The internal market of Argentina is complicated, we have already anticipated it here at Cointelegraph, and the most recent news in the South American country has affected a Parallel dollar that is used for the calculation of the cryptocurrency, and is now on the main exchange platforms at 8.2 million pesos on average.
Average price of Bitcoin in Argentina for March 6, 2023 – Source: Coinmonitor
The Minister of Economy of Argentina has announced the debt swap in pesoswhich has been generating repercussions in the local market, leading to the informal dollar -or blue as it is known-, falling by at least three points.
The macroeconomic conditions in Argentina are not the most favorable for an electoral year, recently the Autonomous City of Buenos Aires published that Inflation for the month of January in the metropolitan district has risen to 6% for the month of February, which implies a closing of 103.3% year-on-year inflation.
Quotes of the different exchange rates as of March 6, 2023 – Source: Coinmonitor
Despite this, the informal dollar falls from 377 to 372 pesos per dollar, that is, 0.80% in the day, which has directly impacted the price of Bitcoin, taking the value of the cryptocurrency to ARS 8,215,643.65, with a variation of -1.04% in the last 24 hours according to data from Coinmonitor.
Less than a week ago we already anticipated that the bitcoin price had contracted and, at that time, it was around 8.5 million pesos, but now with the decline of the informal dollar that translates into the support of the financial markets traditional to the announced measure, the cryptographic market feeds on this fact and the price continues to fall, in addition to the fact that the average price of bitcoin has fallen $ 22,435.97 at the time of writing this note. The data provided by CoinMarketCap show that the variation has been close to 0.08%.
As long as these downward fluctuations of both the informal dollar and the same cryptocurrency continue, the local market in Argentina will have a lower buying window compared to other markets in the region.
On platforms like CryptoMarket, BTC is valued at 8,166,659.30 pesos; now in Bitso, the BTC is trading at 8,171,469.73 pesos; for its part, BuenBit offers it at 8,181,800 pesos; In ArgenBTC, it can be bought at 8,187,315 pesos and in Belo it is listed at 8,199,561.66 pesos. These make up the top 5 of Coinmonitor at the time of this writing.
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