The volume of trading on the cryptocurrency exchanges of Turkey has increased significantly on Friday, after the national currency fell to record lows.
According to CoinMarketCap, the volume of Turkish exchanges Paribu, Btcturk and Koinim in the last 24 hours has increased by more than 100 percent. In absolute terms, the volume of Turkish cryptocurrency market is still small. For example, the volume of the largest cryptocurrency exchanges of the country – Btcturk, make up only 11.6 million dollars.
The Turkish Lira reached a record level against the dollar. Among the reasons cited concerns about the economic policies of President Recep Tayyip Erdogan, his conflict with the President of the United States Donald trump and doubts that the Turkish government can repay the debts of the country. The catalyst was the fact that Donald trump has doubled duties on steel and aluminium from Turkey — up to 50 and 20% respectively.
In response to the depreciation of the national currency Erdogan urged Turkish citizens to exchange dollars, euros or gold for Turkish Lira, to support her.