empty
 
 

Forex Analysis & Reviews: The largest Brazilian bank considers the cryptocurrency market too small
time 25.08.2022 03:40 PM
time Relevance up to, 26.08.2022 03:35 PM

While bitcoin and ether are trying to demonstrate at least some volatility, Bradesco, one of the largest banks in Brazil, said that it does not plan to enter the cryptocurrency market in the near future. In an interview, Bradesco CEO Octavio de Lazari Junior noted that the company is currently not interested in launching crypto services for its customers, given that the cryptocurrency market is very small.

It is worth noting that many private banks have recently been launching crypto-investment services as part of their portfolio so that customers can use them. Others, such as Bradesco, which, for a moment, is the second largest bank by assets in Brazil and Latin America with more than 70 million customers, are still not interested in the cryptocurrency market.

This image is no longer relevant

According to the CEO of Bradesco, such investments in cryptocurrencies will continue to develop in the country. However, this market is still too small for the banking sector and has dangerous characteristics for investors. "Cryptocurrencies are intangible and more risky investments, and people are aware of the risk they are taking. For me, this is a very small market." And not surprisingly, there is some truth in his statements. Large institutional players still have nothing to do in the cryptocurrency market, which is represented quite narrowly. Also, large volumes and high-risk investments will continue to scare away many prospective players in the new industry.

However, Octavio de Lazari Junior noted that although the company does not plan to enter the cryptocurrency market today, everything may change in the future. He also added that if any of his clients want to engage in cryptocurrency trading, they can do so through a separate investment unit.

As for digital currencies, the bank is currently engaged in debt tokenization projects. Another pillar of the crypto market is the integrated digital currencies of the central bank (CBDC). Brazil is already developing a digital actual pilot project. Its model will include the possibility for private banks to issue stablecoins backed by deposits in the central bank's digital currency.

Since last year, when the special activity began, central banks worldwide have begun to explore the benefits of CBDC. Some of them, for example, China and Nigeria, have already introduced digital currencies inside their countries. The European Central Bank is still in the middle of an experiment with the digital euro, which is due to end in October 2023. However, the bank's public announcement about the digital euro has been repeatedly criticized for its perceived dangers and risks.If we return to the real market and set aside the future, the further direction of bitcoin will depend directly on what the Fed representatives say. The statements of Fed Chairman Jerome Powell will have special weight, affecting not only the stock market but also the cryptocurrency market.

This image is no longer relevant

Bitcoin buyers again tried to go back to the $21,600 level, but so far, it has not been possible to gain a foothold above this range. Most likely, the pressure on the trading instrument will continue to increase as investors abandon risk. The bulls' focus is now on the nearest support of $20,800, a fall to which for the third time could be fatal for the bulls. In the event of a breakthrough in this area, the $19,966 level will play an equally significant role. Its breakdown will send the trading instrument back to the lows of $19,232 and $18,600. To return the demand for bitcoin, dovish statements by American politicians and consolidation above the $21,650 level are needed. To build an upward trend, you must break above the resistance levels of $22,180 and $22,670. Fixing this range will give a real prospect of returning to the highs: $23,180 and $23,680.

Ether has been recovering much more actively lately, but this growth can hardly be called directional. Yes, the technical prerequisites for the continuation of the bear market are broken, but much will also depend on the statements of the Fed representatives. In the event of a decline, ether buyers have every chance of missing the nearest support of $1,670. In this case, there will be a change in the market direction with a return to the level of $ 1,605. The area of $1,548 will be a more distant target. With the continued demand for the trading instrument, buyers will likely show themselves around $1,743. A breakdown of this level will quickly push the ether to a maximum of $1,819 with the prospect of an update of $1,885.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

赚取InstaForex的加密货币利率变化
下载MetaTrader 4并开始您的第一笔交易
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Ripple: upside scenario intact

Ripple retreated a little in the short term but the bias remains bullish in the short term. It's trading at 0.4084 at the time of writing and it seems determined

Ralph Shedler 18:43 2023-01-27 UTC+2

BTC update for January 27,.2023 - Potential for the upside breakout of the trading range

Technical analysis: BTC/USD has been trading sideways in the defined trading range and I see potential for the breakout play. Trading recommendation: There is potential for the breakout

Petar Jacimovic 09:38 2023-01-27 UTC+2

Technical Analysis of ETH/USD for January 27, 2023

Crypto Industry News: According to data from the Dune analytics platform, OpenSea processed over $320 million worth of NFTs on the Ethereum network in January 2023. This figure makes

Sebastian Seliga 08:36 2023-01-27 UTC+2

Technical Analysis of BTC/USD for January 27, 2023

Crypto Industry News: US Senator Elizabeth Warren praised the efforts of the national securities regulator and its chief Gary Gensler in overseeing the crypto industry. At the same time

Sebastian Seliga 08:35 2023-01-27 UTC+2

Technical Analysis of Intraday Price Movements of Ripple Cryptocurrency, Friday January 2023.

Although on its 4 hour chart stipp formed Golden Cross where this gives an indication that Buyers are still dominating but with the appearance of the Head and Shoulders pattern

Arief Makmur 07:37 2023-01-27 UTC+2

Technical Analysis of Intraday Price Movements of Polkadot Cryptocurrency, Friday January 2023.

If we look at the price movement of the Polkadot cryptocurrency on the 4-hour chart, it appears to be moving above the Moving Average, which confirms that in the near

Arief Makmur 07:37 2023-01-27 UTC+2

Bitcoin: upside scenario still valid

Bitcoin climbed as much as 23,815 yesterday where it has found resistance. Now, it's trading at 23,003 and is fighting hard to resume its growth. The bias remains bullish

Ralph Shedler 20:35 2023-01-26 UTC+2

Mike McGlone saw the emerging bullish trend.

On the 4-hour TF, it is evident that bitcoin is confidently moving to the level of $24,350. Remember that the expansion started with the release of the US inflation report

Paolo Greco 15:24 2023-01-26 UTC+2

Bitcoin did not have time to rise in price, as they rushed to sell it.

The price of one bitcoin coin has remained around $23,000. Since the price has not significantly altered over the past day, we can infer that the cryptocurrency is once again

Paolo Greco 15:18 2023-01-26 UTC+2

Bitcoin bulls should be cautious.

Bitcoin remains in a short-term bullish trend but traders need to be very cautious. The RSI continues for a second higher high in price not to follow and instead provide

Alexandros Yfantis 15:13 2023-01-26 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.