Corporate Accounts Made Up 78% of Mercado Bitcoin Trading During Brazil Election

Crypto trading surged on Brazil’s Sunday, Oct. 25, election, with corporate accounts responsible for 78% of Mercado Bitcoin’s total volume before the dollar gained more than 8% against the real the following day. Tether (USDT) volume on Mercado Bitcoin rose nearly 800% from the previous Sunday and reached more than three times the average of the four preceding Sundays. Bitcoin (BTC) volume also rose 865% from the prior Sunday. A separate measure showed USDT trading against the real up 150% from the previous Sunday, while USD Coin (USDC) volume increased 318%. On Monday, Oct. 26, the Ibovespa, Brazil’s benchmark stock index, dropped 14%, its steepest daily decline since March 2020. The dollar’s gain of more than 8% against the real was its largest one-day rise since 1999.

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