This year, we have witnessed several instances where the price of BTC set record highs against the TRY currency pair. The latest surge occurred just minutes ago, following the release of U.S. economic data that triggered the anticipated rapid increase. However, since BTC has not yet surpassed $72,000, we must wait for the record to reach higher levels.
Bitcoin Sets New Record
Just moments ago, BTC rose to the level of 2,471,236 TRY, lingering in six-figure amounts in the local currency for an extended period. This situation is attributable to both the global depreciation of the TRY and BTC’s attempts to recover from a two-year low. Although a record level has been achieved against the TRY, the USD record of $73,777 remains untested.
If $71,500 can be maintained against the USD, further records may follow in local currencies. So, what triggered today’s increase? The release of JOLTS data revealed that employment has not rebounded as desired, highlighting the need for the Fed to act more swiftly in its easing measures as the upcoming Fed meeting approaches.
Moreover, there is very little time left before the U.S. presidential elections. If Trump wins, significant price increases and heightened demand for cryptocurrency are expected due to the image he portrays for crypto investors.
