According to CoinMeta, the Brazilian stock market tumbled on Monday following Lula's victory over Bolsonaro in the election, with a market value loss of over $200 billion. The price of Brazilian real (BRL) fell from around $42.60 on Friday to $31.40, representing a decline of 26%. In addition, Brazil's benchmark stock index, Ibovespa, also dropped by 17%. Prior to this, market forecasts gave Bolsonaro a 82% chance of winning. Lula ultimately won with 51.79% of the votes, while Bolsonaro stated that he would not recognize the election results and would seek to have the election overturned through the courts.