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Brazil’s central bank says crypto investments could double by year end
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ambcrypto.comThe cryptocurrency market’s exponential rise to the mainstream was both a catalyst and a result of increased retail and institutional investments worldwide. A glimpse of the same can be seen in a report published by Brazil’s central bank. It noted that the country’s citizens brought over $4.27 billion worth of cryptocurrencies to the country this year.
The bank’s commercial asset balance report also noted that between January and August 2021, Brazilians purchased an average of $350 million per month. The purchase value was however not uniform across these months. The peak of the buying spree was registered in May, when crypto investments reached $756 million.
However, the numbers have dwindled since then, amounting to almost $500 million in
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