2024

United

Bitcoin

when

The crypto volume market share of the Turkish lira (TRY) has reached unprecedented levels amid ongoing currency depreciation and significant foreign exchange volatility within the country. 
According to a recent<a href="https://x.com/KaikoData/status/1800790360420913474"> report</a> by crypto research platform Kaiko, the surge in TRY’s crypto volume market share has propelled the lira past the euro (EUR), making it the third largest fiat currency by volume in the crypto market. 
<h2 id="span-style-font-weight-400-lira-becomes-the-third-largest-fiat-by-volume-span">Lira Becomes the Third Largest Fiat by Volume</h2> 
Kaiko’s analysis revealed that TRY’s crypto volume market share peaked at 19% in early June. This surge is largely attributed to the country’s<a href="https://www.imf.org/external/datamapper/PCPIPCH@WEO/WEOWORLD/VEN"> soaring</a> inflation, which has exceeded 70%, positioning the Lira among the worst-performing fiat currencies globally.&nbsp; 
<a href="https://www.bnnbloomberg.ca/turkish-investors-looking-for-haven-turn-to-stablecoin-tether-1.1931285">Currency devaluation</a> and foreign exchange volatility are typically key drivers of crypto adoption in developing markets. Kaiko noted that the recent increase in foreign exchange volatility can be linked to the record number of elections in 2024 and the widening gap in monetary policies. 
<h3 id="span-style-font-weight-400-global-currency-trends-and-impacts-span">Global Currency Trends and Impacts</h3> 
Since April, financial markets have witnessed significant fluctuations among various currencies. The British pound (GBP) has rallied to its highest level against the EUR in two years. 
Conversely, the Japanese yen (JPY) has plummeted to a 30-year low against the United States dollar (USD), while the Mexican peso (MXN) has fallen to its weakest level since October 2023. A common thread among these currencies is high inflation and substantial devaluation of their purchasing power, similar to the situation in Turkey. 
<h2 id="span-style-font-weight-400-bitcoin-s-performance-against-lira-span">Bitcoin’s Performance Against Lira</h2> 
The depreciation of the TRY has led to notable milestones for Bitcoin (BTC) when <a href="https://thecoinrise.com/bitfinex-enable-turkey-users-to-deposit-local-currency/">priced in the Turkish</a> lira. In October 2023, despite BTC being valued at $34,000, it reached an all-time high against the lira, soaring to 979,000 TRY. By February, as BTC climbed above $50,000, it surged to 1.6 million TRY due to high demand from U.S. investment products. 
March saw BTC hitting another peak against the lira, surpassing 2.3 million Lira. As of now,<a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABTCTRY"> data</a> from TradingView indicates a slight decline, with BTC priced at approximately 2.24 million TRY. These fluctuations highlight the increasing interest and reliance on <a href="https://thecoinrise.com/turkey-publishes-report-on-its-first-phase-of-cbdc-development/">cryptocurrencies within Turkey</a> as a hedge against local currency depreciation. 
<h3 id="span-style-font-weight-400-binance-s-role-in-try-s-rising-crypto-volume-span">Binance’s Role in TRY’s Rising Crypto Volume</h3> 
Kaiko’s report also points to Binance’s recent operational challenges as a factor in the rising share of TRY in crypto trade volumes.&nbsp; 
The crypto exchange faced a significant setback with the loss of key banking partners, leading to the <a href="https://thecoinrise.com/binance-set-to-delist-key-trading-pairs-to-ensure-stability/">delisting of GBP and Australian dollar trading pairs</a>. This development inadvertently boosted the share of TRY in overall fiat trade volumes on Binance, further solidifying its position in the crypto market. 
The post <a href="https://thecoinrise.com/turkish-lira-crypto-volume-hits-ath-amid-currency-depreciation/">Turkish Lira Crypto Volume Hits ATH Amid Currency Depreciation</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Turkish Lira Crypto Volume Hits ATH Amid Currency Depreciation

Table of Contents

TheCoinrise Media

Other articles published on Jun 13, 2024

TOPGOAL’s New Era: An AI-Powered Sports Autonomous World for Everyone

Insider’s Guide to the Hottest Presale Cryptos: Top 5 Picks for 2024

Bitcoin Transactions At All-Time High, But Active Addresses Collapse: What’s Going On?

Internet Computer (ICP) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Bitfarms pushes back against Riot’s $950M takeover attempt

Coinbase Lists Pirate Nation Token, Price Jumps 150%

Join our free newsletter for daily crypto updates!