Türkiye's crypto trading volume market share hits record high

The Turkish lira (TRY) has hit an all-time high in cryptocurrency trading volume, CryptoPotato reported on the 12th (local time).
According to a report from cryptocurrency research platform Kaiko, the lira cryptocurrency
With its market share of trading volume increasing, the lira has overtaken the euro (EUR) to become the third-largest fiat currency by trading volume.
The lira’s market share of cryptocurrency trading volume hit a record high of 19% in June
However, this surge is analyzed to be due to high inflation in Turkey. Currency devaluation and foreign exchange volatility in general are factors that discourage the adoption of virtual currencies in developing markets.
The main driver of the increase in foreign exchange rates is the number of elections scheduled to be held in 2024, which is the largest ever, and the growing gap in monetary policy, which is the reason why foreign exchange volatility has increased in the past few months, Silkworm said.
Silkworm also speculated that the lira's growing share of cryptocurrency trading volume may be due to the recent loss of a banking partner for Binance, the world's largest cryptocurrency exchange.
This indicates that the lira’s share of the total has increased as trading pairs have been delisted from Binance.