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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AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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The Pros And Cons Of Cryptocurrency

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Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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