RATE Group | Turkey’s Economic Woes May Lead to Increased Cryptocurrency Adoption
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Turkey’s Economic Woes May Lead to Increased Cryptocurrency Adoption

11 Aug Turkey’s Economic Woes May Lead to Increased Cryptocurrency Adoption

Posted at 21:40h in Cryptocurrency News by

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President Donald Trump recently increased the tariffs on Turkey’s aluminum and steel exports to the US, which resulted in a decline of over 14% in value of the Turkish lira, the country’s fiat currency, against USD.

As the lira tumbled, the trading volume on some of Turkey’s largest cryptocurrency exchanges, including Btcturk, Koinim, and Paribu. surged by over 100%. Despite the increased trading activity, absolute volumes remain low on most of Turkey’s digital currency exchanges, with the largest local exchange, Btcturk, recording approximately $11.6 million in the last 24-hour period.

Finding Economic Relief In Cryptocurrencies

Looking at these developments, however, particularly the lira plummeting to an all-time low against the USD, it seems Turkey’s residents are losing confidence in their financial system. The country’s economic policies have been…

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