Turkish Lira share on Binance increased exponentially

On Binance, the world’s largest cryptocurrency exchange, the most used fiat currency of the last period was the Turkish lira. The lira, which depreciated significantly especially after May, had a market share of 81 percent in fiat currencies on the exchange as of August.

Turkish Lira share on Binance increased exponentially

While crypto adoption in Turkey has been rising day by day, the Turkish lira has been at the forefront of fiat currencies on Binance.

According to the latest data from crypto research company Kaiko; In August, the market share of the Turkish lira in fiat currencies on the Binance exchange reached 81 percent. While this rate was the peak for the TL, it was only 9 percent in early 2021.

At that time, especially on global exchanges such as Binance, TL parities were much less and even Turks were trading mostly in USDT on such global exchanges.

The euro ranked second among the most used fiat currencies in the exchange. The TL’s dominance in august seems to have receded a little more as of October.

The reason for this rise may be the huge depreciation of the Turkish lira, especially after May. Turkish investors may prefer cryptocurrency investments to avoid losses in the Turkish lira.

Image: Jakub Porzycki/NurPhoto via Getty Images

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