Stablecoins Worth 6 Billion Dollars Were Purchased in Turkey in March Alone

The 2024 results of the Global Cryptocurrency Adoption Index, published annually by Chainalysis, have been announced.

The 2024 edition of the Global Cryptocurrency Adoption Index, published annually by blockchain-focused data provider Chainalysis, once again revealed the effects of the latest developments in Turkey’s developing cryptocurrency ecosystem on the global rankings. According to the report, Türkiye was defined as the largest crypto market in the Middle East and North Africa (MENA) region. With a value of 136.8 billion dollars obtained between July 2023 and June 2024, Türkiye ranked seventh in the global rankings.

Sharing his evaluations on the subject, Gate.TR CEO Kafkas Sönmez said, “The Chanalysis report, which provides reliable and comprehensive data on global crypto adoption every year, has become one of the main sources to follow Turkey’s increasing ecosystem value from year to year. “The report emphasized the impact of the ecosystem created by local central exchanges and global exchanges on Turkey’s strong crypto activity, and stated that 76 cryptocurrency exchanges, including Gate.TR, declared their intention to comply with the regulations,” he said.

Altcoins and stablecoins are popular in Turkey

The report noted that across MENA, stablecoins and altcoins have gained market share over traditionally preferred assets such as Bitcoin and Ethereum in Turkey, Saudi Arabia and the United Arab Emirates, which is characterized by regulatory momentum and decentralized finance adoption this year.

Stating that the stablecoin adaptation data regarding Turkey in the report is particularly striking, Kafkas Sönmez said, “The analysis made by looking at the volumes in the order books reveals that Turkey is by far the number one globally in stablecoin trade volume compared to gross domestic product (GDP). Noting that the stablecoin transaction volume on decentralized exchanges is equal to 4% of GDP in dollar terms, the report estimates that $6 billion worth of stablecoins were purchased in Turkey in March 2024 alone.

In addition, it seems that our country is the leader of the region in terms of Ethereum adoption. “It can be said that the demand for altcoins and stablecoins such as Ethereum indicates that daily active crypto trading is high in Turkey, which indicates that the risk appetite is strong.”

“Bitcoin beat historical data in September”

Noting that the expectations in the cryptocurrency markets have been reshaped with the end of the third quarter of 2024, Kafkas Sönmez also shared his views on the market. “September, Bitcoin and crypto money in general beat the seasonality and historical data of the markets,” said Kafkas Sönmez and continued as follows:

“Data from the last 10 years shows that Bitcoin fell by an average of 5.9% in September. 2024 was a year when this traditional behavior changed. Bitcoin, which has gained over 10% this month, has increased its correlation with monetary policy and other risky assets to the highest levels. For now, the $65,000 level is seen as critical. “Bitcoin had one of its best September performances ever.”

“The next 6 weeks are critical”

Gate.TR CEO Kafkas Sönmez, who followed the Fed’s interest rate cut and emphasized that the incentive package from China brought about a rise led by Asian markets, concluded his evaluations with the following statements:

“Bitcoin’s sensitivity to global events has increased greatly. For example, a leadership change in Japan can cause a decrease of up to 2% in Bitcoin prices. This also contains messages about the scale of market depth and the extent of adaptation. A 3rd quarter that breaks expectations may lead to a 4th quarter with a high upward trend.

Under the leadership of market pioneers such as Gate.TR, Turkey will continue to make a name for itself in the increasingly widespread cryptocurrency markets and rise to the top of global lists while maintaining its market leadership. As Gate.TR, we continue to provide services so that tens of thousands of Turkish investors can safely access the cryptocurrency markets, with our solid position among the architects of this entire transformation.”