Bitcoin News

1 Bitcoin Crosses Over 800k Turkish Lira For Debut – Conclusion For 2021.

Bitcoin (BTC) plummeted more than 5% from its December 20 highs as macro concerns lingered into the fresh week.

Expert Vision: Be prepared for a tumultuous conclusion to 2021.

BTC/USD slid back under $46,000 overnight on Sunday, hitting lows of $45,787 on Bitstamp, according to information from Coinmarketcap Markets and TradingView.

The duo had reached $48,300 prior to reversing as Asian equities began the week on a sour one due to the coronavirus.

“When it happens today, the financial markets in the United States will have a really awful day.” In addition, the European stock markets will begin with red figures,” Cointelegraph writer Michael van de Poppe said in his most recent YouTube post.

Van de Poppe, like several, emphasized that the resilience of the US dollar creates more resistance for risk assets including Bitcoin. With the US dollar currency index (DXY) finding resistance, Bitcoin is fighting for support in a typical inversely linked trend.

Maximum suffering for Turkish Lira holders

With nothing much to motivate Bitcoin traders in general, only developments in Turkey gave some solace to those who chose to expand into BTC.

After President Recep Tayyip Erdoan’s renewed promise to decrease interest rates, Turkey’s national legal tender, the lira (TRY), dropped to fresh record lows of 17.8 versus the dollar.

With its year-to-date losses approaching 60%, the current drop has refocused attention on Bitcoin and many more cryptocurrencies as a possible hedge versus harsh economic policies.

BTC/TRY has reached 800,000 in a record-breaking rise, nearly doubled within only two and a half months.

To make matters worse, the lira has fallen under parity with the beleaguered Egyptian pound (EGP) for the unprecedented moment in existence.

Erdoan seems to have had a tumultuous connection with Bitcoin and has made attempts to keep the business out of Turkish customers’ hands

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