Cryptocurrency

2024

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/turkish-cryptocurrency-market-experiences-significant-growth/" data-wpel-link="internal">Turkish Cryptocurrency Market Experiences Significant Growth</a><br></p>
<p class="p1" style="text-align: justify"><strong>Turkish</strong> <a href="https://en.coin-turk.com/powells-remarks-on-crypto-after-the-latest-macro-data/" data-wpel-link="internal">cryptocurrency market</a> has experienced significant growth in recent years. According to surveys and research, more than half of our country’s population currently invests in crypto assets. This is evidenced by the fact that the Turkish Lira is the fourth most used fiat currency in crypto. Several macroeconomic factors are fueling this crypto adoption in our country, and as a result, stablecoins and memecoins have emerged as favorites among Turkish investors, even surpassing Bitcoin.</p> 
<h2 class="p1" style="text-align: justify" id="intense-interest-from-turkish-investors-in-these-projects">Intense Interest from Turkish Investors in These Projects</h2> 
<p class="p1" style="text-align: justify"><strong>According to Kaiko’s</strong> latest report, our country’s inflationary conditions have significantly increased stablecoin usage in recent years. The research company found that in 2024, the USDT-TRY pair dominated as the largest trading pair on Binance in terms of volume, exceeding $22 billion, which is five times more than the next largest pair, PEPE-USDT, which has $4 billion.</p> 
<p class="p1" style="text-align: justify">Especially memecoin projects surpassed Bitcoin in trading volume this year, indicating that Turkish investors are turning to more speculative crypto assets to hedge against currency volatility and earn profits. The increase in stablecoin usage is better understood in the top Bitcoin trading pairs on BTCTurk, such as <strong>BTC-USDT</strong> and BTC-TRY.</p> 
<p class="p1" style="text-align: justify">One of the main reasons driving cryptocurrency adoption is our country’s struggle with double-digit inflation and currency devaluation for years, with the average inflation rate exceeding 40% over the past five years. In response, the central bank adopted an unconventional monetary policy by lowering <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> until June 2023, but this worsened the devaluation of the Turkish Lira, which lost more than 300% of its value from the end of 2020 to the end of 2023.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-374187 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/kaiko.png" alt="" width="2114" height="942"></p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
<p class="p1" style="text-align: justify">Amid economic challenges, Binance strengthened its position as one of the two largest trading platforms preferred by Turkish investors due to deep liquidity and low fees. As part of a large-scale zero-fee campaign, the team offered free trading for BTC-TRY transactions between July 2022 and March 2023.</p> 
<p class="p1" style="text-align: justify">Offering a wide variety of TRY-denominated trading pairs and aggressively adding new pairs in recent years helped Binance maintain its leadership in the country despite the 2022 crypto bear market. Binance introduced 61 new TRY trading pairs in 2024 alone, bringing the total number to over 200. Other exchanges like Gate.io, KuCoin, and <strong>OKX</strong> also entered the Turkish crypto ecosystem, but their combined market share remains below 1%.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/turkish-cryptocurrency-market-experiences-significant-growth/" data-wpel-link="internal">Turkish Cryptocurrency Market Experiences Significant Growth</a></h5>
<p>The post <a href="https://en.coin-turk.com/turkish-cryptocurrency-market-experiences-significant-growth/" data-wpel-link="internal">Turkish Cryptocurrency Market Experiences Significant Growth</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Turkish Cryptocurrency Market Experiences Significant Growth

Table of Contents

COINTURK NEWS

Other articles published on Jul 26, 2024

Solana's Solend Rebrands to Save and Launches Dumpy.fun for Shorting Memecoins

Solana Price (SOL) Targets New Monthly High: Bulls in Control

Japanese Financial Giant Gearing Up For Bitcoin ETFs

Core Foundation Launches Dual Staking to Enhance Bitcoin Yields

When Will Spot ETH ETFs Be Allowed to Start Staking?

eToro Delists Terra Luna Classic, Infuriating LUNC Community

Join our free newsletter for daily crypto updates!