Turkish crypto exchanges have experienced a significant increase in trading activity following the plunge of the Turkish Lira to a record low amidst the arrest of President Recep Tayyip Erdoğan’s political rival.
Plunge of Turkish Lira
The Turkish Lira fell 13%, reaching a new low of 42 against the US Dollar. Many Turkish citizens have turned to cryptocurrency as a hedge against the ongoing currency depreciation.
Increased Crypto Trading
Major Turkish crypto exchanges like BtcTurk recorded a 32% increase in 24-hour trading volume. Paribu saw a 23% rise, while Binance TR, the Turkish branch of Binance, experienced a 24% surge. The BTC/TRY trading pair also hit its highest hourly trading volume in the past year.
Political Situation and Restrictions
Alongside the financial turmoil, Turkey has restricted access to social media, including X (Twitter), Instagram, and Facebook. The opposition has called İmamoğlu’s arrest a 'coup attempt', as it happened just days before he was expected to be selected as a presidential candidate.
Crypto analysts predict that Turkish crypto trading volumes may continue rising as uncertainty grows.
