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Brazil Bitcoin takes a bold step forward. Congressman Eros Biondini has proposed a BTC reserve bill to make Bitcoin part of the national treasury. His plan, called the ‘Bitcoin Sovereign Strategic Reserve (RESBit)’, wants to put 5% of Brazil’s reserves into Bitcoin. This marks a major change in how countries handle cryptocurrency. JUST IN: A bill to create a strategic #Bitcoin reserve has been introduced in Brazil's Chamber of Deputies pic.twitter.com/0jh3hXaxCJ — Bitcoin Magazine (@BitcoinMagazine) November 26, 2024 [Image 1: Screenshot of the official Bitcoin reserve bill document presented to Brazil’s Chamber of Deputies, outlining key provisions and objectives] Also Read: US Congress Pushes Forward With Bitcoin Strategic Reserve Plans Understanding Brazil’s BTC Reserve Bill and Its Impact on Crypto Regulations Key Components of RESBit If only there was a way to dig our nation out of debt while ensuring the strength of the U.S. dollar. Oh wait. #B...

Rising interest rates, delayed Bitcoin ETFs, global financial turmoil and other regulatory pressures are contributing to the crypto market's underperformance. The crypto currency market has experienced a notable downturn recently, with the total market capitalization falling by 10% between August 14 and August 23, reaching its lowest point in over two months at $1.04 trillion. This movement has triggered significant liquidations on futures contracts, the largest since the FTX collapse in November 2022.  Total cryptocurrency market capitalization, USD. Source: TradingView Several economic factors have contributed to this decline. As interest rates have surpassed the 5% mark and inflation remains above the targeted 2%, finance costs for both families and businesses have risen, placing pressure on consumer spending and economic expansion. That causes less money available for savings and could force people to let go of their investments just to cover monthly bills. Since inflation e...