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Major Brazilian Bank BTG Pactual to Offer Investment Options in Bitcoin and Ethereum

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By launching the platform Mynt, Brazil’s top financial institution – BTG Pactual – would enable its customers to trade bitcoin and ether.

The major Brazilian bank – BTG Pactual – will enable its customers to trade digital assets directly through a new platform called Mynt. The offering will be available from the next quarter and will include the two leading cryptocurrencies – bitcoin and ether.

The New Crypto Opportunity

According to a local report, the initiative, which would start from the next quarter, would make Banco BTG Pactual S.A. (BTG Pactual) the first Brazilian bank to offer such services. Andre Portilho – the head of digital assets at the organization – confirmed the move. He also revealed that the institution intends to add more cryptocurrencies in the future:

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“At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”

Per a recent survey, almost every third person in Latin America is interested in cryptocurrencies. However, most people don’t invest in bitcoin or any other altcoins because they lack sufficient knowledge. With that said, BTG Pactual’s intention to implement educational functions about digital asset technology on its new platform could positively impact the local population.

“We believe that this, with all the educational content that we are going to develop, will not only distinguish our platform but will also help develop the market,” Portilho said.

BTG Pactual is among Brazil’s five largest financial institutions and has headquarters in the country’s megapolises – Rio de Janeiro and São Paulo. It is also the biggest investment bank in Latin America and the Caribbean.

The Bank’s Previous Crypto Endeavors

The aforementioned initiative is not BTG Pactual’s first engagement with the cryptocurrency industry. As CryptoPotato reported in May, it launched a security token known as ReitBZ.

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By deploying it on the Tezos (XTZ) blockchain, BTG Pactual became the first company to make such a move. The bank revealed that it would use the token for future security token offerings (STOs). Back then, Portilho opined that Tezos was “robust” enough to handle this kind of an operation:

“We decided to issue ReitBZ in partnership with the Tezos Foundation to test the Tezos blockchain so that we can use the technology to execute more complex future STOs. We are confident that the Tezos solution is technically robust, and this issuance enables us to guarantee more resources to invest in ReitBZ moving forward.”

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Bitcoin, Ethereum, Terra, Cardano Price Analysis ‒ 2 December Morning Prediction

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  • Major coin prices recede after a global market cap efflux of 1.78%.
  • Bitcoin prices fall below $57K after a 1.45% value drop.
  • Ethereum suffers a blow of 4.00% in the last 24-hours.
  • Crypto favorites Terra (LUNA) and Cardano (ADA) see gains of 12.13% and 8.06%, respectively.

After witnessing a blow of 1.78% value drop, the global market cap has suffered a $0.06T loss after a recent efflux. The trading volume has dropped by 6.46% and is on a losing streak as the global market cap drops.

The decreasing market cap is due to the small but not unnoticeable; price drops among the various cryptocurrencies that sit among the top ten. Seeing slightly bearish runs and displaying red charts, Bitcoin, Ethereum, and Binance have recorded sudden value drops.

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Is Apple Planning For Bitcoin Payments! Will BTC Network Volume Eclipse Visa And Mastercard Payments?

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In an acute inflationary atmosphere, numerous cryptocurrency projects seem to be more appealing to investors. Possible threats of US inflation and the prevailing pandemic situation prompt investors to espouse Bitcoin payments. On the other hand, the network has been thriving hard to outstrip the network volumes of Visa and Mastercard. 

The global crypto market cap raised its bar to the new highs on, as investors gush into Bitcoin investments as Federal Reserve chairman Jerome Powell made remarks on tapering of monthly bond purchases to occur a couple of weeks before than expected. This move would further result in a hike in the interest rates, resulting in hyperinflation. 

Apple to Adopt Bitcoin Payments?

The reputed tech firms might lookout for investment opportunities that would help manage their purchasing power. Notably, top companies with significant cash reserves such as Apple ($191 billion), Google ($168 billion), Microsoft ($137 billion), Amazon ($86 billion), Facebook ($86 billion), and Oracle ($39 billion) might shift their gears to Crypto investments. Moreover, crypto market insight platform Bitcoin Archive is been optimistic about Apple’s adoption of Bitcoin payments. 

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However, crypto analyst Venturefounds recently made remarks on loss of purchasing power by $102 billion in retaliation of record break inflation rate in the US. Hence, possibilities are quite high that top-tier tech firms would soon roll out a red carpet to the Bitcoin payment adoption. 

On the other hand, the Report of Blockdata confirms Bitcoin’s progressive move against PayPalVisa, and Mastercard payments. Bitcoin network acclaimed an evaluated average of $489 billion per quarter in 2021. Besides Visa, Mastercard, and PayPal payments have recorded network volume worth $3.2 trillion, $1.8 trillion, and $302 billion respectively. However, the platform has been optimistic about the massive growth of Bitcoin’s payment network. 

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Collectively, investors all across the globe appear to be FOMO-ing Bitcoin. Hence, the flagship asset and other revolutionary cryptocurrency projects would experience sustainable growth in the near future. Especially, the platform has dragged more than 60 to 70% of investments during uncertainties such as pandemic and global financial crises.  

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Bitcoin tests traders’ nerves as analyst reissues $400K BTC price forecast

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Bitcoin (BTC) was on repeat on Dec. 2 as markets watched another attack on $60,000 end in defeat.

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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Nothing has changed”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,000 Thursday, having come full circle in 24 hours.

The pair had briefly hit $59,000 into the Wall Street open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.

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Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new coronavirus omicron variant. The S&P 500 ended the day down 1.2%.

With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.

“It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” Cointelegraph contributor Michaël van de Poppe summarized.

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“Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks.”

Those buy target lows were accompanied by renewed predictions for this cycle’s bullish peak, which, as in April this year, place BTC/USD at up to $400,000.

Fellow analyst TechDev, eyeing Fibonacci levels on the two-week chart, also described Thursday as “another day to zoom out.”

Open interest stays near all-time highs

On exchanges, open interest, meanwhile, remained a source of concern due to its sheer volume relative to price action.

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Data from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.

“At some point, this open interest is going to get flushed out one direction or the other,” analyst William Clemente commented.

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Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/Twitter

With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result.

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Funding rates were mostly neutral across exchanges Thursday.

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