The Turkish Lira Plunges Following Removal of a Central Bank Governor, BTC Se...
The Turkish lira currency plunged by more than 10% on March 22 after the country’s President Recep Tayyip Erdogan unexpectedly fired Naci Agbal, the country’s central bank governor. Having initially touched a new low of 8.280 a dollar, the lira recovered to close at 7.75 a dollar by 20.00 hours GMT. Inflation Fears On the other hand, a day before the lira crashed, bitcoin became the most searched word in Turkey. As Google trends data shows, searches for bitcoin spiked by more than 500% as inflation fears grew following Agbal’s ouster. Before his sacking, Agbal, who....
Related News
Searches for Bitcoin emanating from Turkey exploded after news broke regarding the 14% plunge in the value of the Turkish lira. Google searches for Bitcoin (BTC) emanating from Turkey exploded in the past 24 hours, after the value of the Turkish lira dropped 14% following the firing of a central bank governor. According to data from Google Trends, the number of searches for Bitcoin spiked 566% in the hours immediately following news of the lira’s demise. Bitcoin searches from Turkey over 24 hours. Source: Google Trends The lira’s value dropped 14% in a flash dip after Turkey's President....
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....
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 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....
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....