The plunge in the Turkish lira leads to the daily cryptocurrency trading volume in Turkey exceeding 1 million – Economics Bitcoin News


According to a report, the popularity of cryptocurrencies in Turkey, where the economy is struggling, continues to soar, with daily trading volume now exceeding 1 million. The surge in trading volume was attributed to the depreciation of the lira, and the exchange rate of the lira against the US dollar fell to a new low on December 20.

Lira plummeted

Reuters reported that citing data from Chainalysis and Kaiko, the volume of cryptocurrency transactions in Turkey affected by inflation soared to more than 1 million transactions per day for the first time since March.

according to ReportWhen the Turkish legal currency lira has depreciated by nearly 40% since September, the daily trading volume has recovered more than 1 million transactions.Prior to the most recent surge, Turkish cryptocurrency trading volume exceeded the 1 million mark per day after the unexpected surprise of President Recep Tayyip Erdogan. Dismissal Governor of the Central Bank March 22.

The dismissal of the then governor Naci Agbal caused Turks to worry about inflation and caused the lira to plummet by more than 10%. However, after a period of relative stability-which in turn led to a decrease in cryptocurrency trading-after the most recent plunge in the lira, the daily transaction volume once again exceeded the 1 million mark.

As recently shown dataOn December 20, 2021, the lira fell to a new low of 18.10 per US dollar. Announce A rescue plan, the lira has risen to 12.50 as of the time of writing.

Gold restrictions are the boon of cryptocurrencies

A Reuters report suggests that the latest increase in cryptocurrency trading may be related to restrictions imposed this year, which make it difficult for Turks to convert lira into gold. It is said that Bitcoin hit an all-time high of more than $69,000 in November and also contributed to a surge in transaction volume.

As far as the Turks’ preferred cryptocurrency is concerned, the report says Bitcoin and stablecoins USDT It is the most widely used coin. The data shows that TRY/USDT The currency pair is one of the currency pairs with the largest trading volume, and the currency pair of fiat currency is Bitcoin It is the 12th largest transaction volume.

A few months after the central bank banned the use of encrypted assets when paying for goods and services, there were reports that Turks were increasingly turning to cryptocurrencies.In addition, President Erdogan also Say The country is at war with cryptocurrency.

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Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer from Zimbabwe. He has written a lot of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.

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