Reuters
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As per a Kaiko Research analysis, Turkish Lira's (TRY) increasing market share has enabled it to surpass the euro (EUR) and secure 19% of the market share. Early in June, the currency reached its all-time high.
The country has been struggling with inflation since the year 2022. The expanding market share has been ascribed to this, reaching its highest point at over 70%, severely eroding the value of the lira.
Turkish individuals, according to Kaiko researchers, have been flocking to cryptocurrencies as a hedge since the lira has become one of the worst-performing fiat currencies. Similar economic situations have been observed in other jurisdictions where the trend has been observed.
The change to foreign exchange volatility is also ascribed by the report which is another thing adding to the adoption of crypto.
The foreign exchange markets have experienced a lot of volatility over the past months which according to Kaiko has been charged by varying monetary policies and a record number of elections in the year 2024.
Japan's currency the yen, plummeted to a 30-year low against the United States dollar. The Mexican Peso plunged to its lowest level since October 2023. In the meantime, the GBP strengthened against the EUR to reach its highest point in the last two years.
The purchasing power of each of these currencies has decreased.
The recent regulatory hurdles of Binance also is considered by Kaiko to be a component adding to the growing market share of Lira.
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