As the first round of Turkish general elections result in a runoff round, with President Erdogan facing his toughest political challenge yet, Turkish assets have been exhibiting volatility - as one would expect given the uncertainty. However, the one asset class that remains strangely stable (thus far) is the Turkish Lira, as continued state interventions dampen any sharp selling pressure from plunging deep into new record lows (for now). Weston Nakamura does a deep dive into the Turkish lira, and the often overlooked significance that the lira has had on global markets, citing two instances in particular: the 2020 rally in gold and Bitcoin, and the December 2021 Christmas reversal rally in global risk assets. Weston then finishes with how the lira may impact markets, including the Japan equity markets, gold, and Bitcoin in the given market setup, with the runoff elections looming at the end of the month. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.