Turkish Cryptocurrency Exchange Volume Up Over 350% As Lira Falls

4

Turkish Lira is seeing huge waves of inflation. As a result, the people of Turkey have been turning to cryptocurrency. Investments in Bitcoin, Ethereum & XRP have increased dramatically.  

Turkey’s Economic Crisis

Turkey’s national currency has dropped 50% against the dollar in the last 12 months, and recorded an annual inflation rate of 15.9% in July – nearly 5 times the average rate for wealthy counties.

TRY vs USD
Turkish Lira vs. US Dollar

The country is also facing some foreign trade issues as US president, Donald Trump, announced he’ll be doubling import tariffs on Turkish aluminium and steel.

These factors and many others have contributed to the country seeing a huge decline in the value of the Lira. Now the people of Turkey are turning to cryptocurrencies, hoping they can safeguard the value of their cash from falling even lower in value.

Cryptocurrency To The Rescue

Between 1st-12th August, volume on local crypto exchange ‘BtcTurk’ increased by over 350%.

Despite Bitcoin falling over 50% this year so far, over 38% of the trading volume on BtcTurk is coming from BTC trades ($3.5M+ In 24hrs). Other cryptocurrencies being traded include Ethereum ($2.1M+ In 24hrs) & XRP ($1.8M+ In 24hrs).

The price of 1 Bitcoin vs. the Lira has increased over 30% in the last month alone.

TRY vs BTC
Turkish Lira vs. Bitcoin

Earlier this year, Turkish president Tayyip Erdogan was urging people to convert their stash of USD & EURO back into TRY to help slow the decreasing exchange rate. “My brothers who have dollars or euros under their pillows: Go and convert your money into lira. We will thwart this game together”.

These may be very turbulent times for the Turkish economy, however, cryptocurrencies are currently proving to be the best alternative to the Turkish Lira. 

Could you see Turkey adopting Bitcoin or other cryptocurrencies as their primary value of exchange? Please leave your comments below, we would love to know what you have to think. 

4 COMMENTS

  1. I enjoy you because of your own labor on this blog. Gloria loves engaging in investigations and it’s simple to grasp why. A number of us learn all regarding the powerful means you create rewarding tricks on your blog and increase contribution from some other people on that content while our princess is always discovering a lot. Take pleasure in the remaining portion of the year. You’re the one carrying out a dazzling job.

  2. I simply wanted to jot down a simple comment so as to thank you for all of the pleasant ways you are placing at this site. My particularly long internet lookup has at the end been honored with reliable know-how to go over with my partners. I would assert that we readers are very much endowed to live in a good community with many awesome individuals with interesting concepts. I feel truly blessed to have encountered the website and look forward to really more thrilling minutes reading here. Thank you once more for all the details.

LEAVE A REPLY

Please enter your comment!
Please enter your name here