Bitcoin's price plummeted nearly 99% on the Binance Turkey exchange overnight, and this is the explanation.

Binance TR Anomaly

An unusual event impacted Binance TR, the Turkish branch of Binance, during yesterday's cryptocurrency crash. The BTC/TRY pair briefly plummeted to 51,600 Turkish Lira during Bitcoin's price decline. This resulted in a near 99% loss of value, as the price had been around 4.9 million lira previously.

Price History & Context

The last trade of BTC priced in Turkish Lira on Binance TR occurred at 51,000 TL in April 2020. Subsequently, the price increased due to dollar exchange rate fluctuations and Bitcoin’s price surge. Bitcoin reached a new all-time high this week, hitting ₺5,252,196 before dropping and is now trading at ₺4,750,283.

Market Factors & Response

The sudden price drop is attributed to low liquidity in the Turkish Lira pair and position liquidations. The event occurred following Donald Trump’s announcement of 100% tariffs on China. This announcement impacted both traditional financial markets and the cryptocurrency space, leading to significant declines.