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Author Topic: Turkish Lira Drops 45%, Bitcoin Prices Jump 1.58%  (Read 47 times)
geard
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August 13, 2018, 05:35:01 PM
 #1

Turkey is on the verge of an economic crisis. Turkey's lira currency dropped sharply against the United States dollar (US. Since the beginning of the year lira has dropped 45% severely.

The drop in the Turkish currency has caused a number of investors to shift their funds to safe haven assets, especially the yen (Japan) and the Swiss franc, which rose high.

In today's trading, Bitcoin traded in the range of US $ 6,359 per coin. In the past 24 hours the price of Bitcoin has risen 1.58%, according to Coinbase.


According to Coinmarketcap this increase made Bitcoin's market capitalization rise to US $ 109.38 billion. There were 17.21 million Bitcoin circulating in the market and US $ 5.93 million traded.

The deep depreciation experienced by this currency was largely due to Erdogan's influence on the Turkish economy, his constant insistence that banking interest rates continued to fall when inflation actually skyrocketed, and Ankara's relations with Washington worsened.

On Friday last week ,ira had fallen by up to 18%, which was its deepest daily depreciation since 2001. It happened after US President Donald Trump said he had doubled Turkish steel and aluminum duties.

Relations between the two countries are heating up due to various issues, such as Syria, detention of US priests, and the increasingly sticky relationship between Turkey and Russia.

American Pastor Andrew Brunson has been detained since October 2016 on charges of terrorism and spying. If he is convicted, Brunson can be imprisoned for up to 35 years.

US President Donald Trump called the detention an extraordinary shame and urged Erdogan to release Brunson immediately.
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August 13, 2018, 05:39:08 PM
 #2

USA raised tariffs on Turkish goods so lira what was already down is losing even more
but it will not help bitcoin it is enough to look volume Turkish will not run and buy btc


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August 13, 2018, 05:45:53 PM
 #3

USA raised tariffs on Turkish goods so lira what was already down is losing even more
but it will not help bitcoin it is enough to look volume Turkish will not run and buy btc

The lira in itself is already a really messed up currency, it's only going to get worse.

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August 13, 2018, 05:52:51 PM
 #4

Turks who try to defend their money by buying BTC will lose even more. Mark my words.
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August 13, 2018, 05:54:59 PM
 #5

unfortunately with the crypto-currency world this news is not connected in any way. money will not flow from lyre to bitcoin
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August 14, 2018, 11:17:43 PM
 #6

What do you think is more stable? Is the national currency of Turkey or bitcoin? Grin Grin Grin Grin
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August 15, 2018, 11:22:47 AM
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That's what happen when they didn't hodl their Lira but choose an altcurrencies like Yen and Franc instead.
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August 15, 2018, 11:29:40 AM
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Turks who try to defend their money by buying BTC will lose even more. Mark my words.

What do you mean?I don't see any turks trying to protect their money by buying bitcoin.They usually buy dollars or euro.Bitcoin isn't very popular in Turkey,it might become popular some day,but the turkish authorities will do everything to ban btc.I don't see any correlation between the turkish lira dump and the bitcoin price jump.People in Turkey aren't buying cryptocurrencies.

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August 15, 2018, 03:33:53 PM
 #9

I really feel sorry for Turkey! against it, America declared an economic war! this is very bad for the whole economy! it is very good that now they have exchanges and exchangers - where you can throw your money into bitcoin or other crypto currencies! Many people have now saved their money - when they invested in bitcoin!

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