Brazil To Legalize Cryptocurrencies

No, bitcoin will not become legal tender like in El Salvador. The Chamber of Deputies of Brazil has approved a regulatory framework that legalizes the use of cryptocurrencies as a means of payment in the country.

For the law to enter into force, only the signature of the President of the Republic is required, then payments in cryptocurrencies for goods and services will receive legal status.

In addition, the adopted regulatory framework establishes the rules for the operation of cryptocurrency exchange platforms, as well as services for the storage and management of cryptocurrencies.

Against the backdrop of this positive news, the rate of bitcoin (and other cryptocurrencies) received a noticeable bullish impulse, the price of the coin exceeded the psychological mark of 17k, but could not stay there.

Also note the following bullish patterns on the chart:

→ BC rollback was about 50% of the AB impulse;

→ the 16300 level works as support again (as the arrows show).

It seems that cautious optimism is returning to the market after the shocking news about the collapse of FTX.