Topic: BTC has hit ATH against Turkish Lira (Read 520 times)

Since USD is a sort of global currency, if the value of USD goes down and other currency value will also be effected badly and we may see an economic crisis if this happens.
This is just like if bitcoin dump, the altcoins also dump.

There is also the fact that just because dollar recovers doesn't mean that Lira will get more valuable against Dollar as well. What if Lira loses value even faster than Dollar loses value? It may happen or may not happen but that is an option as well. Hence, I think that should not be what makes you decide when you are doing this.

If you had lira last year, and bought bitcoin with it and sold it and bought usdt with it right after it peaked at 11k, and kept that usdt, until last week and sold, you would have made over 50% profit at the same time. In just one year making over 50% profit is insane in regular trading, sure some high level day traders could be doing a lot more than that but in reality that is not what people do with investments for long term profiting.

Not all prices are equal in certainty, usually we take a price as more confident over longer periods of time.   In BTC case I think we get to monthly bars to really judge it long term which is surprising when it moves so fast.   The USD ATH traded up and back down quite quickly so by that measure it has to prove itself in future again.  
  Turkish Lira ATH will be helping participation and in population growth for BTC but Im not sure we gain directly from another currencies loss.   If we prove more reliable then we should be gaining business that might otherwise conduct in Lira or USD even, theres a good utility to BTC so I think thats more of an indirect gain by contrast BTC is useful.  That effect seems like it will increase over the next years, it wont only be Lira so we're bullish BTC and part of that is already in the price and in anticipation.

Really?
Let's assume the whole of Turkey goes into a blackout for the next 7 days. Meanwhile bitcoin price jump to 100k$!
When power resumes in Turkey, at what price they are going to start trading bitcoin? 83k TRY (the price now) or 750k TRY (close to 100kusd)? Pretty obvious it would be the latter but why no trade happened, no demand was there, why would the price jump also 10x times? 

The price of BTC in any currency is still dictated by the global market, and it would be crazy to think that for a prolonged period of time the price would be abnormal high in just one country that is connected to the global markets and banking infrastructure. I'm excluding countries like Venezuela or Iran from those, these are in a league of their own, spikes can happen but temporarily which is not the case here. All this happens because just as we have arbitrage between exchanged when it comes to USD<>BTC , exchanges and traders in those countries will act like this, selling their coins for 1.2 the price in USD, then buying from foreign exchange, selling again in profit, changing liras to USD, rinse and repeat till there is no gap anymore.

Again, as an example, if you could sell your coins in turkey for 150k TRY (that's some 20k USD, what would you do, sell them change the liras to USD, send again the USD to bitstamp, buy at 12k, and dump again, and again till it won't be profitable as hundreds do the same as you and the local market has reached equilibrium with the global trade.

Bottom line, yeah the price of BTC versus a national currency can triple or quadruple even if no trading is taking place.

anybody who participated in the market matters but it is all about the degree of their influence and that degree is based on the volume. when the volume coming from other currencies in other exchanges is compared to the volume coming from major exchanges in USD then you can see that they are negligible.
in some cases there is also the problem of OTC trading that it doesn't really affect the price in centralized exchanges.

only a handful of people bought at $20k because it didn't last long enough for anybody to make a move. most of them bought between $8k to $12k which is why this range has been so active with a lot of older coins moving.
that is the nature of ATH which also is a bubble. regular people weren't really buying there, it was only day traders who also sold their coins right away and bought back and sold and bought back at least a thousand times ever since then.

If we are talking about any kind of asset market the price movement of any asset rarely is contributed to one factor. For example the devaluation of Turkish Lira cannot be the only factor why Bitcoin has hit its all time high solely because of it, yes it contributed to it greatly but do you even think that it will rise up to that level if people are not exchanging their Turkish Lira for Bitcoin? Of course it won't, the price chart won't even move if there will be no buying and selling happening in the market.

I disagree that Turkish Lira doesn't matter and things like dollars, euros and sterling is the thing that matters only. Because, there are tons of people and tons of money coming in from those nations as well that matters for those people and they could make moves according to that. We are talking about people who bought at 20k levels and still holding to make a profit finally be able to sell and take out profit, that is 3 year wait so they have all the right to sell if they want to get out and when they do that we are talking about hundreds of millions of dollars worth of money getting out of the market.

You can go check how much Turkey is involved in crypto and as a nation with failed economy they are really interested in bitcoin which means they are very important. Nations powers doesn't matter in bitcoin, how much people have power on bitcoin is the only thing that matters.

Because no matter how much you dislike it, that value is what matters.
Nobody gives a damn about the value of BTC in lira, pesos, bolivars, or yuans.
If I told you I would sell a BTC right now for 4500 Norwegian kronor what would be the first thing you would search for? The value in USD of those Norwegian kronor. 


That's the whole trick if your national currency is losing value against a somewhat stable currency like the euro or the American dollar it's impossible for to keep your purchasing power intact unless you're North Korea.


