Kaiko said in a report that in early June, the Turkish Lira (TRY) had a record high market share of 19% in cryptocurrency trading volume. This situation was affected by the country's high inflation and foreign exchange volatility. The country's inflation rate has exceeded 70%, making TRY one of the worst performing fiat currencies in the world.
The rise in TRY's cryptocurrency trading volume market share has allowed the currency to surpass the Euro (EUR) and become the third most traded fiat currency. In the past few months, TRY's depreciation has also caused Bitcoin to hit a record high against it.
Kaiko pointed out that one of the reasons for TRY's increase in market share can also be attributed to Binance's recent loss of a banking partner, which led to its delisting of GBP and AUD trading pairs, further boosting TRY's market share. (CryptoPotato)