The crypto dollar soared above $1,400 after Milei's defeat.

The "crypto dollar," a key currency when banks and exchange offices are closed, experienced a sharp rise today as a result of the clear victory of Peronism in the province of Buenos Aires, which could complicate the market reforms promoted by Javier Milei 's government.

This would herald that the US currency could experience a rise this Monday when the foreign exchange markets open at 10:00 a.m.

This exchange rate began to diverge from the official closing price of the currency last Friday, a variable considered key by the economic team led by Minister Luis Caputo.

According to the CriptoYa portal—which averages quotes from ten virtual asset exchanges—as news spread that Peronism had won in the country's main province, its price rose.

That average price rose until Sunday morning, remaining at $1,400, then fell for less than half an hour, then rebounded in the final hour, when the first election results were already known, reaching over 1,400 pesos.

As for stablecoins, which trade at parity with the US dollar and can be taken as an approximation of the dollar 's value in virtual territory, the quotes were $1,392 for Tether, the most widespread and largest market capitalization stablecoin, and the same value for Dai.

USD Coin ($1,401) and USDC or “Lift dollar” were trading slightly higher: $1,402 per unit.

Around 9:10 p.m., with the first official counts confirming the Peronist party's landslide victory, the exchange rate climbed to $1,406 and continued to rise.

The rising prices are directly proportional to the data confirming La Libertad Avanza's defeat in the district that accounts for almost half of the electoral roll.

Julián Serrano, CEO of Bitso, said that some crypto portals are asking for up to 1,450 pesos.

"I saw that some competitors are selling it for 1,440-1,450 pesos, but for us, the price is a little lower, quite a bit lower," Serrano said.

Another reference is the dollar in virtual wallets, where prices fluctuated sharply.

At 8:20 p.m., the price of the Mercado Pago dollar was $1,387, but not long before that, it had reached 1,430 pesos.

The difference between buying and selling in that market was just under 4.5 percent.

Minutes before the first official data began to be released, all prices were around 1,450 pesos.

The highest quote was for Cocos MEP, at 1,470 pesos, anticipating a very busy Monday and week.