Good morning, crypto industry lovers and enthusiasts! This Tuesday (8), we will address the questioning of the possible new president of the Central Bank of Brazil (Bacen) and his vision on Drex, in addition to analyzing the outflow of assets from large exchanges.
Who is Gabriel Muricca Galipolo?
Today (8), Gabriel Muricca Galípolo will undergo a hearing in the Federal Senate. If his nomination, made by President Lula to assume the presidency of Bacen in 2025, is approved by senators, he will replace Roberto Campos Neto.
The expectation surrounding Galípolo involves, among other topics, his opinion and plans regarding Drex, the central bank digital currency (CBDC) that is being developed by the BCB.
Drex is currently in a pilot phase in Brazil, in partnership with several institutions. CBDC has been seen as an evolution in the financial system, bringing more agility and transparency to digital transactions. However, the arrival of a new president at the Central Bank may influence the direction of this project.
Gabriel Muricca Galípolo. Source: Veja
In this sense, one of the questions that has already appeared on the Federal Senate website, from a resident of Piauí, refers precisely to Galípolo's view on Drex. The question is just one of many registered on the website, demonstrating the population's interest in the possible new president of the Central Bank.
It is worth noting that the hearing will be conducted by the Economic Affairs Committee (CAE), and, if successful, Galípolo's name will be taken to the Plenary for final approval this Tuesday.
Mass exodus from exchanges
Defillama’s CEX Transparency data indicates that investors are moving their assets out of these platforms. The indicator shows that 9 out of 10 monitored exchanges reported negative inflows last month.
The total value of funds flowing out of these platforms was over $2.68 billion.
CEX Transparency. Fonte: DefiLlama
Read more: Top 9 Safest Cryptocurrency Exchanges of 2024
In this sense, most of the withdrawals last month consisted of stablecoins. Typically, stablecoins entering exchanges are seen as a sign of potential buying pressure.
On the other hand, when they do exit, the market lacks the impetus for upward price movements. Thus, the current flow could negatively impact the price movement of major cryptocurrencies. This, in turn, could make October, a historically promising month for the crypto market, more muted this year.
The article Good morning, crypto! Galípolo’s debate creates expectations in the market was first seen on BeInCrypto Brazil.