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Bitcoin (BTC) Price Skyrockets Against Turkish Lira (TRY) - Global Coin Report
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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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Why Bitcoin (BTC) Revival is Likely to Continue

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The cryptocurrency market has been doing rather well in 2019 — certainly much better than in 2018. More than a year ago, the market crashed from its all-time high, and in the months that followed, it lost over 80% of its market cap. Bitcoin (BTC), as the leading digital currency, also dropped from $20,000 per coin to barely $3,200 in 2018.

These days, however, the situation seems to be turning, with digital currencies seeing significant growth in prices ever since mid-February. While January stopped the drops, February is the month when the market once again started seeing gains, and this kind of behavior has continued to this day. But, what does this mean for the future? Is this a passing trend, or is the crypto winter truly over?

The revival of Bitcoin

Questions such as the short-term future of Bitcoin are on many traders’ and investors’ minds right now and have been ever since the prices started growing again. A well-known Futures Now trader, Jim Iuorio, recently stated that Bitcoin would start seeing massive profits if it surpasses the price of $4,045. That was, of course, before the coin surged by around $1000 in the last week.

However, Iuorio’s prediction was that BTC is unlikely to go below $3,820, while the growth beyond $4,045 would mean massive gains for those involved with the industry. Soon after this prediction…

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How to Become a Millionaire without Risking Everything with Bitcoin

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It’s been well over a year since the crypto market reached its peak and then crashed, dropping to such lows that most of the coins lost anywhere between 80% and 95% of their value. A few of them lost even more. Of course, this was not enough to eradicate the crypto market, and the bulls are still as optimistic as ever, especially these days, when Bitcoin price surges again, taking the rest of the market with it.

Some predictions claim that Bitcoin will reach its own glory days within a year or two, and there are even speculations that the largest cryptocurrency might spike up to $100,000 per coin. One claim from last week even sees BTC hitting $400,000, as the highest price which someone was brave enough to predict.

While it is certainly possible — at this point, pretty much anything is — not everyone is willing to take such a gamble and invest their hard-earned money into a risky asset such as digital currencies. With that in mind, here are three alternatives that are considerably safer than Bitcoin and the altcoins.

1. Investing and re-investing in stocks

A lot of people — especially younger generations — find stocks to be incredibly boring. Most of the time, all you do is invest, and use the returns for re-investing in high-yielding shares. However, while boring will not…

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The Best Time to Buy Bitcoin (BTC) Approaches

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Ever since 2019 started, the bear market of 2018 has been losing momentum, with the bulls emerging numerous times in short intervals. This was the beginning of a crypto recovery, which still has quite a long way to go.

However, last week, Bitcoin saw massive growth in transactions, reaching a 14-month high. These were the levels that were previously seen back in 2017, as BTC approached its highest point in terms of price. The growth also reflected strongly on BTC price, which spiked yesterday from around $4.100 to the current $4,672.

Meanwhile, Bitcoin market cap followed as well, currently sitting above $82.3 billion, while the trading volume exceeded $14.5 billion.

What caused the growth?

While this is an exceptional growth, and potentially a start of the bull run that everyone was waiting for, it did not come without a cause. One of the reasons why BTC surged was last week’s Weiss Ratings report of multiple different cryptocurrencies. The report’s authors even stated themselves that the best time to invest might be very near at this point.

Weiss Ratings has done reports about specific coins in the past as well, and this time, they noticed a significant improvement in coins’ performance. The report mentions growth in user transaction volume, network capacity, as well as network security, which the authors took as an improvement coming from the evolution of the…

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