TradingView data shows record growth of the BTC against the Turkish lira amid hyperinflation in the country.
The cryptocurrency market reacted strongly to President Erdogan's interest rate cut last week. The lira collapsed against the dollar, losing more than 10% of its value. But trading volumes and the price of military-technical cooperation are growing rapidly. The BTC/TRY pair reached 723329 on Tuesday on Binance - another record.
USD/TRY 1-day candlestick chart. Source: TradingView
The crypto sphere is going through tough times under Erdogan. Cryptocurrency payments are prohibited in the country, but owning cryptocurrency in the country is still legal. Despite the recent collapse of two Turkish exchanges, one of which was considered an obvious scam, BTC trading volumes are growing. One of the few local exchanges, over the past 24 hours, reached a trading volume of 1000 BTC ($56.7 million) in the BTC/TRY pair.
MicroStrategy CEO, Michael Saylor, noted that Bitcoin now remains the only hope for Turkey.
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