According to Kaiko’s analysis, volume on a private altcoin is growing in Turkish markets ahead of the upcoming election.
This altcoin reached a record level in Turkish markets
Ahead of the Turkish central bank’s interest rate policy and the upcoming election, demand for USDT is increasing. According to the data, USDT-TRY trading volumes exceeded $250 million last week, their highest level since May 2022.
Investors in Turkey are looking for a more stable investment vehicle with the increasing economic uncertainties. At this point, USDT meets this need with the increasing demand for the Turkish lira. Also, the depreciation of the Turkish lira is causing investors to turn to USDT among cryptocurrencies.
Along with these developments, the increase in USDT demand was related to the investors’ search for a safe haven. USDT, USDC, TUSD etc. stablecoins meet the investors’ search for fixed prices, as in Turkey. In addition, considering the effects of the elections in Turkey on the markets, the volatility in USDT is expected to continue for a while.
Turkish Lira declines to 19.50 before CBRT interest rate decision, US GDP
USD/TRY posted slight gains around 19.42 early Thursday morning, consolidating the previous day’s losses. In doing so, it shows typical contra movements before the CBRT Interest Rate Decision and the US first quarter GDP.
According to the latest Reuters poll, “All 21 economists surveyed expect the CBRT to keep the benchmark interest rate steady at 8.5% this week, the last monetary policy board meeting before the vote.” The survey also cites the median estimate, stating that Turkey’s policy rate rose to 24.0% in the third quarter.
However, the fall in the First Republic Bank (FRB) price and US-China tensions and the West’s anger towards Russia are triggering the sentiment. This underlines the USD/TRY prices.
In a hot development, First Republic Bank has plunged sharply in stocks over the past 24 hours. The 30 percent depreciation gained momentum after the bank announced its first quarter balance sheet. Shares fell as much as 50% yesterday. On April 27, it lost nearly 30% to $5.75. BTC price initially headed towards $30,000 during the drop in FRB price. Later, it changed direction at the same speed to new developments.
Cryptocurrency market agitated with this headline
Data show that USDT-TRY trading volumes broke records in Turkish markets, while Mt. Gox and the US government’s claims that they will sell BTC led to a decline in the market. cryptocoin.com As the Fud news disappears, prices are recovering.
The decline in the last 48 hours began with Arkham’s report, which later turned out to be erroneous. The blockchain analytics firm denies that it played a role in the sudden crash that saw Bitcoin drop 7% in less than an hour. As the fud disappeared, what was left was the 7% drop in BTC price.
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