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S.A. rented an unused textile workshop in the city of Çorum, Turkey, and produced 16 Bitcoins worth approximately $1 million in a virtual environment by illegally drawing electricity. (29) was taken into custody.
#Çorum #türkiye #Turkey #BTC #bitcoinhalving
#Çorum #türkiye #Turkey #BTC #bitcoinhalving
S.A. rented an unused textile workshop in the city of Çorum, Turkey, and produced 16 Bitcoins worth approximately $1 million in a virtual environment by illegally drawing electricity. (29) was taken into custody.
#Çorum #türkiye #Turkey #BTC #bitcoinhalving
#Çorum #türkiye #Turkey #BTC #bitcoinhalving
S&P Raises Turkey's Credit Rating. 🇹🇷⚡
In a significant move, Standard & Poor's (S&P) has upgraded Turkey's credit rating from "B" to "B+", marking a notable milestone in the country's economic journey. This upgrade is not merely a numerical adjustment but a testament to Turkey's resilience in overcoming economic challenges and implementing robust fiscal and monetary policies.
Timothy Ash, Senior Strategist at Bluebay Asset Management, hailed Turkey's progress, highlighting the nation's ability to navigate through turbulent economic waters. Analysts anticipate further upgrades from other credit rating agencies, with Moody's potentially considering a one-notch raise, given the positive trajectory.
The importance of sustainable economic policies cannot be overstated, as emphasized by Prof. Dr. Erhan Aslanoğlu from Istanbul Topkapı University. He underscores the need for consensus on income policies and price adjustments to address inflationary pressures effectively.
S&P's assessment underscores the importance of consistent and well-executed economic strategies for future upgrades. Moody's shift from a "stable" to a "positive" outlook in January and Fitch Ratings' recent upgrade further solidify Turkey's economic prospects.
The upgrade in Turkey's credit rating is more than just a symbolic gesture; it reflects the collective efforts of policymakers and economic stakeholders in steering the country towards a path of sustainable growth and stability. As Turkey continues to implement prudent economic policies, investors and analysts alike are optimistic about the nation's economic trajectory in the years to come.
#S&P #Turkey #türkiye #economy #Standard&Poor's
In a significant move, Standard & Poor's (S&P) has upgraded Turkey's credit rating from "B" to "B+", marking a notable milestone in the country's economic journey. This upgrade is not merely a numerical adjustment but a testament to Turkey's resilience in overcoming economic challenges and implementing robust fiscal and monetary policies.
Timothy Ash, Senior Strategist at Bluebay Asset Management, hailed Turkey's progress, highlighting the nation's ability to navigate through turbulent economic waters. Analysts anticipate further upgrades from other credit rating agencies, with Moody's potentially considering a one-notch raise, given the positive trajectory.
The importance of sustainable economic policies cannot be overstated, as emphasized by Prof. Dr. Erhan Aslanoğlu from Istanbul Topkapı University. He underscores the need for consensus on income policies and price adjustments to address inflationary pressures effectively.
S&P's assessment underscores the importance of consistent and well-executed economic strategies for future upgrades. Moody's shift from a "stable" to a "positive" outlook in January and Fitch Ratings' recent upgrade further solidify Turkey's economic prospects.
The upgrade in Turkey's credit rating is more than just a symbolic gesture; it reflects the collective efforts of policymakers and economic stakeholders in steering the country towards a path of sustainable growth and stability. As Turkey continues to implement prudent economic policies, investors and analysts alike are optimistic about the nation's economic trajectory in the years to come.
#S&P #Turkey #türkiye #economy #Standard&Poor's
🚨 #BreakingNews
According to the S&P report, the Dollar / TL target by the end of 2024 has been reduced from 40₺ to 31.88₺!
#DollarTL #TurkishLira #S&P #türkiye
According to the S&P report, the Dollar / TL target by the end of 2024 has been reduced from 40₺ to 31.88₺!
#DollarTL #TurkishLira #S&P #türkiye
It's day of #türkiye ! celebration 🎂🎉.
Binance and Turkiye Moves Together ! $BTC BTC is reaching 27K. #BullishMove
Binance and Turkiye Moves Together ! $BTC BTC is reaching 27K. #BullishMove
Turkey's Economic Agenda: Inflation Control, Green & Digital Transformation, and International Financing. 🇹🇷
Turkey's Economic Coordination Council (EKK) meeting, led by Vice President Cevdet Yılmaz, revealed key insights into the nation's economic strategy.
Inflation Control:
The government is determined to combat inflation effectively by using monetary and fiscal policies in the coming period.
Green and Digital Transformation:
Turkey aims to enhance its competitiveness and productivity through green and digital transformation. This includes fostering high-value production and promoting export-oriented, sustainable growth.
Social Welfare:
The government is committed to increasing citizens' social welfare as part of its growth agenda.
International Financing:
Discussions took place regarding international financing sources with credit-like qualities from international organizations. There is a focus on efficiently utilizing these funds after commitment.
Turkey's economic direction appears to prioritize both short-term and long-term goals, combining inflation control with a focus on sustainable growth and international financial support. This balanced approach aims to secure Turkey's economic stability and future prosperity.
#türkiye #Turkey #inflation
Turkey's Economic Coordination Council (EKK) meeting, led by Vice President Cevdet Yılmaz, revealed key insights into the nation's economic strategy.
Inflation Control:
The government is determined to combat inflation effectively by using monetary and fiscal policies in the coming period.
Green and Digital Transformation:
Turkey aims to enhance its competitiveness and productivity through green and digital transformation. This includes fostering high-value production and promoting export-oriented, sustainable growth.
