tl;dr
Crypto Market Update: Brazil Embraces Bitcoin Futures and ETFs Brazil's B3 has received approval to offer Bitcoin futures trading linked to the Nasdaq Bitcoin reference price, providing investors with a way to hedge against Bitcoin's price fluctuations. This coincides with the launch of BlackRoc...
Crypto Market Update: Brazil Embraces Bitcoin Futures and ETFs
Brazil's B3 has received approval to offer Bitcoin futures trading linked to the Nasdaq Bitcoin reference price, providing investors with a way to hedge against Bitcoin's price fluctuations. This coincides with the launch of BlackRock's iShares Bitcoin Trust ETF in Brazil, solidifying the country's position as a significant player in the global Bitcoin and cryptocurrency market. With the cryptocurrency consolidating above $70,000 and showing strong momentum, Brazil is fostering growth and maturation in its crypto investment landscape. In response to the global demand for Bitcoin-related products, Brazil has seized the opportunity to capitalize on the momentum surrounding the leading cryptocurrency.
According to a Reuters report, Brazilian exchange operator B3 announced that it has received approval to offer Bitcoin futures trading, which is expected to begin on April 17. The official launch date may be subject to change, but the exchange confirmed that the contracts will be linked to the Nasdaq Bitcoin reference price, with each contract representing 10% of the BTC price in Brazilian reais. This approach aligns with the landscape of regulated derivatives markets, allowing investors to engage with Bitcoin’s price movements without requiring direct ownership of the cryptocurrency.
In addition to Bitcoin futures trading, BlackRock recently launched the iShares Bitcoin Trust ETF in Brazil in early March. With B3's regulatory approval for Bitcoin futures trading and the iShares Bitcoin Trust ETF launch, Brazil is establishing itself as a significant player in the expanding global Bitcoin and cryptocurrency market, providing investors with new avenues to participate in the digital asset ecosystem while fostering the growth and maturation of Brazil’s crypto investment landscape.
The largest cryptocurrency in the market trades at $70,400, demonstrating a rebound from the $60,800 level following a significant correction. BTC has successfully consolidated above this crucial level over the past 24 hours, indicating a strong momentum to surpass its previous all-time high of $73,700, achieved on March 14. Examining the cryptocurrency’s performance over longer time frames, we see that BTC has exhibited substantial gains. In the past week alone, an impressive increase of 11% was recorded. Furthermore, its year-to-date growth is nearly 150%, highlighting the sustained bullish trend that has prevailed since the end of the bear market and the subsequent recovery from the 2022 crypto winter.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.