Turkey’s Crypto Market Surges as the Lira Tumbles Against the Dollar

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Turkey’s cryptocurrency exchanges have seen an influx in trading volume after the nation’s currency, lira, nosedived to an all-time low against the dollar. In the past week, all of the country’s top exchanges have reported sudden user hikes, with Koinim, Btcturk and Paribu reporting gains of more than 100 percent on Aug. 13, the day of lira’s record low. While the exchanges have cooled off, Turkish nationals may continue to flock to cryptocurrency as the country attempts to contain an evident financial crisis. As a result of soured relations with the U.S., Turkey’s lira saw a rapid decline on Aug. 10 after President Donald Trump announced his cabinet would double tariffs on Turkish steel and aluminum:

I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20%