Social Welfare:
The government is committed to increasing citizens' social welfare as part of its growth agenda.
International Financing:
Discussions took place regarding international financing sources with credit-like qualities from international organizations. There is a focus on efficiently utilizing these funds after commitment.
Turkey's economic direction appears to prioritize both short-term and long-term goals, combining inflation control with a focus on sustainable growth and international financial support. This balanced approach aims to secure Turkey's economic stability and future prosperity.
#türkiye #Turkey #inflation
Van's AI-Designed Dream Stadium. 🏟️⚽
In the realm of architectural dreams, Van is set to witness a futuristic transformation with the introduction of a stunning AI-designed stadium – the Atatürk Stadium.
The AI Initiative
Artificial intelligence has taken the lead in crafting the visionary Atatürk Stadium for Van. The designs, generated through AI, have captivated attention with their breathtaking visuals.
Van's Longstanding Dream
Despite ongoing renovations at the current Van Atatürk Stadium, the city has harbored dreams of a new, modern stadium. The AI initiative responds to the persistent demand from the people of Van for a stadium that meets the city's growing needs.
AI's Track Record
This isn't the first venture for AI in stadium design; having previously orchestrated projects for four major football clubs, AI now turns its attention to Van.
Van's Unique Position
Van stands out as one of the few cities in Turkey without a modern stadium, adding significance to the dream of a new sports arena. Social media collaboration with AI has sparked a creative wave, drawing inspiration from Vanspor supporter groups, Karakobra, and Gölkentliler.
Designs Around Lake Van
The AI-driven designs propose massive stadiums strategically placed around the picturesque Lake Van. The concepts not only envision architectural marvels but also incorporate ideas crucial to the city's dynamics.
Van's journey towards a state-of-the-art stadium, propelled by artificial intelligence and community engagement, reflects the fusion of technology and passion, promising a future where sports and innovation converge.
source: sehrivangazetesi
#türkiye #Turkey #football #VanSpor #TFF
In the realm of architectural dreams, Van is set to witness a futuristic transformation with the introduction of a stunning AI-designed stadium – the Atatürk Stadium.
The AI Initiative
Artificial intelligence has taken the lead in crafting the visionary Atatürk Stadium for Van. The designs, generated through AI, have captivated attention with their breathtaking visuals.
Van's Longstanding Dream
Despite ongoing renovations at the current Van Atatürk Stadium, the city has harbored dreams of a new, modern stadium. The AI initiative responds to the persistent demand from the people of Van for a stadium that meets the city's growing needs.
AI's Track Record
This isn't the first venture for AI in stadium design; having previously orchestrated projects for four major football clubs, AI now turns its attention to Van.
Van's Unique Position
Van stands out as one of the few cities in Turkey without a modern stadium, adding significance to the dream of a new sports arena. Social media collaboration with AI has sparked a creative wave, drawing inspiration from Vanspor supporter groups, Karakobra, and Gölkentliler.
Designs Around Lake Van
The AI-driven designs propose massive stadiums strategically placed around the picturesque Lake Van. The concepts not only envision architectural marvels but also incorporate ideas crucial to the city's dynamics.
Van's journey towards a state-of-the-art stadium, propelled by artificial intelligence and community engagement, reflects the fusion of technology and passion, promising a future where sports and innovation converge.
source: sehrivangazetesi
#türkiye #Turkey #football #VanSpor #TFF
Potential Economic Implications of Turkey Accepting Bitcoin?
In recent years, digital currencies have been gaining increasing popularity worldwide. Bitcoin, as the most prominent cryptocurrency, has been gradually accepted by many countries and companies. Turkey, being a developing nation, considering the acceptance of Bitcoin would be a significant step with potential economic implications. This article will examine the potential effects of Turkey accepting Bitcoin on its economy. #bitcoin #Turkey #türkiye
Investment and Innovation:
Turkey's acceptance of Bitcoin could stimulate interest in digital currencies within the country. Individuals and businesses may seek new opportunities by investing in Bitcoin, fostering entrepreneurship, and supporting innovation. Local companies working on blockchain technology may experience accelerated growth and development.
International Trade:
Accepting Bitcoin as an official payment method in Turkey could facilitate international trade. By bypassing the limitations of traditional financial systems, Bitcoin offers a fast and cost-effective payment method. Its decentralized nature may reduce the need for intermediaries in international trade and expedite transactions.
Financial Inclusion:
Accepting Bitcoin in Turkey could improve access to financial services. Individuals without traditional bank accounts or those who lack trust in financial systems could transact using Bitcoin. Particularly in rural areas with limited financial services, Bitcoin could enable financial inclusion.
Currency Volatility:
Bitcoin's volatility could impact economic stability. Turkey's local currency, the Turkish Lira, may be sensitive to Bitcoin's fluctuations. If Bitcoin is accepted, managing exchange rate fluctuations between the local currency and Bitcoin would be crucial. Without appropriate measures, sudden price changes could lead to economic uncertainty.
Illicit Activities:
Due to its anonymous and difficult-to-trace nature, Bitcoin can be used for illicit activities. Turkey's acceptance of Bitcoin would require strengthening regulatory mechanisms and enforcement processes. Establishing a legal framework and implementing effective measures to prevent money laundering and other criminal activities are essential.
Investment and Innovation:
Turkey's acceptance of Bitcoin could stimulate interest in digital currencies within the country. Individuals and businesses may seek new opportunities by investing in Bitcoin, fostering entrepreneurship, and supporting innovation. Local companies working on blockchain technology may experience accelerated growth and development.
