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Bitcoin (BTC) Price Skyrockets Against Turkish Lira (TRY)

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Turkish crypto exchanges have seen a massive spike in trading volume in the last few days, especially when it comes to Bitcoin (BTC) trades.

Tensions rising in Turkey

Following the recent incident that included Turkey’s President Recep Tayyip Erdogan accusing the US of attempting to ‘stab Turkey in the back’, the local exchanges in this country have seen a massive increase in activity. Within only 24 hours, the exchange Btcturk saw trading volume go up by an entire 350%. And that is not all, but the significant number of the trades (38%) included Bitcoin (BTC).

Additionally, the Turkish President’s statement also had a large impact on the country’s currency, the Turkish lira (TRY). Apparently, the currency is seeing some of the record lows against the dollar, and many expect that its value will continue to drop, as the tensions continue to rise within the nations.

The Turkish President additionally continues to believe that all of the financial problems within Turkey are results of the US plot. According to him, the United States has been conspiring to cripple the country, while rash economic policies that led to the inflation and a massive debt in foreign currencies apparently have nothing to do with it.

The country’s interior ministry is trying to find a way to calm the situation down. However, so far, they only ended up threatening its citizens with legal actions if they publically bash the lira. For now, that mostly includes comments on social networks that are seen as ‘provocative’, and they include over 350 accounts. However, during all of this, the country’s citizens have decided to abandon the lira in favor of various cryptocurrencies.

Numerous exchanges have seen a large increase in their trading volumes, especially against Bitcoin (BTC), Ethereum (ETH), and even Ripple (XRP). In fact, Ripple and Ethereum were among the biggest trading pairs according to Btcturk’s data. The two coins are bested only by Bitcoin and Tether (USDT). The exchange also seems to be offering Litecoin (LTC), but this crypto has received far less attention during this incident.

Turkish lira among the worst currencies of the year

According to reports, there are only two fiat currencies that are currently performing worse than Turkish lira, those being Venezuelan bolivar, and Sudanese pound. The lira has lost 45% of its value in this year alone, and while Bitcoin is an absolute leader in losing its value, it is still far stronger than this traditional currency.

Swapping lira for a stronger currency has also become less and less of a valid option, which is what forced the people of Turkey to turn to cryptos. As mentioned, Bitcoin was the primary choice for a lot of these people. In fact, in less than 24 hours, over $14 million got exchanged at Btcturk. Other exchanges like Koinim, Paribu, as well as Koineks, have also had a large increase in trading volume.

As expected, various rumors started to circulate, some of them claiming that the banks in Turkey would end up supporting customers whose accounts were found to be holding the USD. Additionally, the country’s President himself seems to be desperate to prevent his citizens from turning to the US dollar.

With all of these efforts to undermine the dollar’s activities in Turkey, it is no wonder that the people saw cryptos as their only way out. While it is still too early to say that the country will reach the condition of hyperbitcoinization, it is obvious that BTC is currently among the few things that are keeping the country together.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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