Bitcoin wobbles below $46K as 1 BTC passes 800K Turkish lira for the first time

Text Bitcoin

Bitcoin wobbles below $46K as 1 BTC passes 800K Turkish lira for the first time

Bitcoin’s price weakness is arguably only welcomed by those who chose it over saving in lira this week.

Bitcoin wobbles below $46K as 1 BTC passes 800K Turkish lira for the first time

Bitcoin (BTC) fell over 5% from local highs through Dec. 20 as macro tensions persisted into the new week.

Bitcoin wobbles below $46K as 1 BTC passes 800K Turkish lira for the first time

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analyst: Brace for volatile end to 2021

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it fell back below $46,000 overnight on Sunday, reaching lows of $45,787 on Bitstamp.

The pair had hit $48,300 before a reversal took hold as Asian stocks opened the week on a limp note thanks to the coronavirus.

“The U.S. stock markets will be having a pretty bad day when it comes to today. Also, the European stock markets will be opening with red numbers,” Cointelegraph contributor Michaël van de Poppe warned in his latest YouTube update.

Taking its year-to-date losses to near 60%, the latest slide brought the focus back to Bitcoin and other cryptocurrencies as a potential hedge against extreme economic policy.

BTC/TRY passed 800,000 in a record-breaking move overnight, having doubled in just two-and-a-half months.

BTC/TRY 1-day candle chart (Binance). Source: TradingView

To add insult to injury, the lira fell below parity with the embattled Egyptian pound (EGP) for the first time in history.

Erdoğan has had a fraught relationship with cryptocurrency and has taken steps to banish the industry from Turkish consumers.

Rate article
( No ratings yet )
FORECRYPTO