According to the data published in the latest report from Cointrader Monitor, a Brazilian blockchain transaction analysis platform, there was a significant increase in bitcoin transactions during the month of May, which is estimated to be over 50% compared to the previous month.
Statistics indicate that Brazilians mobilized around 33,673.53 bitcoins through the exchanges between May 1 and 31. The amount mobilized represents just over a billion US dollars, according to the CriptoNoticias calculator.
The report adds that compared to the month of April, when about 22,079.97 bitcoins (more than 600 million US dollars) were traded, the volume of BTC in May grew 52.51%. However, compared to the month of May 2021, the volume of transactions in bitcoins decreased by 35.98%.
Binance leads bitcoin transaction volume in Brazil
Among other data, The report It also indicates that, for a year, the exchange with the highest volume of transactions is Binance, Well, last May he traded 17,451.07 bitcoins. This figure is equivalent, at the time of writing, to more than 500 million US dollars.
The source adds that Binance was responsible for 51.82% of bitcoin transactions in Brazil during the evaluated period. It also achieved, once again, the largest monthly participation of a cryptocurrency exchange ever registered on the Cointrader Monitor platform, according to the report.
This fact may have influenced the fact that on May 13, the president of the Central Bank of Brazil, Roberto Campos Neto, met with the CEO of Binance, Changpeng Zhao (CZ), as reported by CriptoNoticias. This appointment was given as part of the plans that the exchange of strengthen its presence in the giant South American country.
The increase in bitcoin transactions in Brazil last May could also be linked to various news that have been reported by CriptoNoticias. Among them is approval in the Senate of the law that will regulate cryptocurrencies in Brazil. This happened on April 26, but the regulations still need to be approved by the majority of the 513 parliamentarians of the Chamber of Deputies in a new vote that will take place before the project is sanctioned by the Brazilian president.
Another news that CriptoNoticias recently reported was the launch of the Brazilian Blockchain Network (RBB). This new blockchain network will help national institutions to facilitate their adoption with the technology in digital solutions for the public interest.