International Trade:
Accepting Bitcoin as an official payment method in Turkey could facilitate international trade. By bypassing the limitations of traditional financial systems, Bitcoin offers a fast and cost-effective payment method. Its decentralized nature may reduce the need for intermediaries in international trade and expedite transactions.
Financial Inclusion:
Accepting Bitcoin in Turkey could improve access to financial services. Individuals without traditional bank accounts or those who lack trust in financial systems could transact using Bitcoin. Particularly in rural areas with limited financial services, Bitcoin could enable financial inclusion.
Currency Volatility:
Bitcoin's volatility could impact economic stability. Turkey's local currency, the Turkish Lira, may be sensitive to Bitcoin's fluctuations. If Bitcoin is accepted, managing exchange rate fluctuations between the local currency and Bitcoin would be crucial. Without appropriate measures, sudden price changes could lead to economic uncertainty.
Illicit Activities:
Due to its anonymous and difficult-to-trace nature, Bitcoin can be used for illicit activities. Turkey's acceptance of Bitcoin would require strengthening regulatory mechanisms and enforcement processes. Establishing a legal framework and implementing effective measures to prevent money laundering and other criminal activities are essential.
Turkish Lira Tops Fiat Volumes in September: Binance Research. 🇹🇷🕵️
The Turkish Lira (TRY) has become the leading fiat currency on Binance, the world's largest exchange, with 75% of all fiat volumes in September.
This surge in adoption is due to increased interest from both new and experienced investors, according to a Binance market research report.
Turkey's crypto adoption rate has grown significantly over the last three years, reaching 40%, placing it 12th on the Chainalysis Global Crypto Adoption Index for 2023.
In the survey, it was found that 30% of participants started trading cryptocurrencies 1-2 years ago, while 19% and 8% began in the last year and six months, respectively.
New users entering the market have contributed to the rise in trading activity, making the Turkish Lira the most traded fiat currency on Binance.
Many young digital asset users in Turkey are motivated to trade and invest in cryptocurrency, with some looking to invest in real estate using their crypto earnings.
Key factors driving this trend include profitability (66%), low transaction costs (33%), ease of monitoring (56%), and a love for blockchain technology (40%).
The absence of minimum deposit requirements and enhanced security also play a role in attracting new participants.
While Turkey's crypto market is growing rapidly, concerns about regulations and market stability remain. The country is working on virtual asset guidelines to regulate the local market, aiming to improve its global standing.
#BinanceResearch #TurkeyCrypto #Turkey #türkiye
The Turkish Lira (TRY) has become the leading fiat currency on Binance, the world's largest exchange, with 75% of all fiat volumes in September.
This surge in adoption is due to increased interest from both new and experienced investors, according to a Binance market research report.
Turkey's crypto adoption rate has grown significantly over the last three years, reaching 40%, placing it 12th on the Chainalysis Global Crypto Adoption Index for 2023.
In the survey, it was found that 30% of participants started trading cryptocurrencies 1-2 years ago, while 19% and 8% began in the last year and six months, respectively.
New users entering the market have contributed to the rise in trading activity, making the Turkish Lira the most traded fiat currency on Binance.
Many young digital asset users in Turkey are motivated to trade and invest in cryptocurrency, with some looking to invest in real estate using their crypto earnings.
Key factors driving this trend include profitability (66%), low transaction costs (33%), ease of monitoring (56%), and a love for blockchain technology (40%).
The absence of minimum deposit requirements and enhanced security also play a role in attracting new participants.
While Turkey's crypto market is growing rapidly, concerns about regulations and market stability remain. The country is working on virtual asset guidelines to regulate the local market, aiming to improve its global standing.
#BinanceResearch #TurkeyCrypto #Turkey #türkiye
Fitch Ratings Raises Turkey's Growth Forecast. 🇹🇷
- Fitch Ratings, an international credit rating agency, has increased its medium-term potential growth forecast for Turkey's economy from 3.9% to 4.1%.
- This change is part of Fitch's report titled "Weakening Potential Growth in Emerging Markets as China Slows Down," where the organization lowered the average potential growth forecast for 10 emerging economies to 4% from the previous estimate of 4.3%.
- The main factor behind this decrease in growth forecasts is the expected decline in China's supply-side growth potential.
- In line with this, China's potential growth estimate for 2027 was lowered from 5.3% to 4.6%, while Russia, South Korea, and South Africa also saw reductions in their potential growth estimates.
- However, India and Mexico's economies had their potential growth forecasts raised, from 5.5% to 6.2% and from 1.4% to 2%, respectively.
- Turkey was one of the countries with an increased potential growth forecast, now standing at 4.1%.
- Fitch Ratings also raised potential growth estimates for Poland, Brazil (except for Brazil), and Indonesia.
- The agency noted that, except for Brazil and Poland, recent growth forecasts are lower than pre-COVID-19 estimates for the 10 emerging economies, attributing this to worsening demographic trends and disruptions due to the pandemic.
- It was also mentioned that revisions in forecasts for capital stock and productivity growth played a role in these adjustments.
This update from Fitch Ratings suggests a positive outlook for Turkey's economy in terms of its potential for growth in the medium term.
#Fitch #FitchRatings #Turkey #türkiye #rating
- Fitch Ratings, an international credit rating agency, has increased its medium-term potential growth forecast for Turkey's economy from 3.9% to 4.1%.
- This change is part of Fitch's report titled "Weakening Potential Growth in Emerging Markets as China Slows Down," where the organization lowered the average potential growth forecast for 10 emerging economies to 4% from the previous estimate of 4.3%.
