Uncertainty: Crypto Dollar already traded above $ 280

Almost 24 hours after the surprise resignation of Martín Guzmán and with no certainty about how Alberto Fernández’s government will meet to replace himthe tension shifts to the “digital caves”: In major cryptocurrency exchanges operating in Argentina, the price has soared to over $ 280 for the purchase.

Pending announcements on the Lemon platform, the price of USDT, as the stablecoin Tether is known, has passed $ 243 yesterday afternoon at $ 281 on Sunday afternoon. Meanwhile, on the Argentine stock exchange Buenbit, the other stablecoin of choice for Argentines, the DAI was available for purchase for more than $ 284.

Finally, on the Binance Exchange, DAI was available for a lower price, at $ 267. for the purchase. The latter case is about P2P, person-to-person operations, the closest thing to a virtual tree.

The tensions will be accentuated or diluted as the names of the Fernández Cabinet are defined. The consensus is that if the news comes before the markets open on Monday, the impact may be less than if the decision is delayed until the first day of the week. The government has a small advantage: This Monday, the Wall Street stock exchanges will be closed for the US Independence Day holiday.

What happens in exchanges can be the sample of how the foreign exchange market will behave in the face of the political crisis. Prices are well above last Friday’s parallel closes: the blues, which had risen by $ 13 in the past few days, fell a notch to $ 238.

Meanwhile, cleared cash – the dollar used by companies that cannot access the official market – had closed the week. $ 252.22. In City they do not rule out new pressures on the wholesale dollar.

At the money table of a private bank they advanced: “Uncertainty will add pressure to the official dollar and the rest of the exchange rates. The central bank will be forced to sell more reserves.” On Friday, the monetary authority halted a successful streak of purchases it had obtained on the foreign exchange market following the establishment of the super exchange rate trap and had to sell close to US $ 200 million.

With the parallel dollar jump last week, the official exchange rate is the one that lagged the furthest behind the general price increase in the economy. Although inflation has surpassed 30% so far this year, liquidity with liquids rose by approximately 25% from January and official liquidity by 20.9%.

Therefore, one of the options being considered in the City is for the Central Bank’s next step to be to validate a faster rise in the exchange rate. “Nobody wants to be the father of a devaluation (discreet jump), an event that is always remembered by name and surname”, explained the economist Nery Persichini in a report that the consulting firm GMA Capital distributed late Friday, before the wave. of resignation.