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Detail

Turkey Ditches the Unstable Turkish Lira and Opt For Cryptocurrencies

Turkish Lira weakened 44% in the past year, and the currency crisis led to 19-year high inflation of 36% in December 2021. The lira has lost 40% of its value against the...
Turkey Ditches the Unstable Turkish Lira and Opt For Cryptocurrencies Turkey Ditches the Unstable Turkish Lira and Opt For Cryptocurrencies

Turkish Lira weakened 44% in the past year, and the currency crisis led to 19-year high inflation of 36% in December 2021. The lira has lost 40% of its value against the dollar since September.

A spike in living costs uses up the whole earnings of a household and causes many citizens in poverty to go in the streets and protest against the government.

For a long time, Turks put their money into U.S. dollars, euros, or gold, yet the rise of crypto-assets in the past few years showed a new way to invest and stay in charge of earned money.

According to WSJ, in Istanbul, the largest city in Turkey, advertisements for crypto exchanges have begun appearing on public transport, billboards, and in one of the city’s airports. Even shops that sell Bitcoin have popped up by the side of foreign currency and gold exchange places.

Turks have been very fond of the stablecoin tether, which has a value similar to the dollar. The Turkish lira has been the second most traded fiat currency after the U.S. dollar for tether.

“The senseless policies regarding rates, diminishing trust for published statistics regarding inflation and political decisions…made cryptos a safe haven, even though cryptos are rather risky and volatile financial assets,” said Kağan Şenay, a 27-year-old trader from Turkey.

On the Flipside

  • Cryptocurrencies have been growing in popularity in countries where citizens distrust governments on a large scale. This includes Lebanon, Venezuela, and many African countries.

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21-01-2022 04:12:29 (UTC+7)

EUR/USD

1.1337

+0.0027 (+0.24%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (3)

EUR/USD

1.1337

+0.0027 (+0.24%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (3)

GBP/USD

1.3564

-0.0031 (-0.23%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

USD/JPY

113.94

-0.14 (-0.13%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (9)

AUD/USD

0.7186

-0.0039 (-0.53%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/CAD

1.2531

+0.0029 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

129.18

+0.14 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

EUR/CHF

1.0356

-0.0008 (-0.08%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (3)

Gold Futures

1,831.25

-11.35 (-0.62%)

Summary

Sell

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Buy (1)

Sell (11)

Indicators:

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Silver Futures

24.363

-0.353 (-1.43%)

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↑ Sell

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Sell (12)

Indicators:

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Copper Futures

4.5237

-0.0588 (-1.28%)

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↑ Sell

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Buy (2)

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Crude Oil WTI Futures

83.87

-1.68 (-1.96%)

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↑ Sell

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Brent Oil Futures

86.80

-1.58 (-1.79%)

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↑ Sell

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Natural Gas Futures

3.925

+0.123 (+3.24%)

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US Coffee C Futures

242.75

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Euro Stoxx 50

4,237.45

-62.16 (-1.45%)

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↑ Sell

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Buy (2)

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Buy (1)

Sell (7)

S&P 500

4,482.73

-50.03 (-1.10%)

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↑ Sell

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DAX

15,673.31

-239.02 (-1.50%)

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↑ Sell

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FTSE 100

7,512.57

-72.44 (-0.96%)

Summary

↑ Sell

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Buy (3)

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Sell (7)

Hang Seng

24,965.55

+13.20 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (5)

Sell (0)

US Small Cap 2000

2,024.04

-38.75 (-1.88%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (7)

IBEX 35

8,678.04

-136.56 (-1.55%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

BASF SE NA O.N.

66.260

-1.180 (-1.75%)

Summary

↑ Sell

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Sell (12)

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Sell (9)

Bayer AG NA

51.84

-0.86 (-1.63%)

Summary

↑ Sell

Moving Avg:

Buy (0)

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Sell (9)

Allianz SE VNA O.N.

221.08

-3.72 (-1.65%)

Summary

↑ Sell

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Adidas AG

254.66

-0.99 (-0.39%)

Summary

↑ Sell

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Buy (0)

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Buy (1)

Sell (8)

Deutsche Lufthansa AG

6.918

-0.175 (-2.47%)

Summary

↑ Sell

Moving Avg:

Buy (0)

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Siemens AG Class N

145.53

-1.37 (-0.93%)

Summary

↑ Sell

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Buy (1)

Sell (11)

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Deutsche Bank AG

11.535

-0.141 (-1.21%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (8)

 EUR/USD1.1337Neutral
 GBP/USD1.3564↑ Sell
 USD/JPY113.94Sell
 AUD/USD0.7186↑ Sell
 USD/CAD1.2531↑ Buy
 EUR/JPY129.18↑ Sell
 EUR/CHF1.0356Sell
 Gold1,831.25Sell
 Silver24.363↑ Sell
 Copper4.5237↑ Sell
 Crude Oil WTI83.87↑ Sell
 Brent Oil86.80↑ Sell
 Natural Gas3.925↑ Sell
 US Coffee C242.75↑ Sell
 Euro Stoxx 504,237.45↑ Sell
 S&P 5004,482.73↑ Sell
 DAX15,673.31↑ Sell
 FTSE 1007,512.57↑ Sell
 Hang Seng24,965.55↑ Buy
 Small Cap 20002,024.04↑ Sell
 IBEX 358,678.04↑ Sell
 BASF66.260↑ Sell
 Bayer51.84↑ Sell
 Allianz221.08↑ Sell
 Adidas254.66↑ Sell
 Lufthansa6.918↑ Sell
 Siemens AG145.53↑ Sell
 Deutsche Bank AG11.535↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(5/ 5) # 1,137
SJC HCM6,115/ 6,175
(5/ 5) # 1,154
SJC Hanoi6,115/ 6,177
(5/ 5) # 1,156
SJC Danang6,115/ 6,177
(5/ 5) # 1,156
SJC Nhatrang6,115/ 6,177
(5/ 5) # 1,156
SJC Cantho6,115/ 6,177
(5/ 5) # 1,156
Cập nhật 21-01-2022 04:12:33
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,831.96-7.13-0.39%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$83.82+1.862.22%
Brent$86.77+1.361.57%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.450,0022.760,00
EUR24.965,0926.364,70
GBP29.963,4031.243,06
JPY192,94204,24
KRW16,3919,97
Cập nhật lúc 16:09:54 21/01/2022
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