The trading volume of cryptocurrency in Brazil reached 6 billion US dollars in the first four months of 2024

Kaiko Research indicates that the correlation between Bitcoin (BTC) and stocks is rising. After touching a low point of 0.01 in the 90-day correlation in March, it rose to 0.17 last week. According to the company's research report on May 13th, the 90-day correlation between Bitcoin and stocks rose to 0.17 during the week of May 5th, higher than the multi-year low of 0.01 in March. The correlation between BTC and risk assets is lower than the high of 0.6 during bull markets.

The research report also highlighted high trading volumes in Brazil's cryptocurrency market from January to early May in 2024, with Brazilian Real (BRL) trading volume reaching $6 billion USD, making it Latin America's largest cryptocurrency market and seventh-largest legal currency market globally.

Kaiko also reported other data indicating divergence in prices for ETH put options and call options since March this year which could be a sign of upcoming volatility as U.S SEC decides whether or not to approve spot Ethereum ETFs on May23rd.