Lula's re-election sends Brazil's real down 10%, USDT trades at premium
- —Lula took 51.79% (64.26 million votes) to Bolsonaro's 48.21%
- —Real futures fell 10.6% on the CME, dropping as much as 12% intraday
- —USDT traded at 5.42 reais on Brazilian platforms versus an official 4.98
- —The EWZ ETF perpetual on Hyperliquid plunged more than 22%
Why it matters: Brazil is Latin America's largest crypto market, and a weaker real is driving demand for USDT as a dollar hedge.
Source: Journal du Coin
More on this
Macro · 07:11Lula wins Brazil election as dollar seen at R$5.60, lifting Bitcoin price in reais
Markets · Oct 20Dollar stablecoin market is over 2,000 times larger than Brazil's real-pegged market
Regulation · Oct 4Brazil Election to Decide Crypto Policy: Lula's Crackdown vs. Bolsonaro's Wildcard