- The main factor behind this decrease in growth forecasts is the expected decline in China's supply-side growth potential.
- In line with this, China's potential growth estimate for 2027 was lowered from 5.3% to 4.6%, while Russia, South Korea, and South Africa also saw reductions in their potential growth estimates.
- However, India and Mexico's economies had their potential growth forecasts raised, from 5.5% to 6.2% and from 1.4% to 2%, respectively.
- Turkey was one of the countries with an increased potential growth forecast, now standing at 4.1%.
- Fitch Ratings also raised potential growth estimates for Poland, Brazil (except for Brazil), and Indonesia.
- The agency noted that, except for Brazil and Poland, recent growth forecasts are lower than pre-COVID-19 estimates for the 10 emerging economies, attributing this to worsening demographic trends and disruptions due to the pandemic.
- It was also mentioned that revisions in forecasts for capital stock and productivity growth played a role in these adjustments.
This update from Fitch Ratings suggests a positive outlook for Turkey's economy in terms of its potential for growth in the medium term.
#Fitch #FitchRatings #Turkey #türkiye #rating
Turkey's Inflation Rate Hits 61.36%. 🇹🇷
Turkey's statistical authority, TUIK, recently announced the annual inflation rate for the country. The figure came in at 61.36%, sparking discussion and concern among economists and citizens alike. Let's delve into this announcement and see how it compares to expectations and previous data.
1. Annual Inflation Rate: 61.36%
- TUIK's latest data shows a staggering 61.36% annual inflation rate, indicating a significant rise in the cost of living for Turkish citizens. This high rate is a cause for concern, as it reflects the challenges the country is currently facing.
2. Expectation vs. Reality:
- Expectations were high, with economists predicting a rate of 62.12%. Surprisingly, the actual figure of 61.36% came in slightly lower, offering a glimmer of hope amidst the economic challenges. However, it's essential to note that this level of inflation is still far from ideal.
3. Previous Inflation Rate: 61.53%
- Comparing the latest data to the previous year's inflation rate of 61.53%, we can see a marginal decrease. While this might seem like a positive trend, it's crucial to acknowledge that any inflation rate above normal levels is detrimental to an economy.
Turkey's inflation rate of 61.36% is a cause for concern, despite coming in slightly below expectations and the previous year's rate. The high cost of living and economic challenges it represents underscore the need for the government and policymakers to address the issue promptly. Inflation can erode purchasing power, destabilize the economy, and impact the livelihood of the people, making it a critical concern for the nation.
#TUIK #Turkey #türkiye #inflation
Turkey's statistical authority, TUIK, recently announced the annual inflation rate for the country. The figure came in at 61.36%, sparking discussion and concern among economists and citizens alike. Let's delve into this announcement and see how it compares to expectations and previous data.
1. Annual Inflation Rate: 61.36%
- TUIK's latest data shows a staggering 61.36% annual inflation rate, indicating a significant rise in the cost of living for Turkish citizens. This high rate is a cause for concern, as it reflects the challenges the country is currently facing.
2. Expectation vs. Reality:
- Expectations were high, with economists predicting a rate of 62.12%. Surprisingly, the actual figure of 61.36% came in slightly lower, offering a glimmer of hope amidst the economic challenges. However, it's essential to note that this level of inflation is still far from ideal.
3. Previous Inflation Rate: 61.53%
- Comparing the latest data to the previous year's inflation rate of 61.53%, we can see a marginal decrease. While this might seem like a positive trend, it's crucial to acknowledge that any inflation rate above normal levels is detrimental to an economy.
Turkey's inflation rate of 61.36% is a cause for concern, despite coming in slightly below expectations and the previous year's rate. The high cost of living and economic challenges it represents underscore the need for the government and policymakers to address the issue promptly. Inflation can erode purchasing power, destabilize the economy, and impact the livelihood of the people, making it a critical concern for the nation.
#TUIK #Turkey #türkiye #inflation
Indigenous Cryptocurrency Exchanges in Turkey Competing with Global Exchanges!
In the dynamic world of cryptocurrency trading, Turkey has experienced a significant shift in market dynamics. Paribu, Turkey's largest crypto exchange, has dethroned BtcTurk PRO to become the new market leader. This article explores the changing landscape of Turkey's crypto exchange market and the factors contributing to these shifts. #turkey #türkiye $BTC
Market Share Overview:
As of 2023, Paribu holds the lion's share of the Turkish crypto exchange market with a commanding 50.5% market share among the top four centralized cryptocurrency exchanges (CEXs). BtcTurk PRO follows closely behind with a 36.9% market share. The remaining market is shared by Bitci (12.0%) and Bitlo (0.7%), the smaller players in the Turkish crypto exchange scene.
Paribu's Rise to the Top:
In the previous year and up until the first quarter of 2023, BtcTurk PRO reigned as Turkey's largest crypto exchange, peaking with a 74.0% market share in September. However, Paribu emerged as the new market leader in April 2023, narrowly edging out BtcTurk PRO with a 48.6% market share. Since then, BtcTurk PRO has continued to lose ground to Paribu.
Bitci and Bitlo's Fluctuating Market Share:
While Bitci continues to rank below Paribu and BtcTurk PRO, it has experienced significant growth, increasing its market share by 11.1 percentage points compared to the previous year. However, Bitci's market share has been subject to fluctuations due to varying trading volumes. Similarly, Bitlo has more than doubled its market share since being tracked, but it still holds a minor fraction of the overall Turkish crypto exchange market.
