It gave stick: New Bitcoin record in Brazil crashes the main platforms in the market

On the day Bitcoin surpassed another historic high being traded over US$ 40 thousand from the main companies in Brazil ‚on the stick‘ with an exponential increase in new users

On the day Bitcoin reached a new historical record being traded over US$ 40,000, almost R$ 220,000 in Brazil, the country’s main trading platforms ‚locked in‘ with the high volume of users.

Among the companies affected by the high volume of trading are the exchanges, BitcointoYou, BitcoinTrade, Bitcoin Market, Walltime and Coinext which together, according to data from Cointrademonitor, account for more than 30% of all purchase and sale operations with cryptomedas in the country.

But it was not only the 100% national companies that suffered with the high demand of investors, Binance, which also operates in Brazil and is considered one of the largest companies in the world in this market, also had its activities damaged for about 10 minutes.

The 6 exchanges that had problems this Thursday (07) negotiated together, more than 1366 Bitcoins in the last 24h in the country, a value corresponding to R$ 288,617,686.29.

According to company reports, the cause of the temporary suspension of services was a strong demand for new investors allied to the increase in negotiations of current customers.

Bitcoin has been a rocket without a defendant

In the last three weeks Bitcoin price has been experiencing a valuation rally in its very strong price which made cryptomoeda surpass the US$ 20 thousand mark and reach US$ 40 thousand in less than 20 days.

According to the analyst of Cointelegraph Markets Michaël van de Poppe the upward movement should continue.

„The markets are doing very well and the bullish cycle is starting well here. This means that the market will probably continue to operate bullish next year. With standard corrections of 20-30%, be prepared, they occur and are opportunities“.

The same opinion is shared by Sui Chung, CEO of CF Benchmarks, which is the FCA regulated index provider used by CME.

„Less than a month after Bitcoin surpassed US$20 thousand, its price doubled, reaching US$ 40 thousand. Now it is hard for anyone to deny that we are seeing the maturation of a totally new class of assets. This could be a super interesting moment for cryptomoeda – where each company and individual needs to think seriously about how they will get involved and interact with this asset,“ he added.