Exclusive-Turkey's cryptocurrency trades top 1 million a day amid lira woes
Information about Exclusive-Turkey's cryptocurrency trades top 1 million a day amid lira woes
Kevin David Scam or Legit
By Marc Jones and Tom Wilson
LONDON (Reuters) – The number of cryptocurrency trades in Turkey has surged back above one million per day as the country’s currency has plunged to a series of record lows, data shared with Reuters showed.
Worries about Turkey’s economic policy have seen the lira slump nearly 40% since September, driving Turks to look for places to park their savings to avoid the effects of soaring inflation.
The one million-a-day threshold – cleared according to data from blockchain analysis firms Chainalysis and Kaiko – was first surpassed earlier in the year when the sudden replacement of the country’s central bank chief in March triggered the lira’s first major slump of 2021.
But the number of trades had dropped back below 500,000, before the …