Bitcoin Hits All-Time Highs Against Turkish Lira As It Collapses
In a historic event for a G20 country, the Turkish lira is in free fall and making the case for a bitcoin hedge.The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.The Turkish lira has been in free fall after President Erdogan demanded the Central Bank of Turkey cut rates for a third consecutive month from 19% to 15%. The Turkish lira against the U.S. dollar has been weakening over the past decade, but....
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As of right now, it appears one Bitcoin is worth close to 2722 Turkish Lira. Economies all over the world are crumbling and rocking to their core. Turkey, a country plagued by censorship, limited internet access, and other crimes, sees the value of the Lira drop a low. In fact, the Turkish Lira reached a new low for the past five years. At the same time, the demand for Bitcoin seems to be going up every so slightly. An odd coincidence, or a mind shift taking place? Things are not looking all that great for the Turkish Lira right now. Although the currency has lost a lot of value over the....
It is not surprising to see the demand for Bitcoin increase in Turkey over the past few weeks. Investors diversify their portfolios by investing in many different assets and foreign currencies. People holding the Turkish Lira will start to liquidate that asset soon, though. The Lira remains the world’s most volatile currency, lost a whopping 11% in value since January 1st. Things are not looking all that positive for the Turkish Lira, and this trend will only continue over the coming weeks. The year 2017 has been horrible for the Turkish Lira so far. Things went from bad to worse during....
According to data fetched from LocalBitcoins.com, the minimum Ask price for Bitcoin has reached 509,840 Turkish Lira (~$64,000)
The Turkish Lira has fallen at least 5 per cent as reported by Reuters. This is a 3 week low against the US dollar. At the time of writing Turkish Lira was seen trading at 3.0300 Lira against the greenback. Coup Chaos. Earlier Turkish Prime Minister Binali Yildirim announced that the situation was under control and around 130 people have been put under arrest. There are reports of helicopters having been shot down over the Turkish Capital Ankara according to the BBC. The British Broadcaster also reports that the whereabouts of the Turkish military chief are currently not known. Meanwhile....
Turkish Bitcoin holders avoid an accelerating currency collapse as the lira loses 15% against the U.S. dollar in a single day. Bitcoin (BTC) has frustrated investors with its recent price correction, but in one country, BTC hodlers have never been more relieved.Market data from TradingView on Nov. 23 confirmed that Bitcoin has hit new all-time highs against the Turkish lira.Bitcoin passes 700,000 liraTurkey is unofficially battling a currency crisis as President Recep Tayyip Erdoğan pushes to keep interest rates low.The result has been the de facto collapse of the lira’s exchange rate,....