A recent study by Cointrader Monitor pointed out that the PIX payment system helped Bitcoin and cryptocurrency exchanges in Brazil, speeding up the purchase of assets and thus increasing their trading volumes, especially on non-working days. The PIX payment system has proved to be an extremely more efficient solution than the old Ted and Doc. It is estimated that 286 million operations were carried out through the PIX in 2022. In comparison, transfers through the TED totaled 53.2 million. To measure the impact of PIX in the movements of Brazilian exchanges, the pre and post PIX periods were analyzed using the methodology developed by the platform.
Exchanges showed significant growth in the average volume of transactions, especially those that occurred on non-working days.
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-Exchanges with an average daily volume greater than 10 BTC that showed growth in the FDNU (Non-Business Day Fraction), that is, that increased the amount of Bitcoin buy and sell operations on non-working days: PagCripto OTC: + 125.28% , from 3.68% to 8.3% .BrazilBitcoin: + 81.06%, from 10.48% to 18.97% .PagCripto: + 78.66%, from 6.9% to 12.32%. MercadoBitcoin: + 69.86%, from 12.41% to 21.09% .Foxbit: + 65.81%, from 11.30% to 18.73%. BitCambio: + 48.5%, from 11.71 % to 17.39%. Biscoint: + 41.18%, from 12.61% to 17.80%. BitcoinTrade: + 40.56%, from 14.45% to 20.31%. Coinext: +40, 2%, from 14.86% to 20.83% .Braziliex: + 39.05%, from 12.04% to 16.75% .BitPrice: + 31.23%, from 15.3% to 20.08 % .BitcoinToYou: + 27.45%, from 16.54% to 21.07%. NewDAX: + 24.76%, from 18.83% to 23.49%. Makes Exchange: + 23.05%, from 3.85% to 4.74% FTX: + 21.25%, from 18.8% to 22.8% .Binance: + 6.61%, from 19.85% to 21.16% .Up Exchange: + 3.12%, from 14.82% to 15.28%. BitRecife: + 3.12%, from 14.67% to 15.13%. donation of PIX, the share of the volume of purchase and sale of Bitcoin in Reais on non-working days increased by 51.80%. Other factors may have contributed, however, in general, there is no denying the potential influence of PIX on operations outside business hours ”, states the study. On average, there was a 65% reduction in the volume traded on non-working days in comparison on business days, with the arrival of the PIX, this value has reduced to 41%.