Binance’s USDT/TRY trading pair experienced its highest volatility since April 2024 after the arrest of Istanbul Mayor Ekrem İmamoğlu, a key rival to President Tayyip Erdoğan.
İmamoğlu’s detention, which rattled Turkey’s markets, triggered a sharp decline in the lira and a surge in crypto trading. Shortly after the news broke, the lira plunged to a new all-time low in one of its worst intraday drops. Binance’s USDT/TRY pair saw extreme price swings, with volatility spiking 6.4%, marking its most turbulent level since April 2024.