untitled design

Bitcoin Price In The Peer-to-peer Market In Turkey Has Significantly Exceeded

Bitcoin price in the peer-to-peer market in Turkey has significantly exceeded the market average against the backdrop of the collapse of the national fiat currency. According to LocalBitcoins, the minimum offer is now more than $ 60,000 at an average market rate of about $ 57,400. Bitcoinist claims that on some offline sites the price has risen to $ 100,000. In addition, Google Trends data indicate that the number of Bitcoin-related hits to the search engine in Turkey has grown 6 times in a few hours.

Events unfold against the backdrop of a 14 percent collapse in the price of the Turkish lira. This came after the country’s President Recep Erdogan fired the head of the central bank Naji Agbal, the third in a row in two years. Erdogan’s decision was dictated by the increase in the key rate from 15% to 17% per annum, which took place last week.

According to analysts, the president’s actions shocked investors, who were positive about the recent monetary policy. At one point in his five months in office, Agbala lira was the best currency in emerging markets.

In November, Erdogan’s son-in-law, Berat Albayrak, resigned from his post as finance minister after a record drop in the lira exchange rate. Agbal radically changed the policy of his predecessor Murat Uysal, who cut the key rate by three times. According to Henrik Güllberg, lead strategist at Coex Partners, Agbal was able to stop the collapse of the lira exchange rate, but now everything is destroyed again.

The new head of the Central Bank Shahab Kavcioglu, like Uysal, supports the rate cut.

 

“The optimism about the lira was based on the expectation that the central bank would keep rates high for at least some time, but now bulls will be difficult to find,” Güllberg added.

 

 

 

“Erdogan’s interference in the Central Bank’s policy has always turned into trouble,” Bloomberg Economics said.

 

You may also like

The trader named 25 promising coins
Top News
David

The trader named 25 promising coins

Trader Xremlin, popular in the crypto community, published a selection of the 25 most promising, in his opinion, small-cap cryptocurrencies.

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular