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Trading activity in Turkish Lira pairs with Shiba Inu and Tether was more than five times higher than Bitcoin, amid a sharp devaluation of the lira. Writes about this CoinDesk.
At the end of November, on Binance, the trading volume of the lira with BTC amounted to $ 918 million, with SHIB and USDT – $ 5.26 billion and $ 5.58 billion, respectively.
:Анные: Binance, CoinDesk.
“Local traders continue to be attracted by the exceptional performance associated with coins such as SHIB.”– said Strahinja Savic, head of data and analytics at the FRNT Financial crypto platform.
The lira has weakened against the dollar for the ninth year in a row. The pace reached 39.7% in November. Since the beginning of the year, the currency has fallen by 46.5% – this is the third result in the world. Only the Cuban peso (-95.8%) and the Libyan dinar (-70.9%) are worse.
Inflation in Turkey jumped to a three-year high of 21.31%, according to TradingEconomics.
“The priority of Turkish citizens is gold and the dollar. They also buy cheap cryptocurrencies like SHIB, VET, XRP because BTC is expensive. “– explained Sabri Aygun, a crypto investor from Istanbul.
According to CoinGecko, at the time of writing, Bitcoin is valued at 679,904 lira, Tether at 14 lira, Shiba Inu at almost 0.0005 lira.
Cryptocurrencies are perceived by the population as a measure of capital preservation. This can create additional pressure on the local currency rate.
In May, Turkey-based cryptocurrency exchanges were ordered to notify the Financial Crimes Investigation Board of users’ transactions exceeding the 10,000 lira (~ $ 1,200) limit.
As a reminder, the Bank of Turkey has identified cryptocurrency as a non-monetary asset and prohibited its use as a form of payment.
In June, the regulator criticized Bitcoin for its negative impact on the environment.
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