• bitcoinBitcoin(BTC)$23,219.000.13%
  • ethereumEthereum(ETH)$1,710.30-0.22%
  • tetherTether(USDT)$1.00-0.04%
  • binancecoinBNB(BNB)$322.800.81%
  • rippleXRP(XRP)$0.3753980.15%
  • cardanoCardano(ADA)$0.520.09%
  • polkadotPolkadot(DOT)$8.771.80%
  • litecoinLitecoin(LTC)$61.670.32%
  • UniswapUniswap(UNI)$8.940.21%
  • Home
  • Coins
    • Bitcoin
    • Ethereum
  • Blockchain
  • Regulation
  • Mining
  • Guides
What's Hot

Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via Coinbase Prime | by Coinbase | Aug, 2022

August 7, 2022

US ‘past peak inflation’ after Tesla sells 90% of Bitcoin

August 7, 2022

Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin News

August 7, 2022
Facebook Twitter Instagram
Facebook
Cryptovot Cryptovot
  • Home
  • Coins
    • Bitcoin
    • Ethereum
  • Blockchain
  • Regulation
  • Mining
  • Guides
Cryptovot Cryptovot
Home»Coins»Bitcoin reaches all-time high against the Turkish Lira
Coins

Bitcoin reaches all-time high against the Turkish Lira

CryptoNewsBy CryptoNewsDecember 18, 2021No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
Share
Facebook Twitter LinkedIn Pinterest Email


Bitcoin could be losing compared to the US dollar, but it is gaining against the Turkish Lira. The primary cryptocurrency is heavily being endorsed in Turkey as a store of value because of the rising inflation rates.

Turkey is currently witnessing a sharp decline in interest rates, attributed to the declining value of the Turkish Lira. As such, the value of the country’s fiat continues to deteriorate compared to Bitcoin and other fiat currencies and assets.

Turkey Lira on a decline

A report from Reuters has established that the Lira tumbled by 5.6% against the USD on December 16. The decline in the Lira was simultaneous to a reduction in the 100 basis point policy rate from the Turkish central bank.

The Lira has been on a decline over the past four months, dropping by 47% against the US dollar. One Lira was worth 8.29 against the dollar in September, but it is now worth 15.6.

To mitigate the rising inflation, the President, Tayyip Erdogan, has adopted some policies to buffer against the increasing interest rates. However, the policies are not aiding the Lira and Turkish residents and now disposing of their fiat to prevent their wealth from becoming valueless. Erdogan has also increased the minimum wage and given priority to lending and exports to boost the economy’s recovery

Currently, the global financial market is recording high rates of inflation. The level of inflation in the US is at the highest level in 30 years. The Fed Reserve chair, Jerome Powell, wants to reduce bond purchases to prevent it from escalating.

Bitcoin winning against the Lira

Bitcoin continues to gain adoption as a hedge against inflation. Because of its capped supply, the argument has been that it be used by countries such as Turkey battling hyperinflation.

Currently, Bitcoin is losing against the US dollar, as it is 25% below its all-time high. However, the coin recently hit a record high against the Lira after peaking at around $799,000 per coin. Data from Google Trends also shows that interest in cryptocurrencies in Turkey has significantly increased in 2021.

Your capital is at risk.

Read more:



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticlePolkadot (DOT) Parachains Go Live, Capping Yearslong Tech Build for Ambitious Blockchain Project
Next Article DeFi ‘Rug Pull’ Scams Pulled In $2.8B This Year: Chainalysis
CryptoNews
  • Website

Related Posts

Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin News

August 7, 2022

Bitcoin and Ethereum”Incredibly Oversold” States Bloomberg Analyst: Forbes

August 7, 2022

Sold: 75% of Tesla’s Bitcoin

August 7, 2022

Binance-WazirX Acquisition Was Never “Complete”: Binance’s CEO Changpeng Zhao

August 6, 2022

Leave A Reply Cancel Reply

Recent Posts

  • Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via Coinbase Prime | by Coinbase | Aug, 2022
  • US ‘past peak inflation’ after Tesla sells 90% of Bitcoin
  • Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin News
  • Bitcoin and Ethereum”Incredibly Oversold” States Bloomberg Analyst: Forbes
  • Sold: 75% of Tesla’s Bitcoin
Don't Miss
Regulation

Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via Coinbase Prime | by Coinbase | Aug, 2022

By CryptoNewsAugust 7, 20220

Tl;dr: Coinbase and BlackRock to create new access points for institutional crypto adoption by connecting…

US ‘past peak inflation’ after Tesla sells 90% of Bitcoin

August 7, 2022

Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin News

August 7, 2022

Bitcoin and Ethereum”Incredibly Oversold” States Bloomberg Analyst: Forbes

August 7, 2022
About Us
About Us

CryptoVot is a Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi and digital finance news with analysis, pictures, video and live price updates.

Check out our other website:
Newsvot.com
Funnyvot.com
Healthvot.com
Gamesvot.com
Contact us: contact@vot.media

Facebook
  • Home
  • PRIVACY POLICY & CCPA
  • Do not sell my personal information
  • Opt out / Unsubscribe
© 2022 VotMedia

Type above and press Enter to search. Press Esc to cancel.