Argentine Peso Sinks Before Elections
The Argentine peso reached historic lows this week, with an exchange rate of 605 pesos per U.S. dollar. Economic analysts attribute this devaluation to the uncertainty surrounding the general ballotage held on Sunday, where Argentines elected their candidates for the next elections.
- Big capitals prefer to secure investments in foreign currency to protect against potential fluctuations caused by the ballotage outcome.
- The plunge of the Argentine peso will impact the August consumer price index (CPI), with a predicted increase of over 9%, putting Argentina among countries with the highest inflation worldwide.
Tether Dominated More Than 80% of the Brazilian Crypto Market During Q1 and Q2 2023
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USDT, the largest stablecoin by market cap, dominated the Brazilian cryptocurrency market during the first half of 2023. More than 80% of the transactions in Brazil involved USDT, totaling over 90 billion reales (almost $18.4 billion).
- In June, a record-breaking 3.2 million people purchased cryptocurrency in Brazil.
- Companies also saw all-time high numbers in crypto purchases.
Binance Becomes a Fully Licensed Exchange in El Salvador
Binance, the cryptocurrency behemoth, announced that it has obtained full licensing as a cryptocurrency exchange in El Salvador. The company received a Bitcoin Services Provider license (BSP) and a Digital Assets Services Provider license (DASP).
Min Lin, Binance head of Latin America, stated that this announcement is the result of months of dedication to provide necessary information and undergo due diligence, demonstrating their commitment to the Salvadoran market and users.
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Hot Take:
The Argentine peso’s historic low and the dominance of USDT in the Brazilian crypto market highlight the volatility and uncertainty in the cryptocurrency world. Despite these challenges, Binance’s licensing in El Salvador shows the increasing acceptance and growth of cryptocurrencies in Latin America.
