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August 13, 2018, 05:35:01 PM |
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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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