Today’s sunrise with another dark day for humanity and the international markets, traditional or cryptocurrencies. “The Black Thursday” is affecting the rate Dollar / Bitcoin in Argentina 🇦🇷, with its value reaching $100. While the pandemic Coronavirus 😷 continues to expand at an exponential rate. The price of Bitcoin dawned today dress bear, with a fall frightful of more than 20% which led him at times to $5.500. As expected, the whole crypto market has followed the trend of the main crypto of all, with falls averages that exceed 25% in all other altcoins. However, the effect of the new pandemic Coronavirus not only affects Bitcoin, or to the major stock indices of the world. Also, thanks to globalization, the countries of our region. As is the case in the article today, being Argentina.
The situation in Argentina
According to the official figures, the number of confirmed cases in the country end of the world is 19. Noting that there are 2 other confirmed this morning, which are not yet part of the statistics. So the number would be 21. This makes it the third country most infected of the southern part of the American continent. Only behind Brazil 🇧🇷 with 52 and Chile with 23. But, unlike these two, Argentina is experiencing a political – economic – social a little complicated. Stressing that it has the second highest inflation in the continent, with more than 50% per year. Only surpassed by Venezuela 🇻🇪. The phenomenon of inflation, along with other cases such as on international borrowing, put the country in a position very delicate. The exchange rate Dollar / Peso has been shooting in recent days, in part to the devastating effect of the Coronavirus. It is currently hovering at more than 62 Pesos for the sale and 65 pesos to purchase 1 us dollar. While the stock index of Argentina follows the trend of other markets, infected by the panic and the measures against the Coronavirus at the global level. Which have as a side-effect, you go against the international trade.
In the meantime, what happens with BTC in the country?
A lot of argentines have turned to the cryptocurrencies to be safeguarded, not only of the inflation rampant, also increased controls on capital outflows. In these moments the price of Bitcoin in Argentina is located in 557.986 Pesos for the purchase and 542.532 Pesos for sale in the critpo exchange argentina Gravel. While in SatoshiTango is currently about 619.548 Pesos for the purchase and 587.801 Weights for sale. Highlighting the international value of Bitcoin (BTC) is around $6,000 in the major crypto exchanges. This represents that the Dollar index / BTC is currently in Gravel at $91.5 for the purchase and $88,9 for sale. While in Satoshitango is about $101,56 for the purchase and a $96,4 for sale. It is worth noting that these values are changing very quickly. The increase in the exchange rate, together with the phenomenon of inflation that seems to end, have led to the Dollar index / Bitcoin to approach, and even exceed, $100. The composite index us Dollar / Bitcoin emerges in Argentina as a natural response to the restrictions, placed by the sitting governments for the purchase-sale of the american dollar. And is that, intuitively, one might think that the argentines with the aim of avoiding the quotas, imposed by the government on the purchase of dollars, you would use the cryptocurrencies. But, this is not the case, because as we can see, the official exchange rate is approximately 62 Pesos for the sale and 65 pesos to purchase 1 us dollar.