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 decisively to President Erdoğan's interest rate cut last week.The lira collapsed against the dollar, losing more than 10% of its value.The BTC/TRY pair reached the 723329 mark on Tuesday on Binance - another record.

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

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.

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