Argentina Main Stock Index Fell Over 3% Today, Following the President’s Involvement in LIBRA Chaos

Key Points

• Argentina’s main stock index dropped significantly following the LIBRA collapse.
• Earlier, President Milei shared a post featuring the LIBRA creator addressing the matter.

Accoridng to the latest reports, Argentina’s main stock index dropped significantly in the past 24 hours following the collapse of LIBRA memecoin, a project for which the country’s President initially showed support. Javier Milei addressed the issue again on social media after the Presidential office officially issued a statement.

The Merval Index is Down by Over 3% Today

The Merval Index is down by more than 3% in the past 24 hours, according to official data. Earlier, the index was down by almost 6%.

The Merval Index is the most important stock market index in Argentina. This index tracks the performance of the largest and most traded companies on the Buenos Aires Stock Exchange.

This serves as a benchmark for the Argentina stock market and it’s widely used by investors and analysts to gauge the country’s financial market performance.

The index recorded this significant 24-hour drop following the latest LIBRA memecoin project in which the country’s President, Javier Milei, was also involved.

The LIBRA Chaos Controversy

He initially supported the project in a post via X during the weekend, before it dropped sharply, wiping over $4.4 billion from the crypto market.

Today, Milei re-posted a video featuring LIBRA’s creator Hayden Mark Davis, who confirmed on camera that the President wouldn’t have gained anything from the project. The interview was taken by YouTuber Caffeezilla.

Milei’s post comes after the Presidential office issued an official statement, promising the investigate the issue.

Meanwhile, on-chain data revealed that the LIBRA memecoin was created by the same team as the MELANIA memecoin launched in the US last month by the US President’s wife.

The whole LIBRA launch and fall-triggered chaos created disbelief in the crypto industry, leading some to call this the biggest rug pull in history.

Binance’s CZ recently revealed in a post via X that he’s donating 150 BNB worth around $100,000 to help the LIBRA victims.

He also said that he didn’t invest in the project because he is not a “short-term opportunistic”, but he’s looking for long-term impact, and he’s only holding BNB and BTC.