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Turkish Lira Plunges Against US Dollar, BTC/TRY Trading Volume Surges Dramatically on Binance

4 hours ago

On March 19th, at present. After Ekrem İmamoğlu, who is a rival of Turkish President Recep Tayyip Erdoğan and the mayor of Istanbul, was suddenly arrested, the Turkish Lira (TRY) sharply depreciated to a historic low against the US Dollar. The exchange rate between the Lira and the Dollar dropped to a record low of nearly 41, with a single-day decline of 10%. The high volatility led to a significant increase in the trading volume of the Bitcoin-Lira (BTC/TRY) trading pair on Binance. Data indicates that on Binance, the BTC/TRY trading pair traded a total of 93 BTC between 15:00 and 16:00 Beijing time, which is the highest hourly volume in at least a year. However, after adjusting according to the Lira exchange rate, the BTC trading price is still significantly lower than that on Coinbase (COIN).
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