Today, the price of bitcoin (BTC) jumped to seven-month highs against Turkey's national currency, the Lira (TRY) after the US imposed new sanctions against Turkey on Friday.
The resulting economic shock wave showed that Lira fell to a new low of 7.20 of the TRY against the US dollar today after last week it fell by 27%. Every year, the Lira falls by more than 80% against the us dollar.
The fall of the Turkish Lira is likely to boost the offer of investing in bitcoin as a safe - Deposit facility in Turkey, and the BTC price today rose to 47'192-the highest level since January 21, according to Bitfinex. During printing, the figure fell slightly to about 44'000 TRY.
Since August 8 BTC in a pair of Lear increased by 31 percent, which is also 67% above the minimum of 24 Jun 26'337 TRY. For comparison, the exchange rate of US dollar to bitcoin over the same period grew by only 12 percent from its low in 5'755 U.S. dollars, which was observed on June 24.
Reasons for the activity of Turkish investors
The sharp decline in the value of the Lira pushed inflation, which, along with a decline in spending for TRY holders, undoubtedly increased the attractiveness of bitcoin as a value asset.
The increased interest is manifested in the fact that the Turkish cryptocurrency exchange Paribu, Btcturk and Koinim witnessed a significant increase in trading volume since Friday. At the time of writing, Paribu reports a 100 percent increase in trading volumes for the BTC / TRY trading pair.
Looking to the future, BTC may rise further against the Lira as the Turkish President Erdogan continues to speak out against raising interest rates to stabilize the currency, and instead hold back, referred to the decision of the President of trump on the introduction of sanctions against Turkish steel and aluminium as "attack of the economy".
Link to the source of information (Russia) -
https://altstake.io/news/bitkoin-v-turciiprobil-7-mesyachnyy-rekord-ceny
Topic: Bitcoin in Turkey broke a 7-month price record. (Read 733 times)
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