RATE Group | Bitcoin Investors Eye Turkey As Lira Plummets 20%
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Bitcoin Investors Eye Turkey As Lira Plummets 20%

13 Aug Bitcoin Investors Eye Turkey As Lira Plummets 20%

Posted at 07:06h in Bitcoin News by

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People check currency exchange rates at a currency exchange office on August 11, 2018 in Istanbul. (Photo credit: Yasin Akgul/AFP/Getty Images)

Bitcoin and cryptocurrency trading volume on Turkey’s exchanges has surged over recent days as the country battles to contain a currency crisis that looks set to continue into this week.

Koinim, Turkey’s largest exchange, has reported a 63% increase in Bitcoin trading volume, while the BTCTurk and Paribu exchanges have said their volumes are up 35% and 100% respectively, according to CoinMarketCap data.

Unlike Iran, where a ban on bitcoin and cryptocurrency trading means those wanting to buy bitcoin must turn to peer-to-peer exchanges like LocalBitcoins, banks in Turkey often still work with local exchanges, meaning fresh adopters can begin buying and trading more easily.

As a result, bitcoin trading volume in Turkey on LocalBitcoins has not increased as much as it has on local exchanges.

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