Since 2017, the bank has been regularly publishing data on monthly cryptocurrency "imports and exports" to monitor capital flows within the industry. Recent data reveals significant fluctuations in deal values, with August 2023 reaching a peak of $184 million. However, September witnessed a dip to $45 million, followed by a modest increase to $55 million in October. Subsequently, sales surged by 85% in November, indicating notable volatility in the market. December 2023 statistics were not available at the time of writing.
It is noteworthy that the bank relies mainly on data provided by cryptocurrency exchanges for its calculations. Consequently, international peer-to-peer (P2P) and over-the-counter (OTC) transactions, prevalent in Brazil, are not factored into the reported figures. In January 2022, the cross-border cryptocurrency trade volume was a mere $2 million, highlighting the substantial growth observed in recent months.
While the data shows a decline in trading volumes compared to the 2019 bull market peak of $161 million, it also indicates increased adoption. Brazilians, although trading less than in 2019, have become more active on cryptocurrency platforms. In 2019, individuals and companies in Brazil executed 18.8 million "cross-border" crypto transactions. In contrast, the year 2022 witnessed a significant surge, with a total of 68.7 million transactions. Furthermore, Coinbase, a prominent cryptocurrency exchange, has identified Brazilian expansion as a "key area of focus" in its late 2023 announcements.
The provided data underscores the dynamic nature of the Brazilian cryptocurrency market, with notable fluctuations in deal values, increased adoption, and heightened activity on trading platforms over recent years.
