Brazil becomes world’s 7th largest crypto market and leader in Latin America
Brazil is the seventh largest cryptocurrency market in the world and the leader in Latin America, according to the “2022 Global Crypto Adoption Index” report released Wednesday (14) by blockchain analytics firm Chainalysis.
Vietnam, the Philippines, and Ukraine are the three leading markets worldwide.
In the survey, the company takes into account the volume of digital assets traded by investors on centralized and decentralized (DEX) cryptocurrency exchanges, peer-to-peer (P2P) trading, and transactions via decentralized financial applications (DeFi), among other factors.
Compared to last year’s report, Brazil moved up seven places.
Part of the rise in crypto adoption in the nation is due to the increase in the volume of amounts received by centralized services, according to the study, a scenario that points to greater use of crypto assets for investment.
According to the material, overall rates of cryptocurrency adoption have declined during this year’s bear market, but the decline has not offset the growth in adoption during the recovery.
EMERGING MARKETS
According to the survey, global cryptocurrency adoption remains above pre-bull market levels, with emerging markets leading the way.
Vietnam tops the index for the second year in a row, while the Philippines ranks second.
Of the 20 countries topping the list, 10 (including the top two) are lower-middle-income countries such as Ukraine, India, Pakistan, and Nigeria, while eight are upper-middle-income countries such as Brazil and Thailand.
One reason for this could be the value that users in emerging markets receive from cryptocurrencies.
The report said that these countries dominate the adoption rate because cryptocurrencies offer unique and tangible benefits to people living in unstable economic conditions.
Where cryptocurrency trading and mining are banned, China ranked 10th in the index, three places higher than in the previous report.
Chainalysis’ data suggests the country’s cryptocurrency ban was “ineffective” or “loosely implemented.”
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Live Market IntelligenceCrypto — Live Market Board
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Crypto — Live Market Board
+0.67%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 80,543 | +0.67% | -29.41% | 80,007 | 80,550 | 79,380 | 21,816,416,256 |
| ETH | 2,348 | +1.18% | -43.00% | 2,320 | 2,349 | 2,295 | 8,316,267,520 |
| SOL | 100.98 | +0.22% | -49.19% | 100.75 | 101.04 | 99.17 | 2,110,777,984 |
| XRP | 1.32 | +1.04% | -49.89% | 1.31 | 1.32 | 1.29 | 1,574,615,552 |
| BNB | 750.98 | +1.29% | -34.10% | 741.42 | 751.10 | 733.56 | 1,470,316,160 |
| ADA | 0.21 | -0.30% | -69.21% | 0.21 | 0.21 | 0.20 | 190,120,672 |
| DOGE | 0.08 | +0.78% | -60.98% | 0.08 | 0.08 | 0.08 | 441,746,112 |
| AVAX | 8.84 | -1.36% | -56.54% | 8.96 | 8.96 | 8.67 | 289,961,824 |
| LINK | 11.47 | +0.80% | -37.04% | 11.38 | 11.47 | 11.23 | 248,509,440 |
| DOT | 0.99 | -2.05% | -68.52% | 1.01 | 1.01 | 0.98 | 109,918,912 |
| LTC | 56.59 | -0.13% | -43.06% | 56.66 | 56.87 | 55.70 | 169,852,160 |
| BCH | 290.36 | +3.57% | -47.81% | 280.36 | 292.52 | 277.47 | 195,939,216 |
| TRX | 0.33 | -0.51% | +9.69% | 0.33 | 0.33 | 0.33 | 371,519,040 |
| XLM | 0.17 | +0.21% | -47.60% | 0.17 | 0.17 | 0.17 | 107,134,680 |
| HBAR | 0.08 | -1.56% | -58.82% | 0.08 | 0.08 | 0.08 | 55,674,584 |
| NEAR | 4.62 | +2.60% | +97.50% | 4.50 | 4.64 | 4.39 | 630,712,192 |
| ATOM | 1.61 | -1.48% | -49.28% | 1.64 | 1.64 | 1.60 | 30,012,314 |
| AAVE | 132.37 | -2.36% | -43.78% | 135.57 | 135.87 | 129.56 | 246,790,448 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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