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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

75% Of All Binance Fiat Trading Volume Is In Turkish Lira

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Binance Turkish Lira TRY

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75% of all fiat volume in Binance, the largest cryptocurrency exchange by client count, is dominated by the Turkish Lira (TRY). At this rate, Kaiko, a blockchain analytics firm, confirms that the Turkish Lira is the most preferred currency, pointing to a shift in the global dynamics, especially regarding crypto adoption. 

Turkish Lira Popular Fiat In Binance

As of September 14, 75% of all fiat volume was in Turkish Lira, ahead of the Euro and Brazilian Real (BRL). In the past three years, an unidentified cryptocurrency has gained popularity over traditional fiat currencies.

Turkish Lira dominate fiat trading on Binance: Kaiko
Turkish Lira dominate fiat trading on Binance: Kaiko

From 2021, TRY’s use was among the lowest, with the Euro and BRL being popular. However, the trend changed in 2022 as adoption spiked, pushing the currency to the top in 2023.

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When writing on September 14, Binance remains the most popular cryptocurrency exchange, supporting over 380 coins. At the same time, the crypto exchange supports over ten fiat currencies, of which other coins, besides those mentioned above, include the Nigerian Naira, GBP, and the Australian Dollar (AUD). 

Looking at statistics, USDT, TUSD, and FUSD pairs are among the most liquid. This observation has been confirmed by Kaiko data, which shows that fiat trading on Binance had contracted by over 95% from 2021 when prices of top crypto assets peaked. By November 2021, Bitcoin prices had soared to nearly $70,000, lifting trading volumes in fiat and stablecoin pairs.

Weekly fiat volumes falling: Kaiko
Weekly fiat volumes falling: Kaiko

USDT And Stablecoins Still Reign Supreme

CoinMarketCap data reveals that the BTC/USDT pair is the most liquid, with the average daily trading volume exceeding $986 million when writing. On the other hand, the BTC/TUSD attracts over $486 million in trading volume. 

Bitcoin price on September 14 when Turkish Lira dominated fiat volume| Source: BTCTRY on Binance, TradingView
Bitcoin price on September 14| Source: BTCTRY on Binance, TradingView

This development highlights the level of liquidity of stablecoins and how they are entrenched in crypto trading. For example, the processing of fiat deposits or withdrawals on Binance can range from hours to days, depending on the method used.

Unlike fiat currencies, stablecoins are more fluid and can be transferred within seconds. For instance, USDT, the world’s largest stablecoin by market cap, is available in over five blockchains, with Ethereum and Tron emerging as the most popular minting platforms. 

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Following the delisting of USDC, BUSD volumes spiked. However, the New York Department of Financial Services (NYDFS) directive, barring Paxos–the then issuer–from minting new tokens, saw activity shrink as USDT cemented its position. TUSD and FUSD activity on Binance remains high, as data shows.

A recent survey by KuCoin, a crypto exchange, reveals that over 50% of people in Turkey own crypto. The Turkish government has also been experimenting with a central bank digital currency (CBC), the Digital Lira.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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