• – People living in Argentina began to move forward against the news of the resignation of the Minister of Economy in their country, where the troubles continued for a while.
  • – They have moved on to make a swift decision on this issue by deciding to quote the price of the popular stablecoin tether (USDT) in local fiat over the weekend after the Minister of Economy’s decision to step down.

CriptoYa, a data provider that monitors and analyzes crypto prices in detail from Latin American exchanges and peer-to-peer markets, is ready to present its outstanding data on this subject. The price of USDT in Argentine peso (ARS) has increased this weekend, according to data from CriptoYa. Especially, it has taken its place in the market by increasing from around 250 ARS per USDT on Saturday to between ARS 270 and ARS 280 on Monday.

Looking at the price data and reviews, it also appears to be derived from a series of peer-to-peer markets where USDT is traded against the Argentine fiat currency.

Especially when the analyzes are examined and the movements in the market are taken into account, the jump in price emerged when the normal foreign exchange (forex) markets were closed for the weekend, according to the evaluation of the latest data. With this realization, as of 11:00 UTC on Monday, the official USD/ARS exchange rate appeared well below the rate at which USDT was traded. When these rates are examined, a situation was seen as 125.45 USD per ARS, according to the data obtained.

The official exchange rate between the US dollar and the Argentine peso is managed through a devaluation. In particular, Argentina stands out in this regard as it has a daily controlled devaluation by the central bank.

Considering the long-standing situation, Argentina, struggling with high inflation and currency depreciation, was going through difficult times. These issues started to come into focus again this year, with inflation exceeding 50% per annum as these tough economic difficulties continued.

  • – Argentina is one of the countries with the highest crypto adoption rates globally. That’s how blockchain intelligence firm Chainalysis decided to qualify it last year. According to the company’s characterization, Argentina ranked as the 10th highest-adopted country on the list.
  • – On Saturday, Bloomberg decided to publish a report on the issue. According to the published Bloomberg report, with the analysis of the data, movements in the local currency in USDT prices began to occur. For this reason, the government’s actions and discomfort in dealing with inflation crises and other economic problems began to emerge more and more among traders.
  • – The jump in prices in Argentina began to emerge after the resignation of Economy Minister Martin Guzman. The emergence of this resignation has taken its place on the agenda as the biggest departure from the government of President Alberto Fernandez to date. Especially with the data published in the Bloomberg report, it is stated that the separation also took place with the emergence of more reports of internal conflict in the ruling coalition.



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