director of Listed Products at B3, Marcos Skistymas, affirming that the heightened demand resulted from B3’s introduction of its first-ever derivative linked to a cryptocurrency.
The introduction of Bitcoin futures marks a significant step forward for the stock exchange, aligning with its vision to expand its offerings to cater to users’ needs. Skistymas has also indicated that the market’s response to the recently listed Bitcoin futures was overwhelmingly positive, reflecting a significant potential for these contracts within the Brazilian market.
BTC Futures To Act As A Hedge Against Market Volatility
According to Skistymas, Bitcoin futures were a “suitable instrument” that could become a hedge against Bitcoin, potentially providing Brazilian investors a means to manage the flurry of risks associated with Bitcoin’s price fluctuations.
For more clarity, a Bitcoin future is a contract between investors who wager on the future price of the pioneer cryptocurrency, providing exposure to Bitcoin without the need to purchase it. Given btc’s high volatility and price fluctuations during certain market conditions, accurately predicting the price of the cryptocurrency can be challenging. Additionally, only a handful of crypto analysts and investors have managed to forecast Bitcoin’s price actions with precision.
At the beginning of the year, the price of BTC surged from below ,000 to an all-time high of more than ,000 in March 2024. As of writing, the cryptocurrency is trading at ,129 after witnessing a major price correction and plummeting by 0.09% over the past month, according to CoinMarketCap.
Irrespective of BTC’s unpredictability and price variations, the launch of Bitcoin futures on B3 has the potential to bring in a new era of adoption among Brazilian investors, providing them with fresh opportunities to diversify their portfolios with these regulated financial instruments.
Latam Insights: Brazil Bans Crypto for Gambling, Worldcoin Battles Buenos Aires
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Brazil bans the use of cryptocurrency for gambling-related payments, and Worldcoin faces fines for alleged abusive behavior in Buenos Aires. Brazil Passes Rules Banning Cryptocurrency Payments for Gambling Brazil has legalized the use […]
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Bitcoin Futures Demand Blows up in Brazil: 7,400 Contracts Traded on Launch Day
The first bitcoin futures contracts listed on B3, the stock exchange in Brazil, experienced significant interest from investors on debut day. According to a note delivered by the stock operator, 7,400 bitcoin futures contracts were traded, with the instrument reaching a peak of 111,000 orders on screen. While B3 has also bitcoin ETF contracts, futures […]
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Paraguayan Senate Supports Selling Power to Crypto Mining Companies, Criticizes Subpar Energy Agreements With Brazil
The Paraguayan Senate has approved a resolution supporting selling the country’s energy surplus to crypto mining companies, given the price and guarantees that these institutions offer. The declaration criticizes the subpar agreements that sell energy to Brazil for 25% of the fees collected for mining activities, calling to direct this energy to 20 new contracts […]
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Latam Insights: Paraguay Targets Bitcoin Miners, Brazil Mulls Crypto Taxation Changes
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Paraguayan lawmakers introduce a bill to ban cryptocurrency mining, Brazil to change crypto taxation framework, and a poll finds that Latam believes CBDCs might help combat corruption in the region. Paraguayan Lawmakers Introduce […]
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Brazil Eyes Crypto Taxation Changes in New Bill
Brazil is on the verge of presenting a new crypto taxation scheme proposed in a bill to be presented to the National Congress in the coming days. The bill proposes taxing cryptocurrencies the same way as shares and capital instruments with fluctuating exchange rates, instead of categorizing them as goods. Brazil to Change Cryptocurrency Taxation […]
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