The hype caused by the elections in Argentina has arrived and ended: Sergio Massa won in the first round and will face Javier Milei in the runoff. As with currencies and cryptocurrencies, the diversity of dollars that exist in Argentina creates a climate of uncertainty. Amid the hype, speculation and uncertainty, the price of Bitcoin in Argentina plummeted 10%.
The hype caused by the elections in Argentina has arrived and ended: Sergio Massa was the winner of the first round, in an event that will continue next November. In the meantime, the price of Bitcoin experienced a considerable drop in the South American country.
Sergio Massa’s victory in the Argentinian presidential first round elections further stirred Bitcoin’s volatility in the South American country, and the cryptocurrency fell approximately 10% throughout the day.
Argentina: Bitcoin Falls 10%
As with currencies and cryptocurrencies, the diversity of dollars that exist in Argentina creates a climate of uncertainty. In the midst of this adverse scenario, Argentines turned to cryptocurrencies (especially stablecoins) to overcome the great inflation that plagues the South American country.
Amid the hype, speculation and uncertainty, the Bitcoin price in Argentina is trading at approximately 33 million pesos, according to data from the Ripio cryptocurrency exchange. Thus, it registers a drop of approximately 10% in the last 24 hours.
Earlier, the crypto dollar was reported to have skyrocketed in Argentina within the framework of the electoral elections held today. Even on various platforms, the price of Bitcoin was well above the price of the crypto dollar.
The crypto dollar had experienced a notable increase on the eve of the presidential elections in Argentina. Various users and platforms show that the crypto dollar is trading between 1,200 pesos and even above 1,300 pesos. At the beginning of October, its price was around 900 pesos. In the midst of the rally that this price is experiencing, the user expressed on X (Twitter) “Will we reach 1500 today? Place your bets.”
Bitcoin Update: Today’s Price
In Europe today, after the opening, Bitcoin was trading at 09:00 a.m. at 32,524.31 euros, which implied a change of 2.4% compared to the previous session’s records. In relation to the profitability of the last seven days, Bitcoin marks an improvement of 8.95% and since a year ago it still maintains an increase of 39.09%.
The volatility referring to the last week is 22.3%, which is a figure clearly lower than the annual volatility figure (40.28%), therefore in this last phase it is trending less variations than usual. The new currency has reached a maximum exchange rate of 35,342.52 euros, while its lowest level has been 17,604.07 euros. The decentralized currency is positioned closer to its maximum than its minimum.
Sergio Massa: the Promoter of a CBDC for Argentina
Despite Massa’s partial victory, he still has to face the “runoff” (second round) against Javier Milei. Sergio Massa is the current Minister of Economy of Argentina, a country that is experiencing triple-digit inflation for the first time since 1991.
The economist has also been in the news lately for his stance in favor of a central bank digital currency (CBDC) for Argentina.
As for Javier Milei, many classify him as a new “Nayib Bukele” due to his apparent “pro Bitcoin” stance. However, the crypto community remains skeptical. The user @MadisIT pointed out the following through the social network X:
“[…] Milei has never said he is pro-Bitcoin. He is pro-freedom. Argentina’s central bank will close, the government will use dollars for taxes, but people and companies in the private sector can choose the money they see fit. Whether it be Bitcoin, USD, gold or seashells.”
By Audy Castaneda
