Watching Biden‘s first in-person meet as POTUS w/ Turk Prez Erdogan
The lira obviously. What about lira?
April 26 (and days leading up to) - Biden admin labels Turkey’s WW1 massacre of Armenians as genocide. Lira tanks -2% to (then) new ATL’s (USDTRY & EURTRY ATH’s, EURTRY breaks above 10). Lira then quickly reversed course.
During USDTRY’s rise and fall, BTC moved in tandem - this was pre-the May crypto bloodbath (and very well could have contributed to its setup).
Geopolitical knock on effects: In addition to the impacting announcement itself, the lira continued to get subsequently pummeled on general momentum selling begetting selling, BTC trading accordingly in tandem.
Then a few weeks ago, USDTRY took another intraday sharp leg higher to new highs, as California‘s state senate in a unanimous bipartisan vote, passed a bill in which CalPERS would divest from Turkish assets, directly due to Biden admin’s genocide call. And BTC again moved accordingly.
A USDTRY +6% move saw a BTCUSD -20% drop, and then vice versa. A similar move +/- 20% BTC today would put it in a new trading regime - full recovery or new winter.
I seriously doubt anybody (certainly within the crypto weeds) would ever have the foresight to connect Biden’s Armenian genocide call with BTC selling (I certainly did not, only in hindsight after CalPERS → TRY selling) - in fact Im betting that they still do not realize this past driver, and further would bet that upon hearing this, they... (More)