{"id":8078,"date":"2018-08-18T00:00:00","date_gmt":"2018-08-18T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/08\/18\/bitcoin-deemed-as-more-stable-than-turkish-lira\/"},"modified":"2018-08-18T00:00:00","modified_gmt":"2018-08-18T00:00:00","slug":"bitcoin-deemed-as-more-stable-than-turkish-lira","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-deemed-as-more-stable-than-turkish-lira\/","title":{"rendered":"Bitcoin deemed as more stable than Turkish Lira"},"content":{"rendered":"

Since September 2017, Turkey\u2019s local currency \u2013 the <\/span>Lira<\/span> \u2013 has been frequently performing on red numbers, due to an <\/span>unsustainable crisis that has caused a 40% loss of its value against the US Dolla<\/strong><\/span>r<\/strong> \u2013 from $ 0.3 USD to $ 0.15 USD.<\/span><\/p>\n

And with the surge on transactions volume of Bitcoin<\/a> <\/strong>on Koinim \u2013 Turkey\u2019s largest cryptocurrency exchange \u2013 BTCTurk and Paribu (around 63%, 35% and 100%, respectively), several news medias have been comparing both currencies in terms of volatility, but with special focus on Satoshi\u2019s coin and its stability.<\/span><\/p>\n

According to analysts, this trend could keep going on should the economic situation in Turkey fails to reach stabilization<\/strong>, as per a report published by Bloomberg<\/a><\/strong>, in which full scope of the Turkish currency devaluation this year is revealed.<\/span><\/p>\n

\u201cThe 10-day swings in the lira relative to the U.S. dollar now exceed those for Bitcoin amid Turkey\u2019s escalating currency crisis,\u201d<\/span><\/em> the news agency informed.<\/span><\/p>\n

A notable fact of said document indicates that the country\u2019s Banking Regulation and Supervision Agency stepped in on this Monday <\/span>\u201cto limit swap transactions on the battered currency,\u201d<\/span><\/em> following a plummeting of 13% in the same day,<\/span><\/p>\n

It is worth recalling that last Friday, the President of the United States Donald Trump, <\/span>announced he will double the taxes over aluminum and steel<\/span><\/strong>, which \u2013 according to several news outlets \u2013accelerated the expected devaluation on Turkey.<\/span><\/p>\n

\"Bitcoin<\/a>In response to said announcement, the Turkey\u2019s Central Bank (TCMB) announced this Monday a credit for 6,000 million dollars in the financial system of the country, in order to optimize banks liquidity y stop the downfall of the lira against the dollar.<\/span><\/p>\n

JPMorgan<\/strong> analyst Kerry Craig<\/strong><\/span> said in a note obtained by <\/span>CNBC<\/span><\/a><\/strong>:<\/span><\/p>\n

\u201cThe decline in the lira is multifaceted, caused not only by a weak external position in terms of current account deficit and inadequate currency reserves, but also the challenging political environment which exacerbates the vulnerabilities in the lira. A mid-meeting rate hike and tightening of monetary policy may help to avert the lira\u2019s decline, to some extent.\u201d<\/span><\/em><\/p>\n

On its part, another contribution fact for the decline of Turkey\u2019s exchange system, are the extremist measures that lawmakers have decide to take on, especially concerning the use of the lira out of Turkey, that is, they forbidden akk comemmerciant , business, and individuals who sent their money out of the country, or want to buy foreign currency with it.<\/span><\/p>\n

The situation regarding the fiat currency on the Eurasian country has sparked commotion for its fast downfall, which locates it at third worst performing currency of the year \u2013 only surpassed by the Venezuelan\u2019s bolivar and the Sudanese pound.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Since September 2017, Turkey\u2019s local currency \u2013 the Lira \u2013 has been frequently performing on red numbers, due to an unsustainable crisis that has caused a 40% loss of its value against the US Dollar \u2013 from $ 0.3 USD to $ 0.15 USD.<\/p>\n","protected":false},"author":4,"featured_media":8080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,70,74],"tags":[4602],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/8078"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=8078"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/8078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/8080"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=8078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=8078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=8078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}