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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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Bitcoin

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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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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