The Federal Revenue of Brazil (RFB) has released March 2023 data on the volume declared in operations involving cryptocurrencies. When analyzing the data, it is clear that the closing of the first quarter of the year showed an increase in transactions in the country.
In the first three months of 2023, 1,607,430 CPFs declared cryptocurrency transactions for the first time in a single month. The number is a new all-time high since earnings began forcing investors to report their moves in 2019.
Notably, the number of CNPJs declaring cryptocurrencies, a company’s unique identifier, again recorded 61,257 transactions. While high, the number is the second largest in the history of statements by companies buying and selling cryptocurrencies and bitcoin in the country, second only to December 2022, when more than 65 thousand companies moved the market.
The March 2023 period coincides with a surge of bitcoin in the global market, as the digital currency skyrocketed back to $30,000. For example, at the end of the first quarter, bitcoin was up 72%.
Women “returning” to trading cryptocurrencies in Brazil
Another phenomenon noted by the new release of data from the Federal Revenue last Wednesday (3) indicates that women have returned to trading cryptocurrencies and bitcoin.
This is because in February 2023, data released by the Brazilian tax authorities indicated a small participation of women in cryptocurrency negotiations.
But in March, the number of surgeries performed by women rose again to 20.67%, although it is still not the highest in history. The value of operations also rose to 15.86%, after registering just 10% in February.
It is worth remembering that recent data from the 2022 BIM census indicates that Brazil’s population is 207,750,291 and women represent 51.1%. That is, cryptocurrency investors still do not represent the majority of market operations, which are almost 80% male.
The first quarter of 2023 shows a promising scenario for the Brazilian cryptocurrency market, compared to 2022
The year 2022 was not one of the best in the history of bitcoin, after a sharp drop in price compared to 2021. For example, the volume of declarations in the first quarter of 2022 amounted to BRL 38.94 billion.
Now in 2023, the Brazilian cryptocurrency market declared the value of R$47.15 billion in the first quarter. That is an increase of 21% of the declarations in the first three months compared to the previous year.
In March 2023 alone, investors declared BRL 15,828.33 million, the second highest volume of the year.
Bitcoin will double the volume in Brazil in March 2023 compared to February
In February 2023, Livecoins found that bitcoin investors in Brazil had reported BRL 1 billion in revenue.
However, in March, the total value of Bitcoin operations in Brazil exceeded R$2 billion, doubling from the previous month. The digital currency continues with the highest number of transactions in the country, with more than 2 million moves.
Notably, Ethereum took third position in total value of operations in the month, rising positions among the ten most traded. However, Tether (USDT) remains in first place.
Other cryptocurrencies commonly traded on exchanges include BRZ, USDC, Polygon (MATIC), XRP, Litecoin (LTC), Solana (SOL), and Cardano (ADA).
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
