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The USD/TRY exchange rate drifted upwards this week after the Federal Reserve delivered a somewhat hawkish decision. It has also soared after a report showed that Turkey’s inflation continued soaring in May. It was trading at 32.50, a few points below its all-time high of 32.80. Turkish lira crashesThe US inflation data and the Federal Reserve were the biggest catalysts for the USD/TRY pair this week. In a report on Wednesday, the Bureau of Labor Statistics (BLS) said that the headline and core inflation numbers dropped in June. A few hours later, the Federal Reserve delivered what seemed like...
Invezz
The Turkish Lira (TRY) has emerged as the third-largest fiat currency used for cryptocurrency trading, according to a report from Kaiko Research. The Lira now holds 19% of the market share, surpassing the euro (EUR), and reaching an all-time high in early June. This shift reflects broader economic trends and the increasing adoption of cryptocurrencies in regions experiencing economic instability. What’s driving crypto adoption in Turkey?Turkey has been struggling with significant inflation since 2022, with rates peaking at over 70%, severely diminishing the value of the Lira. As a result, Turk...
Invezz
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