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Home Business

Big Increase in Cryptocurrency Transactions in Turkey

András Crow-Hreidar by András Crow-Hreidar
21 May 2023
in Business
Reading Time: 2 mins read
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Big-Increase-in-Cryptocurrency-Transactions-in-Turkey

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.

Table of Contents

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  • Cryptocurrency Trading Increased 10% in One Week
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  • An Increase in USDT Transactions on the Largest Turkish Exchange, BtcTurk
  • The Popularity of Cryptocurrencies Are Increasing in Turkey
        • It may get your attention:

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.

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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 .

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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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András Crow-Hreidar

András Crow-Hreidar

Editor-in-chief, Content Editor Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.

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