Bank AI

Bitcoin ETF

Bitcoin

The Central Bank of the Republic of Turkey (CBRT) raised interest rates by 500 basis points at the October Monetary Policy Committee (MPC) meeting. With the recent interest rate hike, the policy rate reached its highest level in the past 20 years, at 35%.
Under the leadership of Hafize Gaye Erkan, the CBRT raised the policy rate for the 5th consecutive time. The MPC of the CBRT increased the policy rate by 500 basis points as expected, raising it to 35%.
The expectation survey for the CBRT’s MPC meeting was conducted with the participation of 19 economists. The median of economists’ expectations for the change in the policy rate was an increase of 5%. According to the survey results, economists’ expectations for the policy rate, which foresaw a 500 basis point increase, reached 35%. The median expectation of economists for the year-end policy rate was 40%.
<h2 style="text-align: justify" id="strong-current-situation-of-bitcoin-breaking-records-against-the-turkish-lira-strong">Current Situation of Bitcoin, Breaking Records Against the Turkish Lira</h2>
<a href="https://en.coin-turk.com/nobody-expected-this-the-expected-signal-for-bitcoin-and-altcoins-came-from-binance-ceo-cz/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-btc-starts-the-week-with-a-decline/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) reached its all-time high against the Turkish lira (BTC/TRY) on October 24, reaching 1,019,860, breaking a record. The renewed record of BTC/TRY came as the expectation increased that a spot Bitcoin ETF would be approved in the US soon, causing the leading cryptocurrency to rise against the US dollar, reaching 35,000, and the Turkish lira to lose value against the US dollar, surpassing 28.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-270473" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-BTC-Turk-Lirasi.jpeg" alt="" width="1280" height="720">
At the time of writing this article, the BTC/TRY trading pair is at 970,407 on the cryptocurrency exchange BtcTurk, slightly retreating from its all-time high. Following the increase in the policy rate to 35%, the initial reaction in the exchange rate was a 0.09% increase. The USD/TRY is currently trading at 28.13. Continue Reading: <a href="https://en.coin-turk.com/cbrt-raises-policy-rate-to-35-5/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/cbrt-raises-policy-rate-to-35-5/</a>

CBRT Raises Policy Rate to 35%

Table of Contents

COINTURK NEWS

Other articles published on Oct 26, 2023

IMF chief calls for digitization to achieve “financial inclusion.”

WEMIX, SOUL, and Valkyreum Join the IMO of the new REFLECT (RFT) Alliance

Cardano Price Prediction: ADA Price Took U-turn From Demand Zone

Former Ripple CTO Rejects Help to Unlock $241 Million Bitcoin Drive

What Happened After Ripple’s Historic Win Against the SEC? $10 Million Invested in XRP?

Grayscale’s GBTC records a 220% gain this year, outshining Nvidia

Join our free newsletter for daily crypto updates!