Bitcoin Surges in Trading Volume as Turkish Lira Hits Historic Low Following İmamoğlu’s Arrest

The recent arrest of Ekrem İmamoğlu, a key figure opposing Turkish President Recep Tayyip Erdoğan, has triggered significant turmoil in the financial markets. Following this development, the Turkish Lira (TRY) experienced a dramatic decline, plunging to nearly 41 against the US Dollar, marking a staggering 10% depreciation within a single trading session. This unprecedented volatility has fostered heightened activity in the Bitcoin-Lira (BTC/TRY) market on Binance, where trading volume surged. Data indicate that during a critical one-hour window from 15:00 to 16:00 Beijing time, a remarkable 93 BTC were exchanged—representing the most substantial hourly trading volume seen in over a year. Despite these fluctuations, it’s noteworthy that, when compared to Coinbase, the adjusted price of Bitcoin in Lira remains significantly lower, thus demonstrating the ongoing challenges faced by Turkish investors in the crypto arena amidst economic uncertainty.