Turkey's lira plunge sparks surge in Bitcoin-lira trading

The Turkish lira fell to an all-time low against the U.S. dollar, plunging nearly 10% after the arrest of Istanbul Mayor and President Erdogan rival Ekrem Imamoglu.

The incident led to a surge in Bitcoin-TRY (BTC/TRY) trading volume on Binance.

Between 7:00 and 8:00 UTC on March 19, 2025, BTC/TRY trading volume reached 93 BTC, the highest level in at least a year.

According to analysis, due to the depreciation of the lira, investors may turn to USDT and other dollar-pegged assets.