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The movements of the “crypto dollar” on the day of Milei’s inauguration

The movements of the “crypto dollar” on the day of Milei’s inauguration
December 11, 2023 – 00:00

Given the uncertainty regarding how the market will react to the first measures of the new Government, which are still unknown, operators yesterday closely followed the comings and goings of the only dollar quote that operates 24 hours a day, even on non-business days. We are talking about the so-called crypto dollar, which on the day of Javier Milei’s inauguration as president had significant fluctuations. It is worth remembering that the blue dollar closed on Friday at $990, while financial dollars were between $986 and $991.

During the inauguration speech in front of Congress, the crypto dollar soared 6% and was above $1,200. However, shortly after the exhibition ended, he moderated the increase. However, at the closing of this note it was still above $1,000 on average. On CoinMonitor, this exchange rate was trading at $1,050, that is, just 0.1% above the level it had 24 hours earlier.

It happens that some operators take the value of the crypto dollar as a kind of proxy for the parallel exchange rate, which is why they recommend following its evolution on days like yesterday, in which there are no other references in the market. That is why there are those who pointed it out as a guideline to take into account when anticipating what could happen today. In any case, everything will be rearranged once the economic team led by Luis Caputo makes the first announcements.

Source: Ambito

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