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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.
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