Bitcoin and Tether Bought Massively in Turkey as Safe Haven from Falling Lira

Artem

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The Wall Street Journal reported that the embrace of crypto is currently proceeding at a fast pace in Turkey due to local fiat currency Lira becoming highly volatile and plunging against the USD.

Turks grabbing BTC and USDT, despite crypto ban​

In late 2021, Lira (TRY) began to plunge against the USD with trading volumes involving Lira soaring to $1.8 billion per day on average on three crypto exchanges, as per data by Chainalysis. Back in 2019, this volume was a lot higher—approximately $71 billion worth of Lira spent on crypto per day.

Turkish people are after USD-pegged stablecoin Tether in particular. In the fall, 2,020 investors traded Lira against USDT more than the TRY/USD and TRY/EUR pairs, according to CryptoCompare.

Since September 2021, Lira has dropped by a whopping 40% against USD, while Bitcoin rose by the same percentage against the dollar by the start of November. At the moment, BTC is below that level by over 10%.

While Turks used to keep their savings in USD and gold, now they are choosing crypto: BTC and Tether.

Turkish investors have been feeling their way into crypto, despite the law that banned the use of digital currencies as a means of payment back in April 2021.
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