Resilience in Trading Activity:
Despite a decline in crypto trading volumes in Turkey, the impact appears less severe compared to other countries such as India and Indonesia, which experienced significant drops of 82.3% and 76.6% year-on-year, respectively. Turkey's high inflation crisis has led to increased adoption and reliance on cryptocurrencies among its residents, resulting in more consistent trading activity.
Annual Trading Volume and Monthly Averages:
In 2022, Turkey's top crypto exchanges recorded a total annual trading volume of $106.89 billion, driven by strong performance in Q2 and Q3, despite the global crypto market downturn. However, in 2023, the average monthly trading volume decreased by 34.7% to $5.82 billion compared to the previous year's monthly average of $8.91 billion. Q2 of 2023 witnessed three consecutive months of decline in trading volume.
Paribu's Market Share Growth:
Paribu has experienced significant growth, increasing its market share from 34.1% at the start of 2022 to 50.5% in 2023. Paribu widened its market share gap with BtcTurk PRO, from 1.2 percentage points in April to 13.6 percentage points in June 2023. In 2023, Paribu's market share range expanded to between 42.7% and 59.6%, surpassing its previous range of 25.4% to 47.7% in 2022.
Trading Volume on Paribu:
In the first half of 2023, investors traded $16.54 billion worth of crypto on Paribu, a 39.9% decrease compared to the same period in the previous year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In 2023, the monthly average trading volume on Paribu decreased to $2.76 billion.
BtcTurk PRO's Declining Market Share:
BtcTurk PRO's market share has fallen from 65.0% at the beginning of 2022 to 36.9% in 2023. Consequently, BtcTurk PRO has lost its dominance in the Turkish market and is now the second-largest crypto exchange in the country. BtcTurk PRO's market share range has decreased to between 34.6% and 53.4% in 2023, compared to the previous range of 51.0% to 74.0% in 2022.
Trading Volume on BtcTurk PRO:
BtcTurk PRO recorded the highest annual trading volume among Turkey's top crypto exchanges in 2022, amounting to $62.62 billion. However, the first half of 2023 saw a steeper decline of 55.9% year-on-year, with the total crypto trading volume decreasing to $16.52 billion. This marks a significant decrease from the $37.50 billion recorded in 2022.
Bitci's Growing Market Share:
Bitci has experienced substantial growth in market share, increasing from 0.9% at the start of 2022 to 12.0% in 2023. Although Bitci held a negligible share of the market last year, ranging from 0.1% to 2.4%, it has improved significantly this year, ranging from 3.4% to 12.0%.
Trading Volume on Bitci:
Bitci's trading volume has surged by 199.6% in 2023, reaching $1.68 billion, compared to $0.56 billion in the same period last year. The monthly average trading volume on Bitci has more than tripled from $0.08 billion in 2022 to $0.28 billion in 2023.
Bitlo's Market Share Growth:
Bitlo has made progress in capturing market share, increasing from 0.3% in October 2022 to 0.7% in June 2023. Although Bitlo's trading volume is significantly lower than other leading Turkish crypto exchanges, it holds a minor fraction of the market.
Trading Volume on Bitlo:
Bitlo has seen a slight increase in trading volume in 2023, with $0.17 billion traded so far this year and a monthly average of nearly $0.03 billion. This is slightly higher than the $0.02 billion monthly average recorded in Q4 of the previous year.
In Summary:
Turkey's crypto exchange market has experienced a reshuffling of positions, with Paribu surpassing BtcTurk PRO as the country's largest crypto exchange. Paribu's rise to the top can be attributed to its increased market share, while BtcTurk PRO has seen a decline in both market share and trading volume. Bitci and Bitlo have also made progress, with Bitci's market share growing significantly and Bitlo slowly gaining traction. Despite a decrease in trading volumes, Turkey's crypto trading activity has remained relatively stable due to the country's high inflation crisis and increased reliance on cryptocurrencies among its residents. #crypto #bitcoin
Market Share Overview:
As of 2023, Paribu holds the lion's share of the Turkish crypto exchange market with a commanding 50.5% market share among the top four centralized cryptocurrency exchanges (CEXs). BtcTurk PRO follows closely behind with a 36.9% market share. The remaining market is shared by Bitci (12.0%) and Bitlo (0.7%), the smaller players in the Turkish crypto exchange scene.
Paribu's Rise to the Top:
In the previous year and up until the first quarter of 2023, BtcTurk PRO reigned as Turkey's largest crypto exchange, peaking with a 74.0% market share in September. However, Paribu emerged as the new market leader in April 2023, narrowly edging out BtcTurk PRO with a 48.6% market share. Since then, BtcTurk PRO has continued to lose ground to Paribu.
Bitci and Bitlo's Fluctuating Market Share:
While Bitci continues to rank below Paribu and BtcTurk PRO, it has experienced significant growth, increasing its market share by 11.1 percentage points compared to the previous year. However, Bitci's market share has been subject to fluctuations due to varying trading volumes. Similarly, Bitlo has more than doubled its market share since being tracked, but it still holds a minor fraction of the overall Turkish crypto exchange market.
Resilience in Trading Activity:
Despite a decline in crypto trading volumes in Turkey, the impact appears less severe compared to other countries such as India and Indonesia, which experienced significant drops of 82.3% and 76.6% year-on-year, respectively. Turkey's high inflation crisis has led to increased adoption and reliance on cryptocurrencies among its residents, resulting in more consistent trading activity.
