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

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).