The exchange rate of the Turkish lira against the US dollar has fallen to a historic low, and the trading volume of Bitcoin-lira on Binance has surged

ChainCatcher news, according to CoinDesk, the Turkish lira (TRY) fell to an all-time low against the dollar after the sudden arrest of Istanbul Mayor Ekrem İmamoğlu (a political opponent of Erdogan). The lira's exchange rate dropped to nearly 41 lira per 1 dollar, a daily decline of 10%. This volatility led to a sharp increase in trading volume for the Bitcoin-lira (BTC/TRY) trading pair on Binance.

According to TradingView data, between 7:00 and 8:00 UTC, the trading volume for the BTC/TRY pair on Binance reached 93 bitcoins, marking the highest hourly trading volume in at least a year.

However, after adjusting for the lira's exchange rate, the trading price of BTC in the Turkish market showed a significant discount compared to prices on Coinbase. Analysts believe that traders may be selling BTC/TRY to move funds into dollar-pegged assets (such as the largest stablecoin USDT).