Do you really think that a few exchanges with a few million in daily volume would be able to influence the trillions per day forex market?
The drop in value of the Turkish lira against BTC is the result of the devaluation of the lira against the USD, it's the result not the cause.

people don't exactly have to buy bitcoin (more) for its value to go up against a devaluating currency. it is a simple matter of arbitrage that keeps the value fixed while raising it against the pair that is losing its value. it is somewhat similar to what has been happening to altcoins during bitcoin price rises. they never gain value during those times, in fact most of them lose value. but since bitcoin price rises against USD and the shitcoin drops a small amount against BTC the final price of it against USD seems higher so people think their shitcoin has gained value.

Bitcoin rising up in Turkish Lira can only mean 2 things 1 is that people in Turkey are selling their fiat currency to buy Bitcoin as some kind of "safe haven" and the other one is that the Turkish Lira has devalued fast that's why we are seeing an ATH for their exchange but there is a great chance that this 2 things is the reason why it got up to that level. A devalued fiat currency combined with people dumping it will result to Bitcoin being bought in that country to rise up in demand which will be the case if people in Turkey do buy cryptocurrencies there.

So what?Do we have to care about the Turkish lira?AFAIK,the Turkish lira is a pretty volatile and weak currency that gets devalued every time,when there are protests and political instability in Turkey.
The Turkish government also wants a weak lira,in order to stimulate the export and reduce import of goods and services.
Many countries have weak national currencies and Bitcoin have already reached an ATH against those currencies,but that doesn't matter for the crypto market.

"value" of fiat should be defined as its purchasing power not its "price" versus another fiat currency. when a fiat like USD loses its value it means anything you were buying before now costs more in that fiat. for example when you go grocery shopping you'll end up paying more USD than before without groceries having gained any value.

Not necessarily.
If usd loses its values it will be against same pairs. For example, usd x Turkish lira ratio will get lower.
In this case bitcoin x usd will go up but bitcoin x lira will go down.

99% or more of people will simply stick with the dollar. For most people that gets the job done in a vastly more widespread and straightforward manner.

It's similar to that Greek banking crisis. Bitcoiners were touching themselves at the idea of millions of Greeks pouring into Bitcoin to save themselves... or they simply grabbed Euros in cash where they could.

This happens in the past already, not sure if it's the same currency but in the past when the market is bullish, some currency were having an ATH on its bitcoin trading pair. IMO, this is good, it's a sign that we are getting close to our expectation which is the bull run that could potentially break the current ATH.

I'm not surprise with this news actually, but I'm happy with this kind of news, it could bring some hype and would have a positive effect to the market in overall. Also, I believe that the pandemic was one of the factor why people are hedging their money on the recession.

I will be surprised if I see news about Bitcoin reaching ATH against the dollar, if that happens it might affect all countries against the jump in the price of Bitcoin.

As we know that Turkey is currently on the verge of collapse from an economic point of view, this is influenced by the US dollar, the fall of the Lira made many investors withdraw assets and switch to other currencies.
For that trade against Bitcoin increased by more than 1.58%, or the equivalent of 91.21 million per coin, if calculated in dollars around: $ 6,359, this has no effect on other countries, only applies in Turkey.

Yeah that's why you see us coming to the space in our numbers (speaking about enthusiast from my geographical area) and Africa at large. Our native fiat currency gets devalued almost yearly. In fact every month, you holding Naira would likely give you less dollars but that's not the case with bitcoin. We investing in bitcoin gives us double advantage. When the profits aren't coming in bitcoin via price increase, you might get some more returns when cashing out to Naira comparing to what you invested due to inflation rate of Naira.

Let say I invested just $1000 which is around N387,000 (N387/$) as of press, in the coming months lets assume the market was boring, no much exciting price movement and the price is still trading around it's current price of +/- $11,600. Even though there's a little decline in price and I'm willing to cashout, I most likely will cashout more Naira then I invested.

It's true. Thank you as I have understood it why there were news in the past that there's all-time high in fiat currencies for bitcoin.

We are lucky to have bitcoin in our investments and keeping the value from the time we have bought it. And what's good about it is that the value of bitcoin is increasing as we're all expecting it through different factors that we know.

As fiat depreciate and devaluates, we have bitcoin that counters inflation.

Gold before those last ten years, and bitcoin since have been the safest assets to secure your money from devaluation of FIAT which affected many countries outside the biggest economies.
Recently bitcoin increased very well but reaching ATH in several currencies is due mainly to the devaluation of FIAT rather than a big jump of BTC which is sad for those countries.

Swoosh.

Yes, fiat are made to be flatten and lose their value through inflation. I'm not just aware that Turkey has lost that much although in my country, we're also dealing with this.

We're doing a good thing that instead of saving our cash in the banks, we have it in bitcoin. The more we hold, the better strategy that we're doing to flee from the devaluation and inflation of our money.