The Brazilian tax authority revealed an increase in the volume of cryptocurrency trading in the country in January.
The report said that when paired with the same record in December, an increase of 10 percent was recorded In total, $2.85 billion dollars were transacted during the period.
According to the report, this increase signifies that the crypto ecosystem was recovering after major blows such as the bankruptcy of several exchanges and crypto lenders such as FTX, Celsius, and Blockfi.
On the number of companies and individuals purchasing crypto, the report said that the number was average, although falling when compared to what was reported during 2022 when the country broke several records for cryptocurrency purchases.
However, volume grew more, with only the numbers corresponding to May being higher than the ones reported for January.
