Turkish Lira Crypto Trading Volume Surges to Record High Amid Inflation

IconCryptoNewsTerminal Staff13 Jun, 2024

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Turkish Lira Crypto Trading Volume Surges to Record High Amid Inflation

Turkey's soaring inflation rate has fueled a surge in cryptocurrency trading in the country, with the Turkish lira-based trading volume hitting a record high. According to a report by Kaiko, the market share of Turkish lira-based crypto trading volume has reached 19%, making it the third-largest fiat currency by trading volume globally, ahead of the Euro. This represents a significant increase from previous years. The report attributes this surge to Turkey's high domestic inflation rate, which has exceeded 70% in recent months. As the value of the lira has plummeted, Turks have increasingly turned to cryptocurrencies as a hedge against inflation and a store of value. The surge in crypto trading volume in Turkey highlights the growing role of cryptocurrencies as a financial instrument in emerging markets facing high inflation. As fiat currencies lose value, cryptocurrencies like Bitcoin and Ethereum offer an alternative for individuals to protect their savings from erosion.

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