Argentina’s cost of buying Tether with Argentine pesos surged on Saturday following the resignation of Argentina’s Economy Minister Martin Guzman. It was the highest-level departure from President Alberto Fernandez’s government following escalating infighting in the ruling coalition, with no immediate replacement by the government.
Shortly after the minister announced his resignation on Twitter, the price of Tether (USDT), denominated in Argentine pesos, rose sharply on major exchanges, at 257 Argentine pesos on Binance, up 6.6 percent, on Lemon, according to price data from the CryptoYa website. Prices on the Cash exchange rose 11 percent to 279 Argentine pesos.
The cryptocurrency was the only trading market in Argentina on Saturday. Despite the modest volume, the move could signal that at least some traders are uneasy about deepening divisions within the ruling coalition and concern about the government’s ability to respond to rising inflation and other economic challenges.
According to Chainalysis, Argentina is one of the nine countries with the highest cryptocurrency usage. In a country with recurring currency crises and inflation of around 60 percent a year, two-thirds of Argentines invest in cryptocurrencies to protect themselves, according to a study by Buenos Aires-based Wunderman Thompson. savings.