Brazil’s Booming Crypto Market Highlights Appetite for Bitcoin Investment
While anticipation builds for the approval of a spot bitcoin exchange-traded fund (ETF) in the U.S., Brazil emerges as a hotspot for such investment vehicles, boasting substantial demand over the past two years. With a combined $96.8 million in assets under management (AUM) as of Nov. 21, Brazilian bitcoin ETFs have carved out a significant market share. Hashdex’s Nasdaq Bitcoin Reference Price FDI (BITH11) leads the pack with $57.8 million in AUM, capturing approximately 60% of the market. This robust demand contrasts with traditional ETFs in the country, highlighting the increasing popularity of digital assets. Marcelo Sampaio, CEO of Hashdex, attributes the success of bitcoin ETFs in Brazil to favorable regulatory environment and growing institutional interest.
Meanwhile, Binance founder Changpeng “CZ” Zhao faces legal constraints in the U.S. as a federal judge deliberates on the U.S. Department of Justice’s motion. The motion seeks to compel Zhao to remain in the country until his sentencing early next year, following his guilty plea to violating the Bank Secrecy Act.
Despite securing release on a $175 million bond, which included substantial collateral and a trust account, Zhao’s ability to return to the UAE, where his family resides, remains uncertain pending further court decisions.
Read More… [Source: Coindesk.com]
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