Turkish Lira Plunges Against US Dollar, BTC/TRY Trading Volume Surges Dramatically on Binance

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BlockBeats News, March 19th, Today, after Ekrem İmamoğlu, the competitor of Turkish President Recep Tayyip Erdoğan and the Mayor of Istanbul, was suddenly arrested, the Turkish Lira (TRY) plunged to a historic low against the US Dollar.

The Lira-to-Dollar exchange rate dropped to a record low of nearly 41, falling 10% in a single day. The volatility led to a sharp increase in trading volume for the Bitcoin-Lira (BTC/TRY) trading pair on Binance.

Data shows that the BTC/TRY trading pair on Binance transacted a total of 93 BTC between 15:00 and 16:00 Beijing time, the highest hourly volume in at least a year. However, after adjusting for the Lira exchange rate, the BTC trading price is still much lower than on Coinbase (COIN).

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