The price of Bitcoin in Turkey’s peer-to-peer crypto markets has climbed more than $100,000. Data provided by LocalBitcoins.com revealed that the least Ask price for BTC is 509,840 Turkish Lira, which equals about $64,000. Also, some offline exchanges request up to $100,000 in Lira for one Bitcoin. This is almost two times higher than the global BTC Ask rate.
At press time, Bitcoin is down 0.10% to $57,293.99.
The spike in the P2P market occurred as the Turkish Lira declined. On the 22nd of March, Lira plunged as much as 14%. The currency fell after President Recep Tayyip Erdogan abruptly fired the head of the country’s central bank Naci Agbal who is regarded as a major brain behind the Lira’s rise from its historic near-three-year low.
While speaking to the Wall Street Journal, a currency strategist at NatWest Markets, Max Lin, said that the dismissal of the bank’s head signifies that Erdogan does not want to raise interest rates to counter Turkey’s inflation. He added that with Agbal’s removal as the head of the central bank, there are chances that the Lira will continue to fall due to competition.
Erdogan has now appointed a professor of banking, Sahap Kavcioglu, as the new chief of the central bank.
Image Credits: Pixabay
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