During yesterday’s massive cryptocurrency crash, an unusual event occurred on Binance TR, the Turkish branch of cryptocurrency exchange Binance.
During the fall of Bitcoin’s Turkish lira pair, BTC/TRY, yesterday, the price temporarily fell to 51,600 Turkish lira. This means that the price, which was hovering around 4.9 million Turkish Liras at the time, lost about 99% of its value in a very short period of time. This unusual event can be attributed to the lack of liquidity in the Turkish Lira pair and the sudden liquidation of positions.
A chart showing that the price of Bitcoin briefly fell to 51,000 Lira against the Turkish Lira.
The last time the Turkish Lira BTC price was traded on Binance TR was in April 2020 at 51,000 TL. It then reached its current level due to the rise in the dollar exchange rate and the explosive rise in BTC price.
Bitcoin price hit a new all-time high this week at ₺5,252,196 in Turkish lira. It is currently trading at ₺4,750,283.
Yesterday’s price drop came after President Donald Trump announced 100% tariffs on China. Following this event, both traditional financial markets and crypto markets experienced significant declines.
*This is not investment advice.
