Crypto Trading Gains Popularity in Turkey after Lira’s Crash

Global investors have started considering crypto as a hedge against rising inflation. A perfect example of the recent trend was seen in Turkey. The overall crypto trades per day jumped above 1 million in the country after the Turkish Lira dropped by more than 40% since September 2021.

The Turkish Lira saw immense volatility in December 2021 after recent steps from Turkey’s central bank. While rising inflation has caused a major worry for local residents, investors have started parking their savings into crypto assets like Bitcoin and Ethereum.

In terms of crypto adoption, Turkey is one of the world’s biggest markets. According to the data published by Coinmarketcap, Turkey accounts for almost 16% of global cryptocurrency users. Currently, the country stands at position number 4 for the highest number of crypto users around the world.

Moreover, a recent report published by Reuters shows that the stablecoin, Tether (USDT) is becoming popular among Turks. “The data also showed that bitcoin and Tether, a 'stablecoin' that aims to keep a steady value, and which is widely used in crypto trading, have been most popular for lira trades since 2019. Bitcoin hit a record high of $69,000 in November. A narrative that its limited supply makes it impervious to inflation, the coin is often seen as a store of value, despite its volatility, has helped to fuel its gains,” Reuters added.

Crypto Recovery?

The total market cap of digital assets has witnessed a slight recovery in the past 24 hours. Bitcoin crossed the price level of $49,000. The digital asset is now targeting the $50,000 mark. Additionally, altcoins like XRP, Terra, Shiba Inu and Polygon have performed better than BTC in the last 24 hours.

Furthermore, XRP and Terra saw double digital gains as the crypto assets jumped above $0.96 and $93, respectively.