Turkey's cryptocurrency exchanges see surge in volume as Lira tumbles

Turkish exchange Koinim has reported a 63% rise in Bitcoin trading volume, while BTCTurk and Paribu have said that their volumes are up 35% and 100%, respectively

August 13, 2018 / 10:01 PM IST

As Turkey battles to contain its currency crisis, exchanges in the country have witnessed a surge in cryptocurrency trading volumes over the last few days.

Turkey's largest exchange — Koinim has reported a 63 percent increase in Bitcoin trading volume, while BTCTurk and Paribu have said that their volumes are up 35 percent and 100 percent, respectively, according to a report by CoinMarketCap.

Bitcoin and cryptocurrency users have been discussing their concerns over Turkey's currency crisis and economy.

"I started personally trading crypto 1.5 years ago because of the weakness of the Turkish lira, and fear of the political, and financial, status of the Turkish government. Cryptocurrency makes me feel much safer," Bitcoin user Bitmov (pseudonym) told CoinDesk.

The Turkish lira fell over 30 percent against the dollar last week amid an escalating dispute with US President Donald Trump over steel and aluminum tariffs and growing concerns about the health of the Turkish economy.

The Turkish lira has fallen over 82 percent since January.
Moneycontrol News
first published: Aug 13, 2018 10:01 pm

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