The horrible situation in Turkey is sending more shockwaves to the fragile global financial ecosystem. After news had broken about an attempted military coup in the country, it didn’t take long for the Turkish lira to depreciate. Over the course of fewer than 24 hours, the currency lost 5% of its value against the US Dollar. All the more reason to focus on Bitcoin, rather than volatile fiat currencies?
Turkish Lira Is Plunging
Any situation in life will have an impact on the global economy at this stage, as everything is so well-connected it becomes scary to think about it. Events in Turkey will only increase the ripple effect by the Brexit, and poses a whole new set of questions financial institutions have no answer to.
To put this into perspective, the Turkish lira lost 5% of its value against the US Dollar overnight. This is a very worrying trend for such a major currency, to say the least. But that is not all, as the iShares MSCI Turkey ETF has dropped significantly in value as well.