Burglary of the Turkish lira helps to increase daily crypto trading in Turkey to over one million-economy

The popularity of cryptocurrencies in economically stricken Türkiye has increased, with the number of daily trades now exceeding one million, according to a report. This increase in trades was attributed to the devaluation of the Lira, which fell to a new low on December 20 compared to the USD.

lira falls

The trade in cryptocurrencies in the inflation-stored Turkey has increased to over one million a day for the first time since March, according to a Reuters report citing chainalysis and kaiko data.

according to the test report Return to over one million trades a day came at a time when the Turkish Fiat currency, Lira, has been devalued by almost 40 % since September. Before the recent increase, the cryptocurrency transactions in Turkey had previously exceeded the mark of one million a day after President Recep Tayyip Erdogan unexpectedly Dismagement of the central bank.

The dismissal of the then governor Naci Agbal triggered the fear of inflation from the Turks and caused the lira to break in by more than 10 %. After a phase of relative stability - which in turn led to lower cryptocurrency transactions - the trades per day after the recent slump in the Lira rose again.

As shown by the last Data on December 20, 2021, plunged briefly to a new low of 18.10 for every dollar. But after the government one announced Rescue plan, the Lira recovered to 12.50 at the time of writing.

gold restrictions are a blessing for crypto

The Reuters report indicated that the recent increase in cryptocurrency trade could be related to restrictions that have been imposed on the course of the year that made it difficult for Turk to exchange the Lira into gold. The race of Bitcoin on a new all -time high of more than $ 69,000 in November is said to have contributed to the increase in trades.

In terms of the cryptocurrencies preferred by Turks, the report Bitcoin and Stablecoin usdt are the most common coins. This is proven by data that show that the Try/ Usdt is one of the most traded couples, while the couple of the Fiat currency with btc is the 12th most treated.

reports that Turks are increasingly switching to cryptocurrencies, come a few months after the central bank has prohibited the use of crypto-assets when paying goods and services. In addition, President Erdogan The country is in war with cryptocurrencies.

Terence Zimwara

Terence Zimwara is an award -winning journalist, author and author in Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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