Annual Trading Volume and Monthly Averages:
In 2022, Turkey's top crypto exchanges recorded a total annual trading volume of $106.89 billion, driven by strong performance in Q2 and Q3, despite the global crypto market downturn. However, in 2023, the average monthly trading volume decreased by 34.7% to $5.82 billion compared to the previous year's monthly average of $8.91 billion. Q2 of 2023 witnessed three consecutive months of decline in trading volume.
Paribu's Market Share Growth:
Paribu has experienced significant growth, increasing its market share from 34.1% at the start of 2022 to 50.5% in 2023. Paribu widened its market share gap with BtcTurk PRO, from 1.2 percentage points in April to 13.6 percentage points in June 2023. In 2023, Paribu's market share range expanded to between 42.7% and 59.6%, surpassing its previous range of 25.4% to 47.7% in 2022.
Trading Volume on Paribu:
In the first half of 2023, investors traded $16.54 billion worth of crypto on Paribu, a 39.9% decrease compared to the same period in the previous year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In 2023, the monthly average trading volume on Paribu decreased to $2.76 billion.
BtcTurk PRO's Declining Market Share:
BtcTurk PRO's market share has fallen from 65.0% at the beginning of 2022 to 36.9% in 2023. Consequently, BtcTurk PRO has lost its dominance in the Turkish market and is now the second-largest crypto exchange in the country. BtcTurk PRO's market share range has decreased to between 34.6% and 53.4% in 2023, compared to the previous range of 51.0% to 74.0% in 2022.
Trading Volume on BtcTurk PRO:
BtcTurk PRO recorded the highest annual trading volume among Turkey's top crypto exchanges in 2022, amounting to $62.62 billion. However, the first half of 2023 saw a steeper decline of 55.9% year-on-year, with the total crypto trading volume decreasing to $16.52 billion. This marks a significant decrease from the $37.50 billion recorded in 2022.
Bitci's Growing Market Share:
Bitci has experienced substantial growth in market share, increasing from 0.9% at the start of 2022 to 12.0% in 2023. Although Bitci held a negligible share of the market last year, ranging from 0.1% to 2.4%, it has improved significantly this year, ranging from 3.4% to 12.0%.
Trading Volume on Bitci:
Bitci's trading volume has surged by 199.6% in 2023, reaching $1.68 billion, compared to $0.56 billion in the same period last year. The monthly average trading volume on Bitci has more than tripled from $0.08 billion in 2022 to $0.28 billion in 2023.
Bitlo's Market Share Growth:
Bitlo has made progress in capturing market share, increasing from 0.3% in October 2022 to 0.7% in June 2023. Although Bitlo's trading volume is significantly lower than other leading Turkish crypto exchanges, it holds a minor fraction of the market.
Trading Volume on Bitlo:
Bitlo has seen a slight increase in trading volume in 2023, with $0.17 billion traded so far this year and a monthly average of nearly $0.03 billion. This is slightly higher than the $0.02 billion monthly average recorded in Q4 of the previous year.
In Summary:
Turkey's crypto exchange market has experienced a reshuffling of positions, with Paribu surpassing BtcTurk PRO as the country's largest crypto exchange. Paribu's rise to the top can be attributed to its increased market share, while BtcTurk PRO has seen a decline in both market share and trading volume. Bitci and Bitlo have also made progress, with Bitci's market share growing significantly and Bitlo slowly gaining traction. Despite a decrease in trading volumes, Turkey's crypto trading activity has remained relatively stable due to the country's high inflation crisis and increased reliance on cryptocurrencies among its residents. #crypto #bitcoin
Turkey's Energy Dilemma: Sticking to Coal or Embracing Renewables? ⚡🔋🇹🇷
As Turkey gears up for COP28, the debate intensifies over its commitment to coal phase-out and embrace renewables. Here's a snapshot:
1. Turkey's Coal Reliance (2022):
Despite global renewable trends, 35% of Turkey's electricity came from thermal power plants.
2. Climate Goals vs. Coal Expansion:
Aiming for net-zero emissions by 2053, Turkey develops new coal-fired plants, defying European norms.
3. The Wright Law:
Renewable costs drop with the Wright Law, but coal remains an outlier.
4. Global Context:
Slow coal departure hampers global efforts to meet the Paris Agreement's 1.5-degree target.
5. Financial Pressures:
International banks shy away from coal funding, with 17 Turkish banks pledging against coal investment since 2018.
6. Renewables in Turkey:
Growing wind energy capacity, but solar energy utilization needs enhancement.
7. Expert Perspectives:
Experts stress the need for a decisive shift to renewables, highlighting a clash with long-term climate goals.
8. Economic Benefits:
Transitioning to renewables can enhance economic resilience and reduce dependence on imported fossil fuels.
9. Potential Savings:
Studies indicate significant cost savings with renewables compared to importing fossil fuels.
10. Challenges and Solutions:
Bureaucratic hurdles and legislative unpredictability impede progress. Solutions include incentivizing rooftop solar installations and easing permit processes for renewable projects.
#Turkish #türkiye #Turkey #energy
As Turkey gears up for COP28, the debate intensifies over its commitment to coal phase-out and embrace renewables. Here's a snapshot:
1. Turkey's Coal Reliance (2022):
Despite global renewable trends, 35% of Turkey's electricity came from thermal power plants.
2. Climate Goals vs. Coal Expansion:
Aiming for net-zero emissions by 2053, Turkey develops new coal-fired plants, defying European norms.
3. The Wright Law:
Renewable costs drop with the Wright Law, but coal remains an outlier.
4. Global Context:
Slow coal departure hampers global efforts to meet the Paris Agreement's 1.5-degree target.
