According to Kaiko, the Turkish lira's trading share on crypto exchanges has reached an impressive 19% this month. It seems crypto market traders prefer Turkish money to the euro.
In early June 2024, the lira's share in global crypto exchange trading surged to a record 19%. This puts the Turkish currency ahead of the euro, which is now in third place. The top spot goes to the US dollar, followed by the South Korean won.
Kaiko reports that most trades are performed in dollar-based stablecoins. The lira's rise could also be explained by the delisting of pairs containing the British pound and the Australian dollar, which took place in 2023.
Experts note that the instability of a national currency often favors the adoption of cryptocurrencies. This is also true for the lira. It has shown extreme volatility and significant depreciation in recent years amid inflation exceeding 50%.
Previously, Fatih Karahan, head of the Central Bank of Turkey, suggested the possibility of introducing 500 and 1,000 lira banknotes because of the currency's devaluation. Currently, the largest banknote in Turkey is 200 lira.
