Bitcoin (BTC) Paired with Turkish LIRA (TRY) Hits New All-time High

Turkish Investors Find Crypto Investment Valuable Amid Lira's Volatility
  • The USD/TRY increased by 14 percent on Tuesday alone.
  • Erdogan declared “war” on cryptocurrencies in September.

According to CoinMarketCap, the global cryptocurrency market capitalization has decreased by one percent to $2.53 trillion. Bitcoin has dropped by about 1 percent in the last 24 hours, reaching $56,272 US dollars. The cryptocurrency had a 7 percent drop last week. However, Bitcoin (BTC) hodlers in one country are relieved even after the recent disappointments in the cryptocurrency.

Bitcoin’s new all-time highs against the Turkish lira were confirmed by TradingView market data on Nov. 23, according to the website TradingView. An undeclared currency crisis has resulted as a consequence of Erdogan’s attempts to keep interest rates low.

As a result of the de facto collapse of the lira, the USD/TRY increased by 14 percent on Tuesday alone. Crossing the 13 mark for the first time in history. On the other hand, individuals who have BTC allocation may be able to perceive the benefits of real money more clearly than ever before.

Streak of All-time Highs

BTC/TRY reached an all-time high of 723,329 Turkish Lira on Binance on Tuesday, the latest in a streak of near-constant all-time highs for the cryptocurrency. The BTC/TRY pair on the BtcTurk exchange, one of the few local exchanges, saw around 1,000 BTC ($56.7 million) worth of transactions in the previous 24 hours.

Erdogan declared “war” on cryptocurrencies in September. Creating significant disruptions to the cryptocurrency exchange industry. The collapse of another platform, Thodex, occurred earlier in the year, with the CEO, Faruk Fatih Ozer, leaving with $2 billion funds. Ozer has remained at large even though at least six of his comrades, apprehended.