Turkish Lira’s Collapse Sees Media Highlight Bitcoin’s Relative Stability

Mainstream media seized on the unravelling currency crisis in Turkey Monday, August 13, with Bloomberg publicizing a demonstration of Bitcoin’s (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 Google Trends, interest in Bitcoin increased markedly in August, while local exchanges have seen volumes explode by over 150 percent 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 not compatible with Islam, local exchanges continue to receive full banking support, Forbes notes this week.

Those exchanges have begun seeing increased volatility, with operators such as BtcTurk trading the coin at prices around $500 higher per Bitcoin than on foreign platforms.  

That trend could continue, commentators claim, if the economic situation does not stabilize.



Author: Cointelegraph By William Suberg

Source link

Related posts

14 Thoughts to “Turkish Lira’s Collapse Sees Media Highlight Bitcoin’s Relative Stability”

  1. Bea Streller

    Regards for this tremendous post, I am glad I found this web site on yahoo.

  2. Football Solutions Inkaras

    Swapping shirts is always a sign of respect between sportspeople – with Romelu Lukaku and Paul Pogba no different as they caught up with NBA superstar Draymond Green. Manchester United pair Romelu Lukaku and Paul Pogba swap shirts with NBA superstar Draymond Green of Golden State Warriors

  3. Football Solutions Reipas

    MailOnline Sport has teamed up with EA SPORTS, the Lead Partner of the Premier League, to offer you the chance to win a pair of tickets to Manchester City v Leicester on Saturday, May 13. Manchester City v Leicester – win tickets to the Premier League match, courtesy of EA SPORTS

  4. Plymouth workers call in sick more than any other UK city

    … [Trackback]

    […] Find More on that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  5. devops trends

    … [Trackback]

    […] Read More here to that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  6. how to grow psilocybe mushrooms

    … [Trackback]

    […] Read More on that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  7. wow slot

    … [Trackback]

    […] Information on that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  8. Firearms For Sale

    … [Trackback]

    […] Read More on that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  9. prevent screenshot

    … [Trackback]

    […] Read More Info here to that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  10. เงินด่วนออนไลน์ โอนเข้าบัญชี

    … [Trackback]

    […] Find More Information here on that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  11. 1688upx

    … [Trackback]

    […] Read More to that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  12. sbo

    … [Trackback]

    […] Read More Information here on that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  13. useful source

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

  14. fake website

    … [Trackback]

    […] There you will find 35987 additional Information on that Topic: tradingbtc.com/2018/08/13/turkish-liras-collapse-sees-media-highlight-bitcoins-relative-stability/ […]

Leave a Comment