Turkish crypto exchange volumes surge as lira sinks
Trading volumes on Turkish cryptocurrency exchanges have seen a marked increase in recent days as the country’s domestic currency the lira continues to plunge to fresh lows.
Data from CoinMarketCap showed volumes at Turkish exchanges Btcturk, Koinim and Paribu jumped by more than 100% in the 24 hours to August 12.
On Tuesday, volumes continued to rise, but were seeing nowhere near the volumes on most other cryptocurrency exchanges where a massive sell-off was underway.
“The damage across the global markets has been far and wide following the Lira’s freefall, but it is the emerging market currencies and higher-yielding assets that are up there as contenders to suffer the most from crippling investor attraction towards taking on risk,” said Jameel Ahmad, head of currency strategy at FXTM.
Lira more volatile than bitcoin
The lira’s plight invited several comments on Twitter. Bloomberg commented: “The Turkish lira is so volatile it’s making bitcoin look tame by comparison.”
Indeed, measures of volatility – including the 10-day realised volatility measure showed that the lire was, indeed, how higher than bitcion.
Meanwhile, CobraBitcoin said on Twitter: “There’s been a massive 42% increase in visitors to http://Bitcoin.org from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETFs and “HODL”, but through replacing fiat currencies as they fall apart!”
While the lira was looking a little more stable at the beginning of the week, the cryptocurrency sell off continued to gather pace. More on this later.