Cryptocurrency currency exchanges saw a surge in trading volume on Aug 10, as the Turkish Lira crashed to a record low owing to economic jitters. The trading volume at Turkish exchanges Btcturk, Koinim, and Paribu surged in the last 24 hours by more than 100 percent each, according to CoinMarketCap. With the Btcturk exchange handling $11.6 million in trades, the absolute volumes are still relatively low at these exchanges.
Reflecting the global market concerns about President Recep Tayyio Erdogan’s economic policies, his government’s ability to repay debts, and his souring ties with the U.S. president, Donald Trump, led the Turkish Lira to crash hitting an all-time low.
President Erdogan in his statement urged the Turkish citizens to exchange any euros, dollar, or gold they own for the Lira to prop it up. Considering this ongoing economic turmoil, the appeal of bitcoin and other cryptocurrencies has increased.
A marketing professional based out of Istanbul, who was speaking regarding the Turkish Lira crash, said he has been using bitcoin to purchase digital ads abroad for over three years now. He added that now his family and friends reach out to him for advice on how to buy bitcoin. He said that he no longer trusts fiat currencies due to the hardships caused by the country’s economic policies.
Likewise, a cardiologist in Ankara, Bunyamin Yavuz said that he doesn’t trust local bank anymore and now purchases XRP, Lumens, and Monero amongst other cryptocurrencies as part of his investment portfolio.
After the Turkish Lira crashed, a marketing professional who goes by the pseudonym Bit_gossip said that his crypto Discord channel which has recently grown to 11,294 members will see even more members joining hopefully. He added that bitcoin purchases would have been even brisker now, had it not been the fear of scams and volatility associated with it, as stated in the CoinDesk report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]