Connect with us

Bitcoin

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

Published

on

Bitcoin

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.

To trade cryptocurrencies, sign up with Binance!

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.

Image courtesy of Pexels

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

on

By

Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

Continue Reading

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

on

By

Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

Continue Reading

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

on

By

Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

Continue Reading

Trending