{"id":18043,"date":"2025-03-19T11:31:58","date_gmt":"2025-03-19T11:31:58","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=18043"},"modified":"2025-03-19T11:31:58","modified_gmt":"2025-03-19T11:31:58","slug":"erdogan-rivals-arrest-sends-lira-to-record-low-bitcoin-try-volume-surging-on-binance","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=18043","title":{"rendered":"Erdogan Rival&#8217;s Arrest Sends Lira to Record Low, Bitcoin-TRY Volume Surging on Binance"},"content":{"rendered":"<div>\n<p>The Turkish\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/TRY=\" target=\"_blank\">lira<\/a>\u00a0(TRY) fell to a record low against the dollar following the <a href=\"https:\/\/www.cnbc.com\/2025\/03\/19\/turkish-lira-stock-market-drop-after-istanbul-mayor-and-erdogan-rival-arrested.html\" target=\"_blank\">surprise arrest<\/a> of President Recep Tayyip Erdogan&#8217;s rival and Istanbul mayor Ekrem Imamoglu.<\/p>\n<p>The currency slumped a record of nearly 41 per U.S. 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.<\/p>\n<p>Imamoglu&#8217;s Republican People\u2019s Party (CHP) described the arrest as a coup to replace the will of the people. The party was set to hold a primary election next week, with Imamoglu widely expected to emerge as the presidential candidate.<\/p>\n<p>On Binance, the BTC\/TRY pair saw 93 BTC change hands between 7:00 UTC and 8:00 UTC, according to data source TradingView. That&#8217;s the highest hourly volume in at least a year.<\/p>\n<p>Still, when adjusted for the lira&#8217;s exchange rate, BTC traded at a massive discount to prices on Coinbase (COIN). <\/p>\n<p>It&#8217;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.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.sanity.io\/images\/s3y3vcno\/production\/0d7aed28f766d55aa0e280c51d8acdf15ff0927d-2358x968.png?auto=format\" alt=\"\"><\/p>\n<p>Fiat-currency volatility is not new to Turkey and over the years it has <a href=\"https:\/\/www.coindesk.com\/markets\/2021\/12\/10\/tether-shib-compete-with-bitcoin-in-inflation-ridden-turkey-as-lira-tumbles\" target=\"_blank\">galvanized demand<\/a> for hard assets like gold and alternative assets like stablecoins and cryptocurrencies. The lira has consistently depreciated since at least 2017, when it 3.53 to the dollar. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Turkish\u00a0lira\u00a0(TRY) fell to a record low against the dollar following the surprise arrest of President Recep Tayyip Erdogan&#8217;s rival and Istanbul mayor Ekrem Imamoglu. The currency slumped a record of nearly 41 per U.S. dollar, a 10% slide on the day. The volatility saw a sharp rise in trading volumes in the bitcoin-lira (BTC\/TRY) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-18043","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/18043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18043"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/18043\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}