“Binance’s BTC/TRY PAIR SEES INCREASED Trading Activity As the Move Sends the Lira Craashing.”, – WRITE: www.coindesk.com
The Currency Slumped A Record of Nearly 41 per US Dollar, A 10% Slide on the Day. The volatility saw a Sharp Rise in Trading Volumes in the Bitcoin-Lira (BTC/TRY) Pair on Leading Cryptocurrency Exchange Binance.
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On Binance, The BTC/Try Pair Saw 93 BTC Change Hands Between 7:00 UTC and 8:00 UTC, Accounting To Data Source Tradingview. That’s the Highest Hourly Volume in at Least A Year.
Still, WHEN Adjusted for the Lira’s Exchange Rate, BTC Traded at A Massive Discount to Prices on Coinbase (Coin).
It’s Possible Traders Sold BTC/TRY TO MOVE MONEY INTO Dollar-Linked Assets Like USDT, The Largest Stablecoin. Coindesk Reached Out to Binance for A Comment on the Matter.
Binance’s Btctry Volume and Exchange-Rate Adjusted Price in Try and USDT Markets. (TradingView
Fiat-Currency Valativity is not new to Turkey and Over the Years Its Galvanized Demand for Hard Assets Like Gold and ALTERNATIVE Assets Like Stablecoins and CrypTCurrencurrencurrencurrencurrencurrencurrencurren. The Lira Has Consistently Deprecied Since at Least 2017, WHEN IT 3.53 to the Dollar.
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