Many investors expected Bitcoin to lose its R$100,000 support in Brazil, but the coin did not fall to such a value. That’s because the fall cost each bitcoin this Tuesday (14) US$20 thousand, a price that would push the price below the mark in previous times.
For example, in 2017, Bitcoin reached its maximum price of $20,000. At the time, the unit price of BTC in Brazil was close to R$70,000.
To break this historic high, the price in Brazil took almost 3 years and on October 21, 2020, the Bitcoin price broke the maximum of R$70 thousand. At the time, the price of the Dollar in Real was R$5.61 and each BTC was worth US$12,800.00.
As early as November 30, 2020, when Bitcoin broke its all-time high in dollar terms, each coin surpassed $20,000 on several exchanges. Since the dollar cost R$5.33 in Brazil, Bitcoin’s price exceeded R$106 thousand.
Why did Bitcoin not fall below R$100,000 in Brazil?
As we have seen in the past, the history of Bitcoin in Brazil is closely linked to the daily variation of the dollar against the real. That is, the North American currency directly influences the composition of the price of digital currencies in the South American country.
In the past few hours, this Tuesday, Bitcoin price reached the value of US$20,846.00 at various brokers around the world. Still, the price of the currency in Real reached a minimum of R$108 thousand among Brazilian cryptocurrency brokers.
And one explanation for the movement still in Brazil is the recent appreciation of the dollar in the country, which reached R$5.13 this Tuesday, its highest value of the past month and peaking at 1.47%. in the period.
In this way, even with Bitcoin’s global decline, the currency’s price in real benefited in part from the rise of the dollar in the country, which absorbed some of the impact. It’s worth remembering that the Brazilian stock market is also going through a bad moment, with a 1.6% drop in the consolidated financial statements for 2022.
Bitcoin Long-Term Records 86,120.439% High
Crypto Market data shows that Bitcoin’s recent decline is remarkable, the largest in the past two years.
Yet, since the inception of digital currency trading in Real, Bitcoin has already returned 86,120,439% to those who have invested for the long term. Those who bought the coin in early December 2020 continue to benefit from their position.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.