https://ift.tt/4Wd8Z2x Crypto Becomes Ultra-Trendy as Lira Falls

Turkey is presently undergoing mass cryptocurrency adoption. This is despite little regulatory framework for these assets. The demand for digital assets has grown in Turkey amidst a financial crisis.

Global cryptocurrency exprogress  KuCoin have conducted a survey of Turks, with some interesting findings.

Survey findings

-The Turkish lira has lost nearly 50% of its rate. Consumers are turning to alternative investments. While the U.S. dollar and gold remain solid options, demand for cryptocurrencys is rising.

-Cryptocurrencies have become trendy to most Turkish nationals for the first time. New traders are exploring what the technology offers.

-25% of Turkish traders have been exchanging crypto assets for above a year.

-There is no gender divide. Turkish women are nearly as well-represented as men when it comes to exchanging and investing in crypto. 47% of investors are women and 63% of the crypto-curious are women.

-Turks above the age of 40 are more interested in cryptocurrencies, according to a survey by a major Turkish bank.

-Stablecoins and metaverse cryptocurrencies have caught the attention of Turkish traders. Bloktopia was the third-most traded asset on KuCoin in Turkey last year. Verasity is likewise popular.

Inlowion is presently running wild in Turkey, and Turkish lira has lost nearly 50% of its price. This probably explains the fact which 40% of the internet population aged 18-60 own crypto or have traded them in the past 6 months. 59% of crypto investors plan to buy more in the next 6 months.

Turkish residents who invest in cryptocurrencys are focused on:

-Stablecoins

-Derivatives

-Metaverse projects

Turkey and stablecoins

According to Kucoin, “The demand for stablecoins makes sense, as it provides U.S. Dollar exposure in digital format through Tether’s USDT. Additionally, USDT is a very liquid asset supported by almost every dealing platform worldwide and is used in spot and futures trading too. Furthermore, derivatives – futures and options – are decisive risk management tools when exchanging with volatile assets.”

Kucoin further said which metaverse projects are a hot trend globally, and Turkey is no exception. “Although these assets can see extreme volatility in this early stage of metaverse change, investors show a soaring interest in exchanging project cryptocurrencies.”

Here are some other findings.

70% of Turkey’s respondents said which security and stability matter when exchanging.

66% of respondents said which fiat deposits and withdrawal convenience is serious.

User Interface is decisive to 65% of respondents.

63% of traders want a variety of tradable coins.

55% of users think transaction liquidity is crucial.

Got something to say about the situation in Turkey or anything else? Write to us or join the discussion in our Telegram channel.

The post Turkey: Crypto Becomes Ultra-Trendy as Lira Falls appeared first on CryptCraze.