5. Financial Pressures:
International banks shy away from coal funding, with 17 Turkish banks pledging against coal investment since 2018.
6. Renewables in Turkey:
Growing wind energy capacity, but solar energy utilization needs enhancement.
7. Expert Perspectives:
Experts stress the need for a decisive shift to renewables, highlighting a clash with long-term climate goals.
8. Economic Benefits:
Transitioning to renewables can enhance economic resilience and reduce dependence on imported fossil fuels.
9. Potential Savings:
Studies indicate significant cost savings with renewables compared to importing fossil fuels.
10. Challenges and Solutions:
Bureaucratic hurdles and legislative unpredictability impede progress. Solutions include incentivizing rooftop solar installations and easing permit processes for renewable projects.
#Turkish #türkiye #Turkey #energy
Türkiye İş Bankası CEO Hakan Aran made an unexpected statement about cryptocurrencies. 🤯🇹🇷🏦
Hakan Aran, CEO of Türkiye İş Bankası, made significant remarks on cryptocurrency regulations at the Future of Finance Summit.
Significance Post-2008 Crisis:
Aran emphasized that the emergence of cryptocurrencies in 2008 was not coincidental. He highlighted that this year coincided with the collapse of the existing financial system, attributing cryptocurrencies to a technological uprising born out of that crisis.
Critique of the Financial System:
Aran stated that cryptocurrencies emerged as a response to criticisms that the financial system operates unilaterally, neglects society, and supports only financial actors. Cryptocurrencies are seen as a symbol of rebellion against this system.
Cryptocurrencies as an Alternative Financial Tool:
The CEO expressed the need to consider cryptocurrencies as an alternative financial tool. He called for regulations and diversification in the financial sector to accommodate this perspective.
Volatility and the Role of Banks:
Aran emphasized that cryptocurrencies lack the established foundations of traditional financial systems spanning 500 years, making them susceptible to significant fluctuations. He suggested informing Turkish banks about cryptocurrency legislation and highlighted the potential for banks to serve as cryptocurrency custodians. However, he viewed the absence of shared cryptocurrency legislation with banks as a shortcoming.
Hakan Aran's statements at the Future of Finance Summit indicate that cryptocurrencies are not only viewed as a financial tool but also as a reaction to the existing structure in the financial system. The spotlight on the role of banks in this field and calls for cryptocurrency regulation underscore the evolving dynamics in the financial world.
#HakanAran #CEO #Turkey #İşBankası #türkiye
Hakan Aran, CEO of Türkiye İş Bankası, made significant remarks on cryptocurrency regulations at the Future of Finance Summit.
Significance Post-2008 Crisis:
Aran emphasized that the emergence of cryptocurrencies in 2008 was not coincidental. He highlighted that this year coincided with the collapse of the existing financial system, attributing cryptocurrencies to a technological uprising born out of that crisis.
Critique of the Financial System:
Aran stated that cryptocurrencies emerged as a response to criticisms that the financial system operates unilaterally, neglects society, and supports only financial actors. Cryptocurrencies are seen as a symbol of rebellion against this system.
Cryptocurrencies as an Alternative Financial Tool:
The CEO expressed the need to consider cryptocurrencies as an alternative financial tool. He called for regulations and diversification in the financial sector to accommodate this perspective.
Volatility and the Role of Banks:
Aran emphasized that cryptocurrencies lack the established foundations of traditional financial systems spanning 500 years, making them susceptible to significant fluctuations. He suggested informing Turkish banks about cryptocurrency legislation and highlighted the potential for banks to serve as cryptocurrency custodians. However, he viewed the absence of shared cryptocurrency legislation with banks as a shortcoming.
Hakan Aran's statements at the Future of Finance Summit indicate that cryptocurrencies are not only viewed as a financial tool but also as a reaction to the existing structure in the financial system. The spotlight on the role of banks in this field and calls for cryptocurrency regulation underscore the evolving dynamics in the financial world.
#HakanAran #CEO #Turkey #İşBankası #türkiye
Moody's Expected to Upgrade Turkey's Credit Outlook. 🇹🇷🔝🆙
Moody's, a prominent credit rating agency, is poised to make a significant announcement regarding Turkey's credit outlook on January 12, 2024. While the credit rating is expected to remain at "B3," there's a buzz about a potential upgrade in the outlook from "stable" to "positive."
A recent survey conducted indicates a prevailing optimism among economists, with 10 out of 13 predicting a positive outlook. Furthermore, five analysts foresee an upgrade from the current "B3" rating to "B2." This speculation follows Moody's last adjustment in August 2022 when the credit rating was downgraded from 'B2' to 'B3' with a revised "stable" outlook.
▪️Analyst Predictions:
The absence of a December 15 report in 2023 has heightened the anticipation for Moody's upcoming evaluation. Analysts point to sustained tight monetary policy and inflation-targeted wage agreements as factors contributing to the potential shift from a "stable" to a "positive" outlook.
▪️Other Rating Agencies:
While Moody's is set to reveal its assessment on January 12, Fitch and CI Ratings have scheduled their reports for March 8, 2024, and September 6, 2024, respectively. Notably, S&P Global upgraded Turkey's outlook from "stable" to "positive" on November 30, 2023.
▪️Economic Indicators:
Economic indicators, such as Turkey's Treasury's cash deficit, have witnessed a staggering increase from 169.4 billion TL in 2022 to a record-breaking 625.5 billion TL in 2023. Concerns about rising cash deficits are influencing Moody's assessments, adding complexity to the upcoming announcement.
