The Turkish Lira (try) fell to a record low against the dollar after the surprise arrest of President Recep Tayyip Erdogan’s rival and Istanbul Mayor Ekrem Imamoglu.
The currency fell a record of almost 41 per. US dollar, a 10% slide on the day. The volatility experienced a sharp increase in trading volumes in Bitcoin-Lira (BTC/TRY) pair of leading cryptocurrency exchange binance.
Imamoglus Republican People’s Party (CHP) described the arrest as a cupping to replace people’s will. The party was set to hold a primary election next week, with Imamoglu largely expected to show up as presidential candidate.
On Binance, BTC/TRY PAIR 93 BTC changed hands between 7:00 AM and 8:00 ADC, according to Data Source TradingView. It is the highest hourly volume of at least a year.
Still, when it was adjusted for Lira’s exchange rate, BTC traded with a massive discount at the prices of Coinbase (Coin).
It is possible dealers sold BTC/try moving money to dollar-connected assets like USDT, the largest stableecoin. Coindesk reached out to Binance for a comment on the case.
Fiat-currency-volatility is not new to Turkey, and over the years the galvanized demand for hard assets such as gold and alternative assets such as stableecoins and cryptocurrencies. Lira has consistently written off since at least 2017 when it is 3.53 to the dollar.
