Brazilians move BRL 110 billion with cryptocurrencies in 2023


In the first half of 2023, Brazilians traded BRL 110.5 billion in  cryptocurrencies , point out data from the Federal Revenue. R$ 97 billion were transacted through  stablecoins  in the period, with a strong predominance of  Tether USD  USDT In addition, almost R$7 billion was traded in Bitcoin BTC R$144,722.


More than BRL 110 billion

In June this year, Brazilians traded R$ 18.6 billion, being the third month with the highest volume in the first half. USDT dominated 79.5% of all cryptocurrency transactions in June, with BRL 14.8 billion in volume in the period. 


The USD Coin, the second most used stablecoin, exhibited a volume of BRL 953 million in June. BRZ, a stablecoin with a value matched to the real, presented a volume of BRL 612 million in the same month.


Disregarding stablecoins, o  Bitcoin  was the most traded crypto asset in June, with BRL 1 billion in volume. O  Ethereum  

ETH BRL 9,091 moved BRL 211 million in the same period, and was the second most targeted digital asset by investors.


A surprise in June was the presence of Bitcoin Gold (BTG) which, as in April, was the third most traded cryptocurrency in the month. Traders moved and declared BRL 44 million in BTG.



Semester in perspective

In all, BRL 110.5 billion in digital currencies were moved and declared in the first six months of 2023. April was the month with the highest volume, with BRL 22.1 billion traded. In addition, the value is 31.7% higher than the R$ 83.9 billion moved in the first half of 2022.

As happens monthly, movements with stablecoins dominated the volume traded between January and June of this year. Transactions with USDT totaled R$ 90.5 billion in the first half, representing 82% of the total transactions in the period. USDC took second place, but far behind USDT, with its BRL 4.2 billion in volume. BRZ, in turn, added R$ 2 billion in volume in the first half.

Added to the volumes of other crypto assets paired with the value of a real asset, such as DAI, PAXG, TUSD, BUSD and USDP, stablecoins moved BRL 97 billion in the first half of 2023. The volume is equivalent to almost 88% of what was traded in the period.

By not including stablecoins, the ten most traded crypto assets between January and June of this year are almost the same as the most traded in the sixth month of 2023. Almost BRL 7 billion was traded in BTC, while more than BRL 1.5 billion was traded in ETH. 

A surprise from the group is Bitcoin Gold (BTG) which, with trades reported in just three of the first six months of 2023, totaled BRL 97 million and was the seventh most traded cryptocurrency.

Data changes

Cointelegraph Brasil found that between May and June, the Federal Revenue Service (RF) made significant adjustments to the trading volumes of different crypto assets. In the data released in May, for example, the volume of ADA traded in January was R$ 24.5 million. In the report published in June, however, ADA trades in the same month totaled just BRL 13.7 million. The value is almost 50% lower than that reported in May.

The Federal Revenue highlights, in its Guidance No. 5 of the “Report on Open Data and General Information” on cryptoassets, that these variations are expected. Delays in the delivery of information, partial deliveries or material errors in the declarations may affect the data disclosed by the RF.

"In view of all of the above, it is reasonable to expect that the latest version of the information disclosed herein may differ when compared to previous versions, as the last published version will always take into account overdue statements and rectifying statements delivered in the period", points to the document.

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