The Turkish Lira (TRY) continues to lose ground on Monday. This led most stock markets modestly lower ahead of the US open, where confidence was regained, at least in early trading. As the crisis worsens, some people in Turkey are turning towards cryptocurrencies, as they seem to be a viable alternative despite being volatile markets themselves.
While the Lira has been under pressure for months and has lost as much as 40% against the US dollar since the beginning of the year, the last few days have been very intense. We covered the situation last week, but at one point on Monday a dollar was worth more than 7 (seven) TRY. Here is an illustration of the...
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