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Cryptocurrency investors are also spending a lot of time on the USDTTRY exchange pair because of its high volatility. However, abnormal movements have been observed on the chart for the past few hours. Some Turkish cryptocurrency investors have rapidly shifted their focus to the USDTTRY pair due to abnormalities in the local currency. So, what’s going on?
Why Did the Dollar Fall to 24 TRY?
Actually, the dollar did not fall to 24 TRY, it was just a data error and the exchange rate in Google search results has been fixed at 24.05 for hours. As you can see below, the exchange rate has been fixed at the same number due to the incorrect display of the rate. However, many users who had difficulty understanding the situation panicked and sold their stablecoins on the USDTTRY pair.
While Google shows this price data, it also shares a disclaimer. When you scroll down to the bottom of this disclaimer, the company states the following:
“Google cannot guarantee the accuracy of displayed exchange rates. You should confirm the current rates before making any transactions that could be affected by changes in exchange rates.”
There was probably a disruption in the source from which the data was pulled or the query screen got stuck at a time when the price was 24.05 TRY due to a systemic update. It is expected that the system error will be fixed in the coming hours and the price will return to normal.
Google Acknowledges the Error
According to the post made by Ibrahim Haskoloğlu at 22:12, this is just a systemic error. Haskoloğlu confirmed with the authorities that the problem originated from Google. However, as you can see below, the price on the Binance USDTTRY pair decreased by 1.2 TRY. Currently, the price is below the previous level of 28.40 TRY, at 28.11 TRY.
It is likely that when Google’s data flow returns to normal in the coming hours, the exchange rate will also reach its previous level. In such situations, it is important to confirm the price from reliable sources to avoid panicking and experiencing losses. If there was not enough liquidity, the USDTTRY pair could have dropped to 24.05 TRY and investors who sold suddenly could have faced losses of over 10%.
