December 4, 2021

Bitcoin hits new all-time high in Turkey

Bitcoin hits new all-time high in Turkey

TradingView data shows a record increase in BTC versus the Turkish lira amid hyperinflation in the country.

The cryptocurrency market reacted strongly tointerest rate cut by President Erdogan last week. The lira collapsed against the dollar, losing more than 10% of its value. But the trading volumes and the price of military-technical cooperation are growing rapidly. BTC / TRY hit 723329 on Tuesday on Binance - another record.

1-day USD / TRY candlestick chart. Source: TradingView

Bitcoin hits new all-time high in Turkey

The cryptosphere is having a hard time withErdogan. Cryptocurrency payments are prohibited in the country, but ownership of cryptocurrency in the country is still legal. Despite the recent collapse of two Turkish exchanges, one of which was recognized as an obvious scam, the volumes of MTC trade are growing. One of the few local exchanges to reach 1,000 BTC ($ 56.7 million) trading volume in the BTC / TRY pair in the last 24 hours.

MicroStrategy CEO Michael Sailor noted that Bitcoin is now Turkey's only hope.

Subscribe to ForkNews on Telegram to stay updated on news from the world of cryptocurrencies

Facebook Notice for EU! You need to login to view and post FB Comments!