Users in Turkey accounted for almost half of the total annual cryptocurrency transaction volume in the Middle East.
Between July 2020 and June 2021, a total of 271.7 billion dollars of cryptocurrency transaction volume occurred in the Middle East countries, while 132.4 billion dollars of this came from Turkey, which is the leader of the region.
of Chainalysis The Geography of Cryptocurrency in 2021 According to the report, the Middle East was the second geographical region with the smallest market share, hosting 6.6% of the total global transaction volume during this time period.
Central, Northern and Western Europe; more than $1 trillion It takes the biggest slice of the pie with its volume and 25% share, followed by North America with 18.4%.
The Middle East’s transaction volume, although lower than in these regions, increased by 1,500% compared to the previous year and brought the Middle East one of the fastest growing crypto markets made one.
As prices rise, cryptocurrencies are headed
Although chainalysis is not a causal relationship, it is associated with the devaluation of the Turkish lira. cryptocurrency in the purchases and sales made using lira on the stock exchanges “a remarkable relationship” declared that.
The Turkish lira has lost about a fifth of its value against the dollar since the beginning of this year.
“The strongest relationship between (lira devaluation and lira trading on cryptocurrency exchanges) was early in the year when users in Turkey were more likely to trade cryptocurrencies as the lira depreciated. However, this relationship is bitcoin It disappeared later in the year when the price of many cryptocurrencies, including many cryptocurrencies, fell. This is cryptocurrencies of users in Turkey as prices rise It may mean that he sees it as a more appropriate accumulation mechanism.”
Cryptocurrency holders in Turkey, the majority of their transactions abroad they are aimed at. According to the estimates of Chainalysis, transactions originating from Turkey-based digital wallets 92% abroad sent to addresses.
In this respect, Turkey is followed by Ukraine, Russia and China, respectively.
Became the leader of the region in DeFi transactions
Turkey ranked 13th globally, lagging behind France and Australia in terms of adoption of decentralized finance platforms.
Local cryptocurrency transactions 33% of the Associating with DeFi platforms, Turkey DeFi It is also the leader of the Middle East in terms of the value of transactions made on its platforms.
Turkey to these platforms total amount of money invested It is ranked 13th in the world in terms of terms. The top of the list is the USA, China, UK and Canada, respectively.