Welcome to a new week of quarantine due to the Coronavirus. The pandemic in Argentina 🇦🇷 continues its course, with the Dollar / Bitcoin index presenting a correction after reaching $ 100 in the territory.
Despite the fact that the entire world economy seems to be stopped, that we are all inside our homes and that the borders are closed worldwide. The reality is that nothing has stopped, only us.
International markets continue on their way to the precipice, Bitcoin continues to recover, the Peso / Dollar continues to weaken, the Dollar / Bitcoin index has decreased and the number of people infected with Coronavirus 🦠 rises to more than 200 in Argentina 🇦🇷.
A steep path for Argentina
Argentina has been one of the countries most affected by the Coronavirus pandemic in Latin America, with more than 200 cases and 4 deaths.
On the other hand, inflation continues to wreak havoc in the country of good football ⚽️. With inflation of more than 50% per year, it is the second highest in the continent, only behind Venezuela 🇻🇪. It is most likely that, due to quarantine and the reduction in consumption, inflation in March falls. But, you have to ask yourself, at what cost?
For this reason, we are going to study the impact on people’s pockets, analyzing exchange rates. Both the Peso in Argentina and the Bitcoin.
As if that were not enough, the exchange rate continues to rise. What causes that all the Argentineans every time are losing their purchasing power. It is currently over 63 pesos per dollar. Well, at least one of the multiple exchange rates.
Coupled with all this mess, the Dollar / Bitcoin ratio recently hit $ 100. What made it almost impossible for the Argentine hodlers to escape from all this disaster in which unfortunately they are involved.
A new week for the Dollar / Bitcoin index
For those who are new to the crypto world. The Dollar / Bitcoin composite index emerges in Argentina as a natural response to the restrictions, placed by the governments on duty for the sale and purchase of the US dollar.
A few days ago the index reached $ 100. And now how much is it located?
The price of Bitcoin (BTC) in SatoshiTango is Buy 559,740.00 ARS for the purchase and 530,764.83 ARS for sale. While in Ripio it is 560,780.43 ARS for the purchase and 528,748.02 for sale.
Instead, the price of Bitcoin on large international exchanges like Binance is $ 5,800.
It results in the Dollar / Bitcoin ratio reaching $ 96.5 and $ 91.5 respectively on the Argentine crypto exchange Satoshitango. And $ 96.7 and $ 91.16 in Ripio.
And, intuitively, one would think that Argentines, with the aim of avoiding the maximum quotas, imposed by their government on the purchase of dollars, would use cryptocurrencies. But, this is not the case, because as we see the official exchange rate is approximately 63 pesos approximately. Which makes this process inconvenient, at least for now.