Bitcoin hits new all-time high in Turkey as fiat currency lira goes into free...
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,....
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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....
People in Turkey are increasingly turning to bitcoin as the local currency, the Turkish lira, recently hit another record low against the dollar. Bitcoin adoption in Turkey outshines other countries in the region. Turkey Is Regional Leader in Bitcoin Adoption Bitcoin adoption has been increasing in Turkey as the local currency, the Turkish lira, hit another record low Thursday, reportedly touching 7.95 to the dollar. The dollar has gained about 33% against the lira so far this year and some analysts are predicting that it will soon hit 8.5. “The Turkish lira is getting smoked”....
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
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The Turkish central bank has established a new platform together with technology stakeholders to further the development of a digitalized version of the national fiat currency. The new collaboration will allow Turkey to focus on expanding research and conducting tests of the prospective digital lira. Turkey Sets Up Digital Lira Collaboration Platform The Central Bank of the Republic of Turkey (CBRT) has secured agreements with two defense and technology companies, Aselsan and Havelsan, the Scientific and Technological Research Council of Turkey, and the Informatics and Information....
The horrible situation in Turkey is sending more shockwaves to the fragile global financial ecosystem. After news had broken about an attempted military coup in the country, it didn’t take long for the Turkish lira to depreciate. Over the course of fewer than 24 hours, the currency lost 5% of its value against the US Dollar. All the more reason to focus on Bitcoin, rather than volatile fiat currencies? Turkish Lira Is Plunging. Any situation in life will have an impact on the global economy at this stage, as everything is so well-connected it becomes scary to think about it. Events in....