Brazil: USDT, Bitcoin [BTC], And the…? New encryption announcements suggest…

In what is a major development, the most recent numbers associated with crypto ads have been chest past Receita Federal do Brasil (RFB), the leading tax authority in Brazil. Figures reveal that the popularity of cryptocurrencies is increasing in the South American country. Under Brazilian law, entities are required to publicize information about crypto-related activities. August 2022 announcements set a new record as 12,053 entities disclosed their cryptocurrency holdings on their balance sheets.

Here are AMBCrypto Bitcoin Price Predictions [BTC] for the year 2023-24

This represents a 6% increase in advertising compared to July when 11,360 companies announced their crypto holdings.

deep diving

While the number of companies announcing digital currencies increased, the number of individual investors owning cryptocurrencies decreased to 1.3 million in August.

However, the increase in the number of ads did not lead to an increase in value. Conversely, the value of transactions decreased by 38.2% from $3.4 billion in July to $2.1 billion in August.

Bitcoin and Tether (USDT) were identified as the top holdings in the announcements. USDT came first, followed by BTC. The top ten names include Ethereum, XRP, and Cardano. However, BTC was the most traded cryptocurrency in August.

Transactions in USDT exceed the next nine names on the combined list. It is possible that companies are looking to stablecoins pegged to the dollar as an alternative store of value.

Speculative holdings may be disqualified as the top ten names do not include a small crypto with high growth potential.

Another interesting statistic revealed is the low percentage of men contributing to crypto transactions. Since the beginning of the current year, the proportion of men in this region has decreased by 3.6%. At the same time, the proportion of women increased by 19.6%.

according to Global Cryptographic Accreditation Index . is posted By blockchain analytics firm Chainalysis, Brazil ranks seventh on the list.

Here, it is worth noting that rising inflation in Brazil may have played a role in boosting interest in cryptocurrencies. In fact, at the time of writing Inflation rate It was up 8.7%

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