According to figures from the Brazilian tax authority, the cryptocurrency market experienced a revival in January, with transactions up more than 10% compared to December. According to market analysts, Tether usdt remains the currency that moves the most volume, a reality associated with OTC (over-the-counter) trading.
According to Brazilian tax authorities, the crypto market continues to move in January
The Brazilian tax authority, which by law receives reports on cryptocurrency movements for tax collection purposes, has released its corresponding cryptocurrency volume report for January. The agency revealed that the cryptocurrency market volume grew, with $2.85 billion traded during the period.
Compared to December, the market grew by more than 10%, recovering from events that affected the cryptocurrency sector worldwide, including the bankruptcies of several exchanges and crypto financial institutions such as FTX, Celsius and Blockfi.
The number of companies and individuals who purchased crypto was average and stronger than December’s record, but down compared to those reported during 2022, which set several records for cryptocurrency purchases. However, volumes were higher, with only the numbers corresponding to May being higher than those reported in January.
24} Brazil’s Preference USDT Continued
Tether’s. usdt, the largest stablecoin in the cryptocurrency market, continues to be the choice of Brazilians for storing and moving money. The report shows that $2.3 billion in transactions using this stablecoin were registered in January, a figure that confirms‘s lead. USDTthan any other cryptocurrency.
34} significant usage. The country’s USDTis growing by more than 50% in 2022, and analysts are investigating why Brazilians are using this dollar-pegged asset, with reports in January suggesting that Brazilians are using it to protect themselves from the pain of inflation and to avoid paying fees when using real dollars in their bank accounts It was suggested that they are turning to stablecoins to protect themselves from the pain of inflation and to avoid paying the fees associated with using actual dollars in their bank accounts.
However, analystsbelieve that USDTmay be used in more ways than one, given the high volume of reported transactions. Fabricio Tota, business director of Mercado Bitcoin, a local cryptocurrency exchange,believes that USDTmay be used by institutions and individuals to send money abroad, Portal do In a statement given to Bitcoin,he explains that:
We were able to identify a very large, very significant amountof the amount reported to the Department of Revenue. USDTthat is not on the local exchange. This suggests that this volume is located on the main OTC desk and serves a different type of demand.
Recent reports indicate that some firms are usingUSDTto settle in Venezuela, thus avoiding the risk of being affected by the economic sanctions that the country is currently under.
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