Following the re-election of Luiz Inácio Lula da Silva, the Ibovespa fell as much as 17.34%, forcing B3 to suspend cash trading, ETFs and stock options for 30 minutes. The dollar gained 12.21% against the real, while bitcoin rose 9.6% in reais to 440,772 reais but slipped 0.6% in dollar terms to $79,774. Banco do Brasil lost nearly 31% of its value and Petrobras 12% as investors liquidated their positions after Lula’s unexpected victory. In dollar terms, the bitcoin market remained under pressure ahead of the Federal Reserve’s decision. Between August 2019 and December 2025, stablecoins accounted for 71.7% of crypto transactions reported to the Brazilian tax authority, with USDT representing 88.7% of that total.
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