The Latest Situation for USDTRY and BTC after the Turkish Election: What to Expect? - COINTURK NEWS
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The Latest Situation for USDTRY and BTC after the Turkish Election: What to Expect?

10:32 am (204 days ago)
May 15, 2023

Turkey has left behind a major election, and although the official results have not yet been announced, the majority of the announced ballot box data indicates that the election remained in the second round. It is an inevitable fact that the election, which is closely followed by the whole world, will directly affect the financial markets. So how did the financial markets, BTC and the dollar react after the first data?

Dollar, Gold and Euro after the Election

The US Dollar started the day with a 0.32% rise and according to Central Bank data, 19.63 levels were seen. Gram gold started the week with a rise of 0.57%, Euro 0.54% and Bitcoin 2%. Looking at the unofficial exchange rate, it is seen that the dollar purchase in the Grand Bazaar rose to 22.10. Similarly, for the Euro, it is seen that the Grand Bazaar purchase is 23.90 and the sale is 24. This means that the pre-election prices have been exceeded by a very small margin.

Bitcoin (BTC) may be on the rise, especially this week, depending on the data coming from global markets. BTC, which rose 1.9% in the last 24 hours and rose above $ 27,000, is waiting for the latest developments in Europe. European stock markets are currently negative in the week when the Bank of England raised interest rates by 25 basis points. The BoE’s 4.5% rate hike resulted in 12 consecutive rate hikes. Reaching the highest interest rate level since 2008, the BoE may result in other countries and central banks following a similar policy.

Cryptocurrency Markets Await This Data

Japan’s inflation data is also expected in Asian markets. In addition to this, industrial production and unemployment in China, growth and industrial production in Japan will also be monitored. Two important data releases are expected on Tuesday and Wednesday.

Cryptocurrency markets may also move directly in the shadow of these economic data. Bitcoin experienced a serious movement after the data from the US last week, and a similar situation is expected again.

If the elections in Turkey officially go to the second round, it may create movement, especially on the basis of gold, dollar and euro. The decisions to be taken this week can have serious effects on the economy and all citizens will be watching here.

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