Argentine President Javier Milei has denied promoting a newly launched cryptocurrency which collapsed shortly after he mentioned it in a social media post on Friday. The cryptocoin $Libra quickly rose in value before nosediving, causing severe losses for the majority of people who had invested in it.

After Milei endorsed his own memecoin, its value skyrocketed to a total market capitalization of more than $4.5 billion, according to the crypto analytics tool DEX Screener. But L