An unusual event occurred on Binance TR, the Turkish branch of the cryptocurrency exchange Binance, during yesterday’s major cryptocurrency crash.
During yesterday’s drop in Bitcoin’s Turkish Lira pair, BTC/TRY, the price momentarily dropped to 51,600 Turkish Lira. This means that the price, which was hovering around 4.9 million Turkish Lira at the time, lost approximately 99% of its value in a very short period. This unusual event is likely attributed to the lack of liquidity in the Turkish Lira pair and the sudden liquidation of positions.
The last time the BTC price in Turkish Lira was traded on Binance TR was at 51,000 TL in April 2020. It subsequently reached its current levels due to both the rise in the dollar exchange rate and the explosive rise in the BTC price.
The price of Bitcoin broke its 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 Donald Trump announced 100% tariffs on China. Both traditional financial markets and the cryptocurrency market experienced significant declines following this event.
*This is not investment advice.