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Oh no, the crypto market is down and keeps dipping even after a small recovery. A series of unfortunate events, including statements and actions by Argentina President Javier Milei, have contributed to this fall. Milei and Hayden Davis with LIBRA did us a reverse Midas touch and liquidated even big retail players.
Today, the crypto market saw a notable decline linked to activities in Argentina. The market was shaken partly by President Javier Milei’s involvement in LIBRA, he endorsed the token just for investors to see it collapse shortly after. This ripples across the global crypto market, leading to a dip in various altcoins.
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Milei’s Single Grain of Sand Tipped the LIBRA Crypto Scale
LIBRA gained attention after President Milei’s endorsement and saw its market cap free-falling from $4.4 billion to $70 million in a flash. An insider, Hayden Davis, who was associated with the launch of LIBRA, admitted in an interview that he and other insiders had made profits amounting to approximately $110 million.
This came at a time when retail investors faced big losses, which led to the market’s downturn. It is going viral that one of the big LIBRA investors lost about $4.5 million in just 5 hours.
• bought $LIBRA for $4.9m• sold for $350k• PNL: -$4.5m in 5 hours
RIP pic.twitter.com/WoktQZdZJv
— Aporia (@0xaporia) February 15, 2025
Argentina’s ongoing struggle with economic stability, characterized by high inflation rates and its falling Pesos, has made it a significant player in crypto.
The nation has one of the highest volumes of crypto transactions globally, with $85.4 billion worth of transactions in the last year before February 2025. This high engagement with crypto is due to citizens seeking alternative financial systems, especially with Milei endorsement.
President Milei’s involvement with crypto and LIBRA has been seen in terms of its financial implications. Yet the rapid collapse of LIBRA after his endorsement has led to skepticism about Milei’s positivity in influencing the crypto market.
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The involvement of insiders like Hayden Davis in LIBRA raised concerns about market manipulation. Davis admitted to using non-public information to trade, which violates securities law.
Moreover, the strategy of ‘sniping’ or buying large amounts at the launch to influence price action was openly discussed. This strategy led to a market cap crash due to insufficient liquidity after insider’s heavy sell-offs. Subsequently, manipulation resulted in a loss of trust among retail investors, contributing to the market’s decline.
The financial figures associated with the LIBRA incident are stark. It’s a fork-up contrast between insider gains and retail losses. A market liquidation by the big guys to shatter smaller investors’ dreams.
Furthermore, another political-tied token, MELANIA, experienced similar insider activities. Insiders reportedly profited millions from it. These pump-and-dump political tokens are to blame for the big dip in the market.
Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” This quote talks about the long-term damage that short-term gains through unethical practices can cause.
This resonates with Milei and MELANIA’s insider actions, which affected the market godawfully.
The Darkest Hour is Just Before the Dawn: The Bull Run Continues On
The events in Argentina are heavily influencing today’s downturn in the cryptocurrency market. This pictures a complex interplay of economic policy, insider trading, and market dynamics. While the immediate impact has been negative, historical patterns suggest that such downturns could be the calm before the uptrend storm.
After the Bitcoin halving event in April 2024, the market is still in a long period of consolidation and minor corrections. This pattern usually leads to a bull run.
Here’s the 2017 bull run chart for context. pic.twitter.com/bpkrj2DFsr
— Michael Saylor
Founder of MicroStrategy (Parody) (@Saylorsatsire) January 18, 2025
Founder of MicroStrategy (Parody) (@Saylorsatsire) January 18, 2025In a similar vein, before the monumental bull run of 2017, which saw
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price skyrocket from under $1,000 to nearly $20,000, there were killer market corrections.
Historical trend provides a backdrop for understanding the current market dynamics. Remember, downturns can be part of a larger cycle.
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Key Takeaways
Milei’s Single Grain of Sand Tipped the LIBRA Crypto Scale.
The Darkest Hour is Just Before the Dawn: The Bull Run Continues On.
The post Argentina’s Reverse Midas Touch With Currency: Why is Crypto Down Today? appeared first on 99Bitcoins.
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