BitcoincryptocurrencyErdoganLiraTurkish Lira

Bitcoin Hits $100,000 in Turkish P2P Markets as Lira Plummets

The cost to purchase one Bitcoin in Turkey’s peer-to-peer crypto markets has surged to over $100,000.
According to data fetched from LocalBitcoins.com, the minimum Ask price for Bitcoin has reached 509,840 Turkish Lira (~$64,000). Meanwhile, some offline exchanges demand as much as $100,000 in Lira for one flagship cryptocurrency, almost twice higher than its global Ask rate.
Bitcoin crosses the $100,000-mark in Turkey. Source: LocalBitcoins.com
Lira Crashes
The astronomical price levels appear after a major slide in the Turkish Lira’s value. The currency plunged by as much as 14 percent on Monday after President Recep Tayyip Erdogan fired the country’s central bank governor, credited for pulling the lira out of its bearish trend earlier this year.
Naci Agbal, who had replaced President Erdogan’s son-in-law Berat Albayrak as the central bank governor, was a proponent of higher interest rates. His small tenure received applauds from local and foreign investors to move Turkey towards a more orthodox monetary policy.
Turkish Lira crashes against the US dollar. Source: TRYUSD on TradingView.com
Max Lin, an emerging-markets currency strategist at NatWest Markets, told the Wall Street Journal that Mr. Agbal’s removal was a sign that President Erdogan does not want to raise interest rates to contain Turkey’s explosive inflation, adding that the lira now risks plunging further lower due to current competitiveness.
Edward Al-Hussainy, senior rates & currencies analyst at Columbia Threadneedle, further stressed that Turkish assets would undergo intense selling pressure as investors limit their exposure in the country’s hyperinflated …
Story continues on Bitcoinist

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