Brazilian firms bought stablecoins on election day as Lula beat Bolsonaro
Briefing by News4U · First published
Corporate trading on Mercado Bitcoin surged 800% in USDT and 865% in bitcoin on Oct. 26 as Lula’s win triggered a 14% Ibovespa crash and 8% real drop.
CoinDesk reported that Brazilian companies generated 78% of trading on Mercado Bitcoin on Oct. 26, the day incumbent President Luiz Inácio Lula da Silva defeated Flávio Bolsonaro, driving USDT turnover up nearly 800% and bitcoin turnover up 865% from the previous Sunday. [1]
The next day the Ibovespa index fell 14% and the dollar rose more than 8% against the real, its largest daily gain since 1999, after Lula’s platform of higher social spending and a ban on online betting raised fiscal concerns. [1]
Sources
- Brazilian companies turned to stablecoins on election day to dodge a currency crash
CoinDesk · · Full text