ahmedse

Turkish Lira fall and Bitcoin surge correlation

BITFINEX:BTCTRY   Bitcoin / Turkish Lira (calculated by TradingView)
Just dropping a though about the recent correlation between the fall of TRY and surge in Bitcoin , that came simultaneously (within days).

This can be explained by capital flowing through the black market, having bitcoin as a medium.
Investors wanting to flee, converting the turkish to bitcoin then converting the bitcoin to another currency.

It looks like bitcoin is now expensive for this traffic, and thinking that this outflowing capital may turn to other crypto's, such as ripple and etheruem.

It will be interesting to look for other crypto's that allow such traffic and buy them, and also join the down rally of the lira at a convenient point.

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