Cryptocurrencies Kick Off the Milei Era with 30% Increase

Javier Milei won the elections in Argentina, and the crypto financial market celebrated. The cryptocurrency quotation, the investment mecca for the representatives of La Libertad Avanza, registered a 33% increase between the beginning of the ballot and the moment when Sergio Massa acknowledged his defeat and Javier Milei’s victory.

Read more about Milei and the digital dollar market, and find the most important financial news from around the world with our companion app Born2Invest, available for free for both Android and iOS devices.

What Milei’s victory means for the crypto sector

The crypto dollar traded on Saturday at $2.9 (1027 pesos), but at the beginning of the election day, it dropped to $2.57 (909 pesos). All financial quotes started to move. The real arm wrestling with the financial-economic power that pushes for an extreme devaluation, in line with Milei’s dollarization, will begin on Tuesday, November 22nd. As a foretaste, crypto moved strongly on Sunday, November 19th.

The cryptocurrency or digital dollar market operates uninterruptedly 24 hours a day. Before the closing of the voting places, there was a high volume of trade. Operations multiplied by five times in relation to any Sunday.

At the beginning of the day, its quotation was $2.55 (902 pesos); at 4:42 p.m. its value for purchase was $2.67 (945 pesos) and at 6:00 p.m. it reached $2.85 (1010 pesos). Such movements foreshadowed what was about to happen. With Massa’s speech about his defeat, it had already jumped to $3,39 (1200 pesos).

Bull runs and dollarization

Monday. November 20th will be a holiday. Therefore, there will be no official dollar quotations, nor the operations used to take money out of the country (CCL). On Tuesday, November 21st, the Central Bank will face a complex day, with scarce reserves.

Milei, the president-elect, has already said that the more the exchange rate in Argentina devalues, and the more expensive it is, the easier it will be for his dollarization plan. That game began to be played on Sunday, November 19th, and on Tuesday, November 21st, there will already be a first diagnosis of the challenges to come.

__

(Featured image by sergeitokmakov via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in eldestape. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us