Stablecoins Drive 90% of Brazil’s Crypto Volume, Tax Authority Data Shows

Bitcoin's recent breakout above $95,000 has sparked renewed interest in the cryptocurrency market, leading to the liquidation of nearly $700 million in short positions. This surge in price reflects a growing risk appetite among investors, with market strategists suggesting that the rally has potential for further gains.

Senator Tim Scott, chairman of the Senate Banking Committee, expressed his intention to advance the cryptocurrency market structure bill despite unresolved issues, indicating a desire for legislative progress in the crypto sector.

Bitcoin has surged past $97,000, marking a significant rally as investors increasingly seek haven assets amidst economic uncertainties. This price movement reflects a growing bullish sentiment in the cryptocurrency market, with Bitcoin's recent performance pushing related equities higher.

Internet Computer (ICP) has surged by 13% as part of the CoinDesk 20 index performance update, reflecting a positive trend in its trading activity. This increase comes amidst a broader rise in the index, which has seen various constituents performing well.

Bitcoin has surged past $94,500, marking a significant breakthrough that has energized the crypto markets and led to substantial liquidations of short positions, particularly benefiting altcoins. This upward movement indicates a shift in market sentiment towards a more bullish outlook.

Brazil's cryptocurrency industry is threatening legal action against the government over proposed taxation measures on stablecoins, which have become a significant part of the country's crypto trading landscape. The Ministry of Finance's new tax regulations aim to regulate the increasing use of stablecoins, which currently account for 90% of Brazil's crypto trading volume.