Bitcoin price rose to a record high in the pair with Turkey’s national currency. Alongside Bitcoin’s gains, the weaker lira is a key factor, as it has this year cemented its status as the worst-performing among emerging-market currencies.
According to CoinGecko, the market value of 1 BTC in Turkey surpassed 100 thousand lira.
On Monday trading, the USD/TRY rate crossed the psychological threshold of 8 lira per dollar for the first time in history. Year-to-date losses exceeded 35%. This is the worst performance among 24 emerging-market currencies.
Source: Bloomberg.
The lira’s weakness is attributed to rising geopolitical tensions with the United States and the European Union, as well as deteriorating fundamentals. Capital inflows have stalled and do not offset the negative trade balance. Gold and foreign-exchange reserves, which have fallen to a 15-year low, are effectively exhausted given corporate-sector debt.
Inflation dynamics in Turkey. Source: TradingEconomics.
The buying price of Bitcoin in lira on the LocalBitcoins p2p platform starts at 106,870 TRY. This indicates a premium of at least 3% to the exchange rate.
Source: LocalBitcoins.
Earlier ForkLog reported that the price of Bitcoin reached a historical maximum in pairs with Brazil’s and Argentina’s currencies.
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