Yigit Taha OZTURK 
The Argentine markets are experiencing one of their biggest turbulences in recent years. President Javier Milei’s involvement in the Libra (LIBRA) token scandal has led to a significant loss of confidence in the financial markets. The uncertainty and investor panic caused the Argentine stock market to drop by more than 6%.
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Known for his interest in cryptocurrencies, Javier Milei recently expressed his support for Libra token. However, shortly after its launch, the token collapsed due to an insider sell-off of $107 million. In total, $4 billion in market capitalization was wiped out, causing massive losses for investors.
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This scandal also dealt a severe blow to Argentina’s financial stability. Local investors, concerned about Milei’s economic policies, started selling off their stock holdings. The banking and industrial sectors suffered sharp losses, leading to a more than 6% drop in the Merval Index.
In the coming days, the statements from Javier Milei and the government’s response will be crucial in determining the market’s direction.
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