The Turkish lira took action ahead of the Central Bank’s interest rate decision this week. It dropped to a new low against the US dollar. This move marked a record for Bitcoin price. Recent developments have caused Bitcoin to hit an all-time high against the local currency. Here are the details…
Bitcoin price hits record in Turkey
The Turkish lira hit a record low of 27.3 against the US dollar on July 18, according to data. It is currently trading at 26.92 after two months of sharp decline in value. The move was observed by Bitcoin advocate and MicroStrategy CEO Michael Saylor, who shared the chart. Also, the Turkish lira has lost nearly 30 percent of its value against the dollar since the beginning of this year. According to Reuters, Turkey’s Central Bank is expected to raise the policy rate by 500 basis points to 20 percent this week. It’s part of a commitment to lower inflation. According to some data, inflation in Turkey was 85.5 percent in October 2022, the highest level of the last two decades.
“The news that the Central Bank’s rate hike will fall short of market expectations triggers the lira’s depreciation,” a trader told Reuters. The lira’s depreciation has taken the Bitcoin price to new heights on local exchanges. Turkish traders shared the charts of the new price peak in BTC/TRY, asking how it could be a hedge against inflation. BTC prices were at the level of 820,600 liras in Paribu at the time of this writing. At current exchange rates, this figure is about 1.3 percent higher than BTC’s global spot prices. Because it is equivalent to $ 30,470.
What are the prospects for BTC?
Bitcoin price is trading around $30,000 in global markets. Bitcoin has been changing hands at the same level for some time now. Bitcoin fell as low as $29,720 in transactions on July 18, but managed to regain the $30,000 level. However, BTC pulled back from its Ripple-induced high late last week and has since dropped 5 percent. The asset has remained in a tight range for the past four weeks as trading volumes dries up. According to analyst Martin Young, failure to break the $31,000 resistance three times in the past three months could mean a return to lower levels in the short term.
Also, any signs of strong selling pressure below $30,000, in particular, are critical. Because there is a risk of triggering panic among investors who bet that the price of Bitcoin will rise to $ 35,000 and $ 38,000. However, especially with BTC hovering at $30,000, the $28,000 and $25,000 support levels are pointed out.
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