After inflation exceeds 50%…the Turkish lira is falling against Bitcoin
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer After inflation exceeds 50%…the Turkish lira is falling against Bitcoin
The Turkish lira fell against Bitcoin, hovering around a two-month low after data showed annual inflation soared in February.
Coingecko data showed that the lira lost about 12% against the world’s largest cryptocurrency this week.
The Turkish lira, which is currently trading for 1 Bitcoin, also lost ground at around 560,366.75.
Inflation accelerated to a record 54% in February, data from Tradingeconomics showed, while weekly volumes on BtcTurk, one of Turkey’s largest cryptocurrency exchanges, topped $2 billion.
Turkish inflation has risen significantly since last year, largely due to President Recep Tayyip Erdogan’s unorthodox stance on monetary policy, which has led the Central Bank to cut interest rates despite rising prices.Read:Michael Saylor: Bitcoin ETFs Will Completely Replace Gold ETFs In The Next Two Years
Rising inflation has played a major role in undermining Turkey’s financial stability, prompting its residents to protect their wealth through cryptocurrencies.
Rising inflation fuels cryptocurrency adoption:
Last year, during Turkey’s currency crisis which saw a significant devaluation of the lira, trading on major Turkish cryptocurrency exchanges exceeded 1 million trades per day.
This trend appears to have extended into this year, according to a report from the newspaper “financial times”.
While the use of cryptocurrencies for payments is prohibited in Turkey, it is legal to invest in these assets.
The rise in popularity of cryptocurrencies, coupled with the collapse of one of the largest trading platforms last year, has led the government to speed up its steps in drafting laws regulating the cryptocurrency market.
According to a recent report by the research firm Chainalysis, Turkey has the largest volume of crypto transactions in the Middle East.
Countries with high inflation and weak currencies have seen an increase in cryptocurrency adoption in recent years.
Venezuela switched to cryptocurrency, creating its own cryptocurrency “Petro”, after the collapse of the Bolivar and the collapse of the economy in 2019.Read:The resignation of an FTX investment fund team…details here
Announcing a partnership between the cryptocurrency trading platform “OKX” and Manchester City FC
Bitcoin price up 5800% since Warren Buffett said it was useless!
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time