Turkey TRY-ing Bitcoin (BTC)- a shock absorber for its unstable economy
While Bitcoin (BTC) is facing a hard time in the global market and is undergoing through a lot of speculations about its upcoming status, the currency is acting as a stabilizer in the cryptocurrency market of Turkey. The country has seen a surge in the cryptocurrency’s trading volume of exchanges in more than 24 hours, reported Bitcoin.com.
The surge in Bitcoin and other crypto transactions
Pertaining to the tensions resulting from President Recep Tayyip Erdogan accusing the US of trying to “stab it in the back”, the country’s currency, Lira (TRY) faced a record dip against the US Dollars. The Turkish President’s hostility against the US, led the country to an economically rocky path, infested with inflation and debts. The Turkish Lira has almost touched the lows among the other fiat currencies, and is currently the third worst performing fiat currency of the current year.
Finding a way to pass through the shaky economy, cryptocurrency holders have got more engaged in trading TRY for BTC, Ripple (XRP) and Ethereum (ETH).
BtcTurk, a Turkish Lira based Bitcoin, Ethereum and Ripple exchange platform, reportedly went up to 350% in the last 24 hours. BTC alone recorded a 38% of the trading volume of BtcTurk, amounting to nearly $14 million. Regional exchanges like Paribu, Koinim and Koineks have also witnessed a major surge in trading volume this week.
The possible crypto climb in Turkey
With the rise in crypto transactions in the shaky economy, cryptocurrencies are getting positively impacted on an immense scale. If the positive growth in crypto trading continues, the popularity will very likely shoot up even more, and cryptocurrencies in the country will possibly have more users and as result, the trading volume will also rise.
Image via Shutterstock
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