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The Turkish lira is so insane now, even notoriously volatile cryptocurrencies are looking safe
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As the Turkish lira plummets, cryptocurrency trading is surging.
The tally of Turkey's crypto trades has soared above a million per day, a level not reached since the lira's first big drop this year in March, when the head of the country's central bank was suddenly replaced, according to a Reuters report.
After that initial spike, crypto trading eventually fell below 500,000 trades per day. Then Turkish lira volatility struck again recently, and daily crypto trading surged back to a million, the report said, citing data from Chainalysis and Kaiko. Data also show bitcoin and tether have been have been the top crypto trades in Turkey since 2019.
Turkey's central bank announced another interest rate cut last
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