Despite the losses and fluctuations since the beginning of the year, the cryptocurrency ecosystem continues to grow. In a recent study, when the proportion of adults who have traded cryptocurrencies in the last month is analyzed, it is seen that Turkey is in the 1nd place globally.
This past summer has experienced an unprecedented crypto winter. Even Bitcoin, the largest currency in the crypto ecosystem, has lost half of its record value of $2021 in November 69. A recent report published showed that the interest in cryptocurrencies in Turkey has not decreased despite all the depreciation. In the research report prepared by the global research firm Morning Consult, Turkey ranked second worldwide in terms of the proportion of adults who trade crypto once a month. Turkey, which is one step behind Nigeria with a rate of 54%, was followed by countries such as Thailand, Pakistan, Vietnam