21. febrero 2024

Best of the Week: Bradesco closes 1,100 agencies, mega-research against pyramids and Bitcoin towards US$20,000

The best of the crypto and blockchain markets in Brazil and the world.

The crypto market witnessed another week of the intense Bitcoin rally, which this Friday tested resistance at US$16,000, the last before the maximum of US$20,000 in 2017.

Although it did not break this level, the Bitcoin Rejoin rally brought the altcoin markets to a strong high, with Ether, the second-largest currency, hitting US$456 again.

In Brazil, the historical high of the dollar brought the BTC close to R$90,000, but news of the US elections, with likely victory for Joe Biden, brought the dollar down and the currency corrected despite still being above R$80,000.

With US$16,000 resistance ahead, experts expect BTC to consolidate a few days before facing that band again. If it wins and turns the level into support, the race to the US$20,000 is free.

Bradesco closes 1,100 agencies

The most read news of the week in Cointelegraph Brasil has to do with the digital revolution in Brazil and its impact on banks. Citing «restructuring», the bank Bradesco announced that it will close 1,100 branches by the end of the year.

With the arrival of Pix, which started to go on the air this week in a restricted way, the market should change radically. Even «safe» investments such as savings are already viewed with suspicion, and one of the news highlights also explained the big difference between investment in savings and profits for those who decided to protect themselves by investing in Bitcoin.

Investment in real estate, which until a few years ago lived in a bubble offering huge profits, is now also in check among the population.

The week was one of scares in the Brazilian government, which suffered an immense cyber-attack that affected several agencies, including the Superior Court of Justice. The hackers gave an interview on Friday, threatening new attacks and the possibility of revealing personal data of President Jair Bolsonaro.

In one of the big news of the week in the cryptoesphere, the Club de Regatas Vasco da Gama, one of the biggest football teams in Brazil, announced a partnership with the exchange Mercado Bitcoin.

Last month alone, Brazilians traded US$7 billion in cryptomorphs.

One of the pioneers of Bitcoin in Brazil, Daniel Fraga, also reappeared in the market after three years.

Pyramids in the sights of the authorities

The Bitcoin pyramids are in the sights of authorities around the world. A mega operation was triggered this week by authorities from several countries and even subpoenaed several exchanges in Brazil.

One of the largest pyramids in the country was Indeal, which operated in Rio Grande do Sul. This week the FBI managed to block US$24 million in cryptomorphs from one of the commanders of the millionaire scheme.

Among the new pyramid suspicions, Meu Pé de Bitcoin continues to attract a shower of criticism. This Friday, the company assured that it «does not work with investments.