▪️Public Sentiment:
Public sentiment surrounding the potential credit outlook upgrade is a mix of skepticism and frustration. Concerns about economic policies and their impact on retirees are prevalent, with some expressing skepticism about the credibility of credit rating agencies. These sentiments reflect broader economic apprehensions.
#Moody's #TurkeyCrypto #TurkishLira #Turkey #türkiye
Moody's, a prominent credit rating agency, is poised to make a significant announcement regarding Turkey's credit outlook on January 12, 2024. While the credit rating is expected to remain at "B3," there's a buzz about a potential upgrade in the outlook from "stable" to "positive."
A recent survey conducted indicates a prevailing optimism among economists, with 10 out of 13 predicting a positive outlook. Furthermore, five analysts foresee an upgrade from the current "B3" rating to "B2." This speculation follows Moody's last adjustment in August 2022 when the credit rating was downgraded from 'B2' to 'B3' with a revised "stable" outlook.
▪️Analyst Predictions:
The absence of a December 15 report in 2023 has heightened the anticipation for Moody's upcoming evaluation. Analysts point to sustained tight monetary policy and inflation-targeted wage agreements as factors contributing to the potential shift from a "stable" to a "positive" outlook.
▪️Other Rating Agencies:
While Moody's is set to reveal its assessment on January 12, Fitch and CI Ratings have scheduled their reports for March 8, 2024, and September 6, 2024, respectively. Notably, S&P Global upgraded Turkey's outlook from "stable" to "positive" on November 30, 2023.
▪️Economic Indicators:
Economic indicators, such as Turkey's Treasury's cash deficit, have witnessed a staggering increase from 169.4 billion TL in 2022 to a record-breaking 625.5 billion TL in 2023. Concerns about rising cash deficits are influencing Moody's assessments, adding complexity to the upcoming announcement.
▪️Public Sentiment:
Public sentiment surrounding the potential credit outlook upgrade is a mix of skepticism and frustration. Concerns about economic policies and their impact on retirees are prevalent, with some expressing skepticism about the credibility of credit rating agencies. These sentiments reflect broader economic apprehensions.
#Moody's #TurkeyCrypto #TurkishLira #Turkey #türkiye
🔴 BREAKING NEWS | 🇹🇷
International credit rating agency S&P revised Turkey's credit rating outlook from stable to positive.
#Turkey #TurkeyCrypto #Turkish #türkiye #Standard&Poor's
International credit rating agency S&P revised Turkey's credit rating outlook from stable to positive.
#Turkey #TurkeyCrypto #Turkish #türkiye #Standard&Poor's
🚀 Today marks a momentous occasion in the financial realm as the Central Bank of the Republic of Turkey (CBRT) boldly raised interest rates by 500 basis points, sending shockwaves of excitement through the markets! 🆙⚡
Under the steady guidance of CBRT Governor Fatih Karahan, the Monetary Policy Committee (MPC) convened to unveil this eagerly awaited decision. With the policy rate soaring to 50 percent, a 5-point increase from the previous meeting's 45 percent, the stage is set for a dynamic shift in Turkey's economic landscape. 💼💰
But that's not all—brace yourselves for more economic revelations on the horizon! In the coming days, Turkey's first Inflation Report of the year is slated to illuminate further details on the nation's economic strategies and prospects. 📈💡
Meanwhile, global attention also turns to other financial happenings, including the People's Bank of China's maintenance of its interest rate and the intriguing offer of zero-interest loans for Togg. These developments are poised to stir the cauldron of volatility in global markets, influencing trajectories far and wide. 🌍💼
Looking ahead, optimism abounds as expectations point toward a gradual decline in inflation and the anticipation of reaching the economic pinnacle of the next decade. 📉📈
Amidst this whirlwind of activity, markets and economic observers stand vigilant, scrutinizing every move and development, seeking invaluable insights into Turkey's economic future. 🧐💼 #CBRT #TCMB #Turkey #türkiye #interestrate 🇹🇷📊
Under the steady guidance of CBRT Governor Fatih Karahan, the Monetary Policy Committee (MPC) convened to unveil this eagerly awaited decision. With the policy rate soaring to 50 percent, a 5-point increase from the previous meeting's 45 percent, the stage is set for a dynamic shift in Turkey's economic landscape. 💼💰
But that's not all—brace yourselves for more economic revelations on the horizon! In the coming days, Turkey's first Inflation Report of the year is slated to illuminate further details on the nation's economic strategies and prospects. 📈💡
Meanwhile, global attention also turns to other financial happenings, including the People's Bank of China's maintenance of its interest rate and the intriguing offer of zero-interest loans for Togg. These developments are poised to stir the cauldron of volatility in global markets, influencing trajectories far and wide. 🌍💼
Looking ahead, optimism abounds as expectations point toward a gradual decline in inflation and the anticipation of reaching the economic pinnacle of the next decade. 📉📈
Amidst this whirlwind of activity, markets and economic observers stand vigilant, scrutinizing every move and development, seeking invaluable insights into Turkey's economic future. 🧐💼 #CBRT #TCMB #Turkey #türkiye #interestrate 🇹🇷📊
📌 Turkish Treasury and Finance Minister Mehmet Şimşek:
🗣 "Within the scope of our productive cooperation with the World Bank, we provided resources of 1.5 billion dollars for the financing of 3 separate projects."
#türkiye #Turkey #economy #TurkishLira #TCMB
🗣 "Within the scope of our productive cooperation with the World Bank, we provided resources of 1.5 billion dollars for the financing of 3 separate projects."
#türkiye #Turkey #economy #TurkishLira #TCMB
