Amid escalating currency crisis in Turkey, Bloomberg published an article entitled “the Turkish Lira even more volatile than bitcoin”, which demonstrated relatively low volatility of bitcoin compared to the national currency. The article says:

The ten-day fluctuation of the Lira relative to the U.S. dollar now exceeds the ten-day fluctuations of bitcoin.

Against this background, Turkey has seen a growth of interest in major cryptocurrency, as the Lira, which since January is almost twice strengthened against the dollar quickly sank to record lows amid geopolitical factors. According to Google Trends, the popularity of bitcoin has increased markedly in August, trading volumes on the local exchanges this week grew by 150%. Since the Turkish government imposes control over the capital, the status of crypto-currencies remains uncertain. According to Forbes, despite the official position of the state, involving a “bitcoin incompatibility with Islam”, and local exchanges continue to receive full banking support. Analysts say that this trend will continue if the economic situation in the country stabiliziruemost.

Also in connection with the upcoming US sanctions, the Russian ruble exchange rate to the dollar continued the rapid decline that Washington plans to introduce the first package of sanctions on August 22. At the opening of trading of Mosuri 13 Aug dollar for the first time since April 18, 2016 broke the mark of 68 rubles. On the other hand, as reported by RBC with reference to the Director of the analytical Department of “Loco-invest” Cyril Tremasova, what is happening with the ruble for the last two days, is a response to the growing crisis with Turkey:

In Turkey things are moving on the most catastrophic scenario — we can expect serious problems in the banking sector, the imposition of exchange controls.

The ruble and other currencies of developing countries, to immediately react to the situation in Turkey, the expert said.

Source: exchange-rates.org

Source