Turkish Lira Slump Contributes to Rise in Turkey’s Daily Crypto Trades to Ove...
The popularity of cryptocurrencies in economically embattled Turkey has continued to surge with the number of daily trades now surpassing one million, a report has said. This surge in trades has been attributed to the depreciating lira which plunged to a new low against the USD on December 20. Lira Plunges Cryptocurrency trades in inflation-stricken Turkey have surged to above one million per day for the first time since March, a Reuters report citing Chainalysis and Kaiko data has said. According to the report, the return to over a million trades per day has come at a time when....
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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....
In more stable regions, investment and speculation make the primary use case for Bitcoin. But in Turkey, the leading cryptocurrency has become something of a lifeline as the effects of economic panic begin to be felt. Bitcoin Trades for $100k on Turkish P2P Platforms The lira plummeted 14% against the dollar on Monday, triggering widespread […]
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....
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....
The Republic of Turkey’s economy and the country’s native fiat currency the Turkish lira continue to experience turmoil as inflation has risen to 36%. Since this time last year, the lira has lost 44% of its value against the U.S. dollar. Meanwhile, the use of stablecoins in Turkey has skyrocketed and today, 28.96% of all trades with tether are paired against the Turkish lira.
Inflation in Turkey Rises to the Highest Level in 19 Years, TRY Is Tether’s Top Pair Capturing 29% of All Trades, TRY Commands 7.20% of BUSD Trades
Reports from the....