Surge in Crypto Trading Volumes in Turkey

Crypto exchanges in Turkey witnessed an almost 29% surge in trading volume over the past 24 hours after the Turkish Lira (TRY) plummeted to a record low.

This decline followed the arrest of President Recep Tayyip Erdoğan’s rival, Ekrem İmamoğlu.

Trading Volume Increases

• BtcTurk: 29% increase
• Paribu: 23% increase
• Binance TR: 24% increase

The bitcoin-lira pair experienced the highest hourly trading volume in the past year.

Arrest of Ekrem İmamoğlu

Ekrem İmamoğlu was taken into custody while Turkey also restricted access to various social media platforms. His arrest came just days before he was set to become a presidential candidate, described by the opposition as a “coup attempt.”

Impact on Turkish Lira

Following the arrest, the TRY dropped almost 13% to a record low of 42 per USD. Turkish citizens have increasingly turned to cryptocurrency as the Lira depreciates.