Volumes Surge on Turkey’s Crypto Exchanges as Lira Tanks
Turkey 's currency – denominated trade volume rose sharply on Friday night to record the lowest level of economic uncertainty.
According to CoinMarketCap, the trading volume of the Turkish exchanges Paribu, Btcturk and Koinim has increased by more than 100% over the past 24 hours. Btcturk (the largest) handles $ 11.6 million in transactions, and the absolute volume is still small.
Turkish Prime Minister Recep Tayyip Erdogan has a record low against the dollar, reflecting President George W. Bush's economic policy, the relationship with US President Donald Trump and the global market's ability to repay debts. did.
Erdogan publicly announced the "economic war" with the United States and urged the Turkish people to exchange dollars, euros, or gold that he owned.
Despite having entered the bear market in the early part of the decade, the ongoing turmoil has increased the appeal of bitcoin and other Crypto currencies to retail investors in some regions.
"Every day there is a new exchange happening in Turkey," said a local college student who was asked for safety reasons by Twitter spokesman Bit_gossip.
Bitmov, an affiliate marketing specialist in Istanbul, says he has been using digital bitcoin to buy digital advertising abroad for over three years. Now his family and friends have sought advice on how to buy a bitcoin.
Bitmov told CoinDesk:
"I started trading privately 1.5 years ago because of the weakness of the Turkish Lira and the fear of the Turkish government's political and financial status. I feel much safer because of the decryption."
Pointing out the difficulties in recent economic policy, Bitmov said he no longer trusts money.
Similarly, Ankara's cardiologist Bunyamin Yavuz said he no longer trusts the local bank and buys XRP, monero, lumen from other Crypto calls as part of his investment portfolio. Yavuz told CoinDesk that his holdings now comprise 30% cryptocurrencies, 20% US dollars, and only 10% lira.
Reflecting the growing interest, Bit_gossip operates as a cryptographic breach of the Discord channel since 2016, which has recently grown to 11,294 Turkish-speaking members. Bitcoin purchases will continue to boom, not fear of volatility and fraud, he explained.
"Most Turkish hodlers got a rekt starting at the end of 2017 or the first quarter of 2018."
Turkish parliamentarians are considering the creation of a national cryptocurrency, but when politicians start to fear the emergence of bit coin, local exchanges can face more difficulties.
Turkey is not the only Middle Eastern country to consider decryption of its own. Tired of inflation, Iran also aspires to the possibility of centralized encryption to support the economy.
However, unlike Iran, where private investors frequently exchange personal swaps and P2Ps, such as LocalBitcoins, because they are blocked from global platforms due to international financial sanctions and censorship, Turkish banks often cooperate with exchanges. Therefore, Turkish users are facing a barrier to enter the global market.
But like Iranian officials, Erdogan urged foreign investment to be turned into the local currency.
Yavuz warned that if the Turkish government can follow the footsteps of Iran and limit the access if the bitcoin transaction grows too fast, then it will be the end of economic growth.
Bitmov is already rumored to be in Istanbul, and the banks in Turkey will shortly end support for the dollar soon. He added:
"What can I do if the national currency does not fall so far or if I do not trust the central currency and the bank? You must be your own bank and I am sure that people around the world will soon realize it."
Image of Lira through Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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