Bitcoin

Drive Crypto

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/turkish-investors-drive-crypto-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">Turkish Investors Drive Crypto Market</a><br></p>
<p style="text-align: justify">The Turkish cryptocurrency market has seen a substantial uptick in recent years, with more than half of the population now investing in crypto assets. The Turkish Lira ranks as the fourth most used fiat currency in the crypto <a href="https://newslinker.co/category/science/space/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">space</a>. Economic factors such as inflation and currency devaluation have led to a surge in stablecoin and <a href="https://en.bitcoinhaber.net/meme-inspired-cryptocurrency-experiences-spectacular-value-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a> investments, eclipsing Bitcoin in trading volume.</p>
<h2 id="why-are-turkish-investors-turning-to-crypto">Why Are Turkish Investors Turning to Crypto?</h2>
<p style="text-align: justify">Kaiko’s latest report highlights that Turkey’s high inflation rates have significantly boosted stablecoin usage. In 2024, the USDT-TRY pair emerged as the most traded pair on Binance, clocking in over $22 billion in volume, dwarfing other pairs like PEPE-USDT. This trend indicates that Turkish investors are pivoting towards speculative assets to mitigate currency volatility and gain profits.</p>
<p style="text-align: justify">Memecoins have also overtaken Bitcoin in trading volume this year, showcasing a preference for high-risk, high-reward assets. The trend is evident in the most traded Bitcoin pairs on BTCTurk, such as BTC-USDT and BTC-TRY, further underlining the shift towards stablecoins.</p>
<h2 id="what-drives-turkey-s-crypto-adoption">What Drives Turkey’s Crypto Adoption?</h2>
<p style="text-align: justify">Turkey’s persistent double-digit inflation and severe currency devaluation, with inflation rates averaging over 40% in the past five years, have driven people towards cryptocurrencies. The central bank’s unconventional monetary policy, including <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rate</a> cuts until mid-2023, exacerbated the decline of the Turkish Lira, which lost over 300% of its value from the end of 2020 to 2023.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">For investors looking to navigate the Turkish cryptocurrency landscape, the following points are crucial:</p>
<ul>
 <li>Stablecoins like USDT are highly favored due to their stability in a volatile economic environment.</li>
 <li>Memecoins present opportunities for high returns but come with increased risk.</li>
 <li>Binance remains a top choice for Turkish investors due to its deep liquidity and low trading fees.</li>
 <li>New trading pairs and zero-fee campaigns can significantly boost trading volumes.</li>
</ul>
<h2 id="conclusion">Conclusion</h2>
<p style="text-align: justify">Binance has solidified its position as a leading trading platform in Turkey, offering extensive TRY-denominated trading pairs and maintaining its dominance through strategic campaigns. Despite the influx of other exchanges like Gate.io, KuCoin, and OKX, Binance continues to lead, underlining the growing importance of cryptocurrency in Turkey’s financial landscape.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/turkish-investors-drive-crypto-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">Turkish Investors Drive Crypto Market</a></h5>

Turkish Investors Drive Crypto Market

Table of Contents

BH NEWS

Muita 26. heinäk. 2024 julkaistuja artikkeleja

Looking Back at Pi Network’s ‘Pi2Day Challenge’

Token Unlocks Alert: $2.31B in Crypto Assets Set to Hit Market

Top Crypto Gainers Today Jul 26 – UMA, Aave, Azuro Protocol, Pendle

Cardano Prepares for Chang Hard Fork with New Validator Node

Mt. Gox Users Report Surge in Unauthorized Login Attempts

Jito’s Restaking Platform: A New Way to Earn Rewards on Solana

Join our free newsletter for daily crypto updates!