Turkish lira hits record low against the dollar amid arrest of opposition leader

The Turkish lira reached a record low at 40.96 USD before bouncing back to 38.74 USD post-arrest of Ekrem Imamoglu.

The arrest led to a 7% decline in the BIST 100 index, highlighting fears of political instability in Turkey.

With the lira’s decline, many Turks are turning to BTC and other cryptocurrencies as a means of financial protection.