Binance\u2019s USDT\/TRY trading pair saw its highest volatility since April 2024 after Istanbul Mayor Ekrem Imamoglu, a key rival to President Tayyip Erdogan, was arrested.<\/p>\n
Turkey\u2019s arrest<\/a> of Istanbul Mayor Ekrem \u0130mamo\u011flu, a key political figure, and potential 2028 presidential candidate, sent shockwaves through the country\u2019s markets \u2014 sparking a sharp drop in the lira and a rush into crypto.<\/p>\n Shortly after the news broke, the lira took a quick nosedive, hitting a new all-time low in one of its worst intraday moves ever. Binance<\/a>\u2018s USDT\/TRY trading pair also saw<\/a> wild price swings, spiking 6.4% in volatilityl what appears to be the highest volatility level since April 2024.<\/p>\n BtcTurk and Paribu, two of Turkey<\/a>\u2018s biggest crypto exchanges, also saw an influx of activity, with daily volumes jumping 23.4% and 18.8%, respectively, per CoinGecko data, as a lot of traders seemingly rushed to hedge against the lira\u2019s instability, a trend that\u2019s played out before during economic uncertainty in Turkey.<\/p>\n Meanwhile, Borsa Istanbul, the sole exchange entity of Turkey, got hammered. The BIST 100 index dropped nearly 6%, its worst day since 2023, while the banking sub-index plunged almost 10%, forcing a temporary trading halt.<\/p>\n In response to the lira\u2019s rapid depreciation, Turkish authorities intervened in the foreign exchange market. Bankers reportedly<\/a> estimate that the central bank may have sold between $5 billion and $10 billion in FX reserves to stabilize the currency. Such interventions, while potentially calming short-term volatility, raise concerns about the sustainability of Turkey\u2019s foreign reserves.<\/p>\n On Wednesday morning, March 19, Turkish authorities arrested \u0130mamo\u011flu on allegations of terrorism links, a move the opposition Republican People\u2019s Party decried as a \u201ccoup attempt.\u201d \u0130mamo\u011flu was poised to become the party\u2019s presidential candidate in the upcoming president elections in 2028, making his arrest particularly consequential.<\/p>\n <\/p>\n The state-run Anadolu Agency reported<\/a> that prosecutors issued warrants for Istanbul Mayor Ekrem \u0130mamo\u011flu and around 100 others, including his close aide Murat Ongun. Authorities also sealed off several roads in Istanbul and imposed a four-day ban on demonstrations, seemingly to deter protests.<\/p>\n In a statement<\/a> to Reuters, Emma Sinclair-Webb, the Turkey director for Human Rights Watch, called the arrest a \u201cblatant misuse of the justice system\u201d and part of a \u201cpattern of politically driven investigations\u201d meant to weaken the opposition.<\/p>\n Following the arrest, users across Turkey reportedly<\/a> experienced widespread access issues on major social media platforms, including X, Instagram, YouTube, and TikTok.<\/p>\n![\"Binance's](\"https:\/\/crypto.news\/app\/uploads\/2025\/03\/oundsauohfds.png.webp\"\/)
\n<\/picture>Turkish central bank offloads billions to save lira<\/h2>\n
Social networks face outages<\/h2>\n