Turkey's Lira Cryptocurrency Market Share Hits New High

The market share of cryptocurrency trading volume in Turkish Lira (TRY) has hit a historical high, reaching 19%. This growth reflects the impact of high inflation and currency depreciation in the Turkish economy. According to a report by Kaiko, TRY has surpassed Euro (EUR), becoming the third largest legal tender by trading volume. The trade of Bitcoin (BTC) against TRY also reached a new high, showing an increased interest from investors in hedging assets. Kaiko pointed out that one reason for the increase in TRY's market share was Binance losing its banking partner, which led to the exchange withdrawing GBP and AUD trading pairs, further enhancing TRY's position in the cryptocurrency market. These data show that Turkey's foreign exchange fluctuations and monetary policy turmoil are driving expansion of its cryptocurrency market, providing investors with new trading opportunities and strategies to respond to market changes.