Turks flock to the cryptocurrency market, USDT hits $1.001 in the short term

Odaily星球日报 · 2023-06-10T06:30:00.000Z

Odaily Planet Daily News Turks are flocking to the cryptocurrency market as a safe haven against the plummeting lira. Local demand for USDT surged ahead of the election in early May and has remained high since Erdogan's win for a second term as Turkey's president triggered market turmoil. According to data from Kaiko, in early June, lira trading volume accounted for 10% of total trading volume in the crypto market with an average daily trading volume of US$1.1 trillion, after previously peaking at 18% in May, and at the beginning of 2023, this proportion was 4 %. Despite a global regulatory crackdown on the crypto asset class, the lira has fared even worse, falling below all-time lows in recent days. The Turkish lira has fallen 11% against the U.S. dollar over the past week as the central bank backed away from its intervention following the election. The market situation shows that USDT touched US$1.001 in the short term, with a 24H increase of 0.06%. (Golden Ten)

Odaily Planet Daily News Turks have flocked to the cryptocurrency market as a safe haven against the lira's plunge. Local demand for USDT soared before the election in early May, and has remained high since Erdogan won the election to be re-elected as Turkish president, triggering market turmoil. According to Kaiko data, in early June, lira trading accounted for 10% of the total trading volume in the crypto market with an average daily trading volume of US$1.1 trillion, after peaking at 18% in May and 4% in early 2023. Despite global regulatory crackdowns on the crypto asset class, the lira has performed worse, falling below its historical lows in recent days. The Turkish lira has fallen 11% against the US dollar in the past week as the Turkish central bank withdrew its intervention in the Turkish lira after the election. The market shows that USDT short-term touched $1.001, with a 24H increase of 0.06%. (Jinshi)