Mon, October 03, 2022

Brazil’s Largest Banks vs. Crypto Companies

Brazil

Cryptocurrencies step-by-step are becoming more popular. However, crypto companies are struggling to develop their businesses due to various problems. One of the examples of how difficult it is to gain recognition comes from Brazil, which is the biggest country in South America.

Unfortunately, Brazil’s biggest banks make decisions that may undermine the process of crypto adoption in this country.

Based on the recent decision, cryptocurrency businesses in Brazil will lose access to all the forms of banking services. The problem is that the country’s biggest banks started to close their accounts.

This move will have a long-lasting effect on the industry. It is not surprising that the Brazilian Association of Cryptocurrencies and Blockchain even filed a lawsuit against the six banks.

Nevertheless, Brazil’s Administrative Council of Economic Defense (CADE) sided with the banks. According to CADE, banks did not violate the antitrust laws by closing the accounts.

Biggest crypto moneyBitcoin's price in the last week

It is a well-known fact that Bitcoin is the biggest crypto money in terms of market capitalization. Last week Bitcoin’s price rose more than 11%. It is worth mentioning that it was the biggest weekly gain since October.

Bitcoin’s price jumped 16% in the third week of October. Moreover, for the last several months, Bitcoin managed to strengthen its position only in three weeks.

During the break six months that ended on December 31, the cryptocurrency number one only reached double-digit weekly gains just two times.

Additionally, in the second half of 2019, the price fell from more than $13,000 to $6,425.

Interestingly, Bitcoin’s price declined in 15 out of 27 weeks. In two cases, the price was roughly flat.

Hopefully, in the days to January 12, that downward trajectory ended as the price increased 11.2%.

Bitcoin may repeat history when the price reached $13,800, which was the best result in 2019.

Last but not least, Bitcoin’s next halving is expected to take place in May 2020.

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