The Turkish LIRA (try) fell to a record hollow compared to the dollar after the surprise arrest of the rival of President Rece Tayyip Erdogan and the mayor of Istanbul Ekrem Imamoglu.
The currency dropped a record of almost 41 for the US dollar, a slide 10% during the day. Volatility has experienced a sharp increase in trading volumes in the Bitcoin-Lira (BTC / TRY) pair on the main cryptocurrency exchange binance.
Imamoglu’s Republican People’s Party (CHP) described arrest as a coup to replace the will of the people. The party was to organize a primary election next week, Imamoglu which was to emerge as a presidential candidate.
On Binance, the BTC / TRY pair saw 93 BTC Change its hands between 7:00 am UTC and 8:00 UTC, according to Data Source TradingView. It is the highest hourly volume in at least one year.
However, when he adjusted the Lira exchange rate, BTC exchanged a massive discount compared to the prices on Coinbase (corner).
The traders may sell BTC / try to move money in dollar assets like USDT, the largest stablecoin. Coindesk contacted Binance for a comment on the question.
The volatility of finesse-money is not new in Türkiye and over the years, it has galvanized the demand for hard assets such as gold and alternative assets such as stablecoins and cryptocurrencies. The LIRA has always been depreciated since at least 2017, when she 3.53 in the dollar.
