Google’s search engine shocked the financial world by showing an incorrect US Dollar exchange rate against the Turkish Lira. It caused panic selling and confusion among traders and investors. Additionally, a change was seen in the cryptocurrency USDT and TRY pair. Here are the details…
Error in Google’s dollar/TL exchange rate
Late last night, as markets were closing around the world, users searching for the dollar exchange rate on Google encountered a surprising sight. The Dollar/TL exchange rate, which closed the week at 28 TL, inexplicably appeared as 24 TL in the popular search engine. This sudden and unexpected drop of 4 TL from the market rate surprised millions of users and quickly became a trending topic on social media. Despite widespread concern, no official statement was made explaining why Google showed the dollar as 24.05 Turkish Liras, when it officially closed at 28 liras and 16 kurus on the previous trading day. This discrepancy is thought to be caused by a systemic error in Google’s data infrastructure.
Selling wave in cryptocurrency USDT
Google’s failure to fix the error even after several hours deepened the confusion further. The dollar exchange rate continued to be misrepresented as 24.05 instead of the actual 28.17, causing consternation among traders, investors and market observers. The cryptocurrency market, known for its 24/7 trading, has witnessed a sudden increase in panic selling as some investors hastily reacted to erroneous data. In particular, the USDT/TRY trading pair experienced a sharp decline from 28.30 to 27.15 on the cryptocurrency exchange Binance. Investors were shaken, fearing that the value of the Turkish lira had inexplicably skyrocketed.
Bug fixed
However, after the data error was detected, the market began to recover rapidly and the USDT/TRY pair on Binance returned to its previous price of 28.30. However, the initial shock wave from Google’s inaccurate data caused temporary turmoil in the market. Eventually, a few hours later, Google corrected its data and the dollar rate was once again correctly shown as 28.25 Turkish Lira, in line with the actual market rate. This incident is a stark reminder of the potential impact of misinformation in the financial world, even when it comes from a trusted source like Google. Investors and traders need to be careful. They also need to verify information from multiple sources to avoid knee-jerk reactions based on faulty data.
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