The month of August was for the oblivion in the argentine market, where the bag is collapsed, added to that some rating agencies marked a selective default on the debt. As if outside little, the argentine peso collapsed nearly 35% to $62. Living in Argentina I follow very closely the evolution of local markets, in particular that of Bitcoin which tends to anticipate the movements of the dollar. At the time of writing the Bitcoin is sold in little more than 640,000 Ars in the main houses of change. Price of Bitcoin on the Exchange Gravel (01/09/19) price of Bitcoin on the Exchange SatoshiTango (01/09/19) In the international markets the Bitcoin is traded on US$ 9.600, which would give a dollar of $66,83 on Gravel and one of $69,95 in SatoshiTango. These contributions are obtained by dividing the purchase price of a Bitcoin with the spot in the international markets of the BTC. This does not mean that the dollar is going to open exactly at those values, as clearly there is an extra premium on the price of Bitcoin in Argentina, but what if it is clear that the dollar will move up in the opening of the markets Monday. By consulting some banks sold dollars on weekends by means of Home Banking, you can see that Galicia it is trading at $64,80, well above the $62 at the close of Friday. Quote of the dollar in the Galicia Bank (01/09/19) The goal of this post is not to take panic about that you can spend this Monday with the dollar, but rather to illustrate how many times the Bitcoin is generally anticipated devaluations of the currencies fiat, in this case the argentine peso. To finish it is clear as to the uncertainty of the market, the argentinean investors seeking safe assets such as the Bitcoin, that in addition to having shown a good performance in his 10 years of life, is dollarized. The following two tabs change content below. Analyst of financial markets, and passionate about new technologies, especially in the disruptive as the Blockchain.
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