Mainstream media seized on the unravelling currency crisis in Monday, August 13, with Bloomberg a demonstration of (BTC) comparatively low volatility.
Leading with the headline “Turkey Meltdown Propels Lira Volatility Above bitcoin,” Bloomberg became the latest publication to reveal the full extent of the Turkish national currency’s devaluation this year.
“The 10-day swings in the lira relative to the U.S. dollar now exceed those for bitcoin amid Turkey’s escalating currency crisis,” Bloomberg reports.
Turkey has seen an uptick in consumer interest in bitcoin since the lira, which had already halved in value against the dollar since January, rapidly slid to all-time lows over a raft of geopolitical factors.
According to data from , interest in bitcoin increased markedly in August, while local exchanges have seen volumes explode by this week alone.
As lawmakers enact capital controls, cryptocurrency’s status in the country remains uncertain. Despite Turkey’s official stance appearing to suggest bitcoin is with Islam, local exchanges continue to receive full banking support, Forbes this week.
Those exchanges have begun seeing increased volatility, with operators such as BtcTurk trading the coin at prices per bitcoin than on foreign platforms.
That trend could continue, commentators , if the economic situation does not stabilize.
Published at Mon, 13 Aug 2018 12:44:00 +0000
