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Reason for joy for Bitcoin traders in Turkey: 1 BTC is now worth 800,000 Turkish Lira

 


For Turkish citizens who are Bitcoin traders, the high inflation is quite a blessing.


Bitcoin ( BTC ) fell over 5 percent from its local highs on December 20. Macroeconomic tensions continue into the new week.


Analyst: Volatiles expected at the end of 2021

Data from Cointelegraph Markets Pro and TradingView show the BTC / USD pair fell back below $ 46,000 overnight on Sunday and hit a low of $ 45,787 on Bitstamp.


The pair climbed as high as $ 48,300. Then there was a reversal as the Asian stock market started the week poorly due to the coronavirus.


"The US stock market will have a pretty bad day today. The European stock markets will also start the week with a minus," warned Cointelegraph employee Michaël van de Poppe in his latest YouTube update .


"We are preparing for a strong volatility in the last few weeks of this year."

Like other analysts, van de Poppe also emphasized that the strength of the US dollar means additional difficulties for risky assets such as Bitcoin. The US dollar currency index (DXY) is currently facing resistance, while Bitcoin is wrestling with its support due to the mirrored correlation.


"We hope for a reversal structure like in September," he said. He was referring to the $ 40,000 outbreak in September.


Turkish lira continues to collapse

Bitcoin traders in Turkey, on the other hand, had every reason to be happy.


With this in  mind, "Biggest GBTC Discount Ever": 5 Must-Know Things About Bitcoin This Week



After President Recep Tayyip Erdogan's reassurance that he wanted to cut interest rates, the Turkish national currency lira (TRY) fell to a new record low of 17.8 against the US dollar.


As a result of the most recent slump, which has resulted in a loss of 60 percent since the beginning of the year, Bitcoin and other cryptocurrencies came back into focus as potential hedge against extreme economic policy measures.



BTC / TRY exceeded the 800,000 lira mark overnight, doubling in just two and a half months.



To make matters worse, the lira fell below the Egyptian pound (EGP) for the first time in history.


Erdogan has a difficult relationship with cryptocurrencies. He has previously taken measures to prevent Turkish consumers from accessing this industry.


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