The crypto volume market share of the Turkish lira has hit an all-time high amid the currency’s depreciation and foreign exchange volatility in the country.by crypto research platform Kaiko, the uptick in TRY’s crypto volume market share caused the currency to rally past the euro , becoming the third largest fiat currency by volume.Kaiko’s analysis found that TRY’s crypto volume market share hit an all-time high of 19% in early June.
Since April, the financial market has seen the British pound rally to its highest level against the EUR in two years. On the other hand, the Japanese yen fell to a 30-year low against the United States dollar , while the Mexican peso plummeted to its weakest level since October 2023. The common factor among these currencies is high inflation and massive devaluation of their purchasing power.
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