{"id":55851,"date":"2022-01-13T17:37:34","date_gmt":"2022-01-13T15:37:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=55851"},"modified":"2025-09-04T03:35:39","modified_gmt":"2025-09-04T00:35:39","slug":"media-note-on-rise-of-bitcoin-and-tether-in-turkey-as-the-lira-falls","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-note-on-rise-of-bitcoin-and-tether-in-turkey-as-the-lira-falls\/","title":{"rendered":"Media note on rise of Bitcoin and Tether in Turkey as the lira falls"},"content":{"rendered":"

In Q4 2021, against the backdrop of the Turkish lira’s decline, daily volumes of fiat-backed cryptocurrency trading on three major platforms rose to an average of $1.8 billion per day, according to The Wall Street Journal<\/a>.<\/p>\n

That figure surpassed the levels seen in any of the previous five quarters.<\/p>\n

\\\"Media
Aggregate weekly crypto trading volume in lira on Binance, BtcTurk and LocalBitcoins. Data: WSJ.<\/figcaption><\/figure>\n

Among Turks, Tether<\/a> has proven the most popular. According to CryptoCompare, in the autumn the lira became the most traded currency against the stablecoin, ahead of the dollar and euro.<\/p>\n

\\\"Media
Share of fiat currencies in Tether trading volumes (5-day moving average). Data: WSJ.<\/figcaption><\/figure>\n

Since September, the Turkish currency has fallen 40% against the dollar; Bitcoin, by November, had gained 40%, but subsequently retraced by more than 10%.<\/p>\n

\n

\u201cA nonsensical policy on interest rates, eroding confidence in inflation statistics, and political decisions have made cryptocurrencies a safe haven, though they remain somewhat risky and volatile financial assets,\u201d explained the 27-year-old trader Kagan Shenai to the publication.<\/p>\n<\/blockquote>\n

Adoption by Turks continues despite the central bank ban<\/a> on their use as a means of payment, said Turan Sert, adviser to the Paribu exchange. He noted that the government promised to present a law regulating digital assets<\/a>, but it remains unclear what its consequences will be.<\/p>\n

Turkish investors view stablecoins not only as a store of value but also as a gateway to more volatile coins, including Bitcoin and Ethereum, says Esra Alpay, Bitlo’s marketing director. According to her, the platform saw a sharp influx of traders in the last quarter of the year.<\/p>\n

\n

\u201cThe volatility of the lira and the price increases seen in recent months have led our investors to view cryptocurrencies as long-term growth assets and as a hedge against inflation in the short term,\u201d she added.<\/p>\n<\/blockquote>\n

Earlier, President Recep Tayyip Erdogan said authorities and the central bank would fight a war<\/a> against cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

In Q4 2021, amid the lira’s decline, daily volumes of fiat-backed crypto trading on three major platforms rose to an average of $1.8 billion per day, according to The Wall Street Journal.<\/p>\n","protected":false},"author":1,"featured_media":55852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[920],"class_list":["post-55851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-turkey"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=55851"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55851\/revisions"}],"predecessor-version":[{"id":55853,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55851\/revisions\/55853"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/55852"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=55851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=55851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=55851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}