USD/TRY had already reached nearly 19-year highs, half of which occurred in the previous two months.

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In an unexpected twist, Erdoan had previously spoken out against bitcoin, declaring Turkey to be "at war" with the industry in September.

Bitcoin and altcoins benefited from the transition, with gains of 5% replicated across the major cryptocurrency charts on Tuesday.

Michaal van de Poppe, a contributor to Cointelegraph, was one of the analysts who noticed the link.

"There's a good possibility we're done with the correction," he wrote in one of his tweets about the day's spot price activity.

"The longer we stay here, the more the sentiment changes."

The Crypto Fear & Greed Index, a popular sentiment barometer, showed minor respite following the increase, with the mood rising two points to 27/100, or from "severe fear" to "fear."

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In terms of value locked in Defi, Terra Protocol outperforms Binance Smart Chain

After some losses last week, the total value locked (TVL) in decentralised finance (defi) has recovered in fiat value.

The Terra protocol has been making waves, with the native crypto asset (LUNA) on the blockchain Increasing by over 45 percent in the previous week. LUNA is now the ninth-largest crypto asset in terms of market capitalization, having recently reached an all-time high (ATH). LUNA has recently surpassed the Binance Smart Chain (BSC) in terms of TVL in defi, in addition to its recent ATH.

Related post: Bitcoin and Ethereum are on the decline, while XRP is rising

BSC was the second-largest blockchain network in terms of defi TVL throughout the majority of the year. On the other hand, the Terra protocol has recently overtaken BSC by a few billion dollars.

According to defillama.com, Terra's TVL is approximately $19.34 billion today, whereas BSC is around $16.67 billion on Tuesday. Terra TVL is 16.01 percent greater in defi than BSC, and it has grown 65.99 percent in the last week.

Ethereum currently possesses $155.2 billion, or 62.58 percent of the $248 billion in defi. Terra protocol's TVL in defi accounts for only 7.79 percent of the total $248 billion locked in defi, while BSC accounts for 6.72 percent.

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Other decentralised financial TVLs that have gained significantly in the previous seven days include Avalanche (19.25 percent) and the Chronos (CRO) network (16.29 percent).

El Salvador purchases 21 bitcoins on the 21st day of the 21st month of the 21st century

El Salvador purchased another 21 bitcoins on Tuesday night to commemorate the 21st day of the last month of the twenty-first century, according to President Nayib Bukele.

Bukele stated that the acquisition was done at 21:21:21 and that El Salvador's land area is 21,000 square kilometres. "Got the receipt," the president wrote beside a screenshot of the transactions, which totaled a little over $1 million.

According to Reuters, El Salvador had 1,120 bitcoins in its treasury before the purchase, bringing its total to 1,141 bitcoins.

It intends to buy another $500 million worth of the world's most valuable cryptocurrency by market value, with the money coming from the sale of $1 billion in tokenized bonds.

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El Salvador became the first country to recognize bitcoin as legal cash in September. The president also intends to establish a "Bitcoin City" where citizens will be exempt from paying taxes.