The Argentine peso sank to historic lows this week, reaching an exchange rate of 605 pesos per U.S. dollar. Economic analysts linked this accelerated devaluation with the uncertainty surrounding the general ballotage held on Sunday, where Argentines elected their candidates for the next elections.
Mateo Reschini, a research analyst for Inviu, explained that big capitals preferred to secure their investments in foreign currency to protect from possible fluctuations caused by the outcome of the ballotage. Reschini :
The market takes note of the relevance of the date of the upcoming elections and decides to be covered against possible exchange rate jumps, hand in hand with statements from economists, the IMF statement, and media rumors.
The plunge of the Argentine peso will also affect the August consumer price index (CPI). Private firms predict a 9%+ increase in the CPI this month, putting Argentina among the countries with the highest inflation worldwide.
, the largest stablecoin by market cap, was the biggest participant in the Brazilian cryptocurrency market during Q1 and Q2 2023. The Brazilian tax authority data confirming that more than 80% of the transactions made during the first half of 2023 featured . This means that more than 90 billion reales (almost $18.4 billion) were transacted using the stablecoin in Brazil.
Also, 3.2 million people purchased cryptocurrency last June, breaking a record high. Companies also registered all-time high numbers buying crypto.
Binance, the cryptocurrency behemoth, has it has become a fully licensed cryptocurrency exchange in El Salvador. It received two operational licenses: a Bitcoin Services Provider license (BSP) and a Digital Assets Services Provider license (DASP).
Min Lin, Binance head of Latin America, commented:
This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users.
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The market takes note of the relevance of the date of the upcoming elections and decides to be covered against possible exchange rate jumps, hand in hand with statements from economists, the IMF statement, and media rumors.
This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users.
Source: Bitcoin
