What's Hot

    Chinese tax authorities step up pressure on private crypto investors

    26.01.2023

    Tether will look for crypto transactions that pay for child pornography

    26.01.2023

    On-chain activity in the Optimism network collapsed after the end of the NFT bonus program

    26.01.2023
    Facebook Twitter Instagram
    Friday, January 27
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Bitcoin»Turkish lira continues to fall against bitcoin
    f5da766779e880b5e16fa088a5a608ae1122bd5f
    Bitcoin

    Turkish lira continues to fall against bitcoin

    AdministratorBy Administrator05.03.2022No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~2 m


    After reporting a sharp increase in annual inflation in February, the Turkish lira fell against bitcoin and is hovering around a two-month low. Lira has lost about 12% against the world’s largest cryptocurrency this week, according to Coingecko.

    On the morning of March 5, the exchange rate was about 562,000 lire for 1 BTC. Over the past week, the Turkish currency has also lost about 7% against the dollar. According to Tradingeconomics, inflation accelerated to a record 54% in February, and weekly volumes on one of Turkey’s largest crypto exchanges, BtcTurk, exceeded $2 billion.

    Inflation has skyrocketed in Turkey since last year, due to President Tayyip Erdogan’s unorthodox stance on monetary policy, according to which the central bank is cutting interest rates despite rising prices. Rising inflation has played a key role in undermining Turkey’s financial stability and pushing its people to secure their financial wealth through cryptocurrencies.

    Last year, during the currency crisis, when the lira fell sharply in value, trading volumes on the main Turkish exchanges exceeded the figure of 1 million transactions per day. This trend appears to have continued this year, according to a report from The Financial Times.

    Despite the fact that it is forbidden to use cryptocurrency for payments in Turkey, it is not forbidden to invest in this area as a traded asset. The rise in popularity of digital assets, combined with the collapse of a major exchange last year, prompted the government to urgently develop bills related to cryptocurrencies.

    A recent report by analyst firm Chainalysis showed that Turkey has the highest volume of cryptocurrency transactions in the Middle East.




    #Turkish #lira #continues #fall #bitcoin

    Bitcoin continues fall lira Turkish
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    AI Calls Bitcoin a Tool to Destroy Central Banks

    26.01.2023

    Anthony Scaramucci Predicts Bitcoin’s “Renaissance” in 2023

    26.01.2023

    Crypto Analyst Expects Bitcoin to Rise Above $30,000 in February

    26.01.2023

    The price of bitcoin is growing due to the growth of activity of institutional investors

    26.01.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Chinese tax authorities step up pressure on private crypto investors
    • Tether will look for crypto transactions that pay for child pornography
    • On-chain activity in the Optimism network collapsed after the end of the NFT bonus program
    • Shiba Inu Network Transferred 3 Trillion SHIB Tokens Worth $38 Million
    • AI Calls Bitcoin a Tool to Destroy Central Banks
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.