After the depreciation of the Turkish lira against the dollar, the Dollar/TL rate rose to 18.36 by breaking new records one after the other.
In the face of the depreciation of the Turkish Lira, a new peak was experienced in the Bitcoin / TL parity, and Bitcoin exceeded 800,000 TL.
After the increase in the exchange rate, President Recep Tayyip Erdogan announced yesterday that new comprehensive measures will be put into effect to protect consumers and ensure that the return of the foreign currency can be achieved by staying in the Turkish Lira.
After the President’s statements, there were serious decreases in the dollar and euro rates and the Turkish lira started to appreciate against the US dollar.
In Bitcoin, which experienced a great decline after its peak of $ 68,000, there was an increase in the price of Bitcoin while talking about how long the correction would last.
Noting the increase in Bitcoin and Turkish Lira at the same time, the famous crypto money analyst Michaël van de Poppe mentioned the correlation between cryptocurrencies and TL in his post on his Twitter account. Because, with the appreciation of the Turkish lira yesterday evening, the leading cryptocurrency Bitcoin and altcoins experienced a similar rise.
Regarding TL and Bitcoin, the analyst shared, “BTC has risen nicely today, Ethereum has risen more beautifully. So what could be the reason behind this rise? The Turkish lira appreciated strongly.” used the phrases.
#Bitcoin bounces nicely today.#Ethereum bounces even better today.
The actual reason?
Turkish Lira makes a strong bounce.
🇹🇷🇹🇷
— Michaël van de Poppe (@CryptoMichNL) December 20, 2021
The popular analyst, who thinks that there is a correlation between the appreciation of TL against the dollar and the rise in Bitcoin, pointed out that the correction in Bitcoin and cryptocurrencies may be over in his next posts.
*Not investment advice.