The domestic Turkish cryptocurrency exchange, BtcTurk, has been witnessed an augmented trade volume with the last 24 hours. There is a rise of 350% trading volume which is commendable. The week domestic currency Lira is considered as its primary reason. The national currency of Turkey is going through a tough time since the president of the country declared that the US is trying to stab in their back.
The fall of the Lira
The official and political conflicts between the stricken nations and their western counterparts have a profound impact on the various kinds of stuff. The national currency is amongst one of them. Lira is also facing the effects of tension and recently witnessed its lowest position against US dollar. This crumbling status of the national currency forced trades to take a step back when it comes to investment.
The country president Erdogan sees it as a conspiracy created by the US government against the country. The country has recently shown its opposition regarding the economic policy governed by US officials. The national currency is also facing a harsh allegation on social media.
There are many provocative comments about the currency circulating on a various social media platform. Turkey’ interior ministry has announced to take strict action against the accounts which are involved in such activities.
The loss of one is the gain of other
The downfall of Lira give rise to Turkish cryptocurrency exchange, trades are busy investing on bitcoin ditch the traditional investment methods. The national Turkish cryptocurrency exchanged has encountered a remarkable growth of 350%. BTC is the most liked cryptocurrency amongst Turkish trader community.
In Turkish cryptocurrency exchange traded in BTC of worth $14 million from past 24 hours. Other than this, many regional exchanges like Koinim, Paribu, and Koineks have also experienced a significant boost in trading volume this week.