Bitcoin

This event fits into a broader emerging market (EM) rally, as global liquidity remains ample and investors hunt for yield. However, Brazil's fiscal fragility and political polarization mean any rally may be short-lived without concrete reforms. Crypto markets, often correlated with EM risk appetite, could see spillover demand if Brazilian investors seek alternative stores of value amid political uncertainty.

Flávio Bolsonaro won the first round of Brazil's elections, prompting Citi's Luis Costa to predict a market rally.