The cryptocurrency data firm Kaiko has not taken its eye off the upcoming Turkish elections . The most recent numbers released by the corporation highlight the meteoric rise of crypto transactions in Turkish lira.
Cryptocurrency Trading Increased 10% in One Week
Kaiko called attention to the worldwide surge in crypto money transactions based on the Turkish currency noting that investors turned to cryptocurrencies due to the uncertainties surrounding the upcoming elections . The percentage of crypto transactions paid for using Turkish lira in fiat money rose from 5% to over 15% the company said.
An Increase in USDT Transactions on the Largest Turkish Exchange, BtcTurk
Kaiko also shared details on the interest of Turkish investors in USDT. It was shown that USDT outperforms all assets traded on the BtcTurk despite the fact that stable coins are among the most traded cryptocurrencies everywhere in the world . Kaiko said that Turkish investors are trading in US dollars to offset their currency losses .
The assessment study also noted that BtcTurk and Binance gained as the dollar achieved record highs against the Turkish lira as the value of the lira declined day by day because of inflation in Turkey.
The Popularity of Cryptocurrencies Are Increasing in Turkey
In the past few years, cryptocurrencies have become very popular in Turkey . Different things have led to a rise in interest in and use of digital currencies in the country . One of the main reasons for this trend is that Turkey’s traditional banking system has been plagued by economic instability and high inflation rates . Cryptocurrencies have drawn many Turkish investors looking for different ways to spend their money because they are autonomous and could keep their value .
Cryptocurrencies are also becoming more popular because they are easy to get through online platforms, and companies in Turkey are starting to accept digital assets more . Even though there have been problems with regulations and there have been some crackdowns on cryptocurrency trades the Turkish government has been pretty open to blockchain technology and has shown an interest in learning more about how it could be used . Because of this cryptocurrencies have become a bigger part of many Turks’ daily lives with more and more people using them for things like investments, money transfers and even to protect against inflation.
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