Argentine Market falls for fraud with cryptocurrency

Buenos Aires., The markets of Argentina operated with important casualties yesterday, at a time when the eyes of investors are fixed in the scandal that involves President Javier Milei for promoting an unknown cryptocurrency in a tweet (which later erased), a situation that I could climb with the formal request for political trial.

On the other hand, the slow negotiation of the country with the International Monetary Fund (IMF) to reach a new credit agreement also remains in the sight of business.

“Milei suffers the largest reputation crisis of his government, after he promoted a project with a token created within the blockchain From the Solana platform called $ Libra, which was subsequently listed as a hoax that harmed several users, ”said Wise Capital.

This credibility impact is expected to cause distortions in the markets this week; besides, The IMF loan is expected to be ready in the first four -month period (2025); Meanwhile, markets are attentive to any advance in negotiation.

The leading shareholding of Buenos Aires, called S&P Merval, collapsed 5.58 percent, against a strong decrease of 5.8 percent in the opening. This referential lost 1.2 percent last week.

For their part, the bonds in the local stock market square fell 0.2 percent average, in a context of very few operations due to the lack of institutional investors, operators commented.

The liquidity in Argentine assets was reduced due to the holiday in the US squares for the presidents day.

The exchange square had an interbank weight with businesses controlled by the Central Bank (BCRA) due to a monthly depreciation of 1 percent at levels of 1,59.5 per dollar.

In the alternative squares, the currency fell into the so -called counted with liquidation at 1,222.9 units, in the so -called MEP dollar at one thousand 208 and thousand 235 units in the referential Marginal Square.

They discard serious repercussions for the president

We believe that Friday’s crypto failure will not be relevant to prices, considering that society is already highly divided and there are no clear legal foundations to attack the president, although it could affect the image of Milei, until now perceived as impeccablesaid Max Capital. For the president, admitting the error was the right decision and we do not see that the case climbhe estimated.