After the recent record increase in the US dollar in Turkey, when we consider BTC in terms of Turkish Lira, it is seen that it is approaching its highest value until now.
According to overseas research, Turkey is among the top 5 Bitcoin adopters when measured by the percentage of the population owning digital assets. The number of crypto money investors in Turkey is increasing day by day. According to estimates, at least 5 million people have already invested in cryptocurrencies in Turkey. The most popular cryptocurrency in the country is bitcoin.
Turkish investors, who are looking for alternative values to evaluate their cash, have increased their interest in cryptocurrencies due to the current increase in foreign exchange in the country. So much so that when cryptocurrencies are on the rise and risk appetite is at its peak, there is a volume of 10 billion dollars in Turkish stock markets.
When viewed in dollar parity, it is known that on November 10, BTC broke a record with 69,000 dollars and at that time, 679,936 TL was seen in TL parity.
Currently, against the dollar, BTC has experienced a 33% pullback from its peak and is trading at $46,700. Looking at TL parity, since November 10, BTC has experienced a 20% increase in TL parity and is currently trading at 777,900 TL.
As such, people who invest in Turkish lira actually prefer cryptocurrencies despite the recent decline in the market. They think they’re making a profit. However, especially when looking at altcoins, it is known that there have been decreases that exceed 50 percent in the last 1 month.
While cryptocurrencies are falling in all global markets and investors are trying to take positions accordingly, those who look at the product they invest in TL do not know the real values. In addition, support, resistance and indicators do not give accurate results in Turkish lira parities.
For this reason, experts warn once again about the importance of looking at the capital in USD when investing in crypto money. We recommend that you read the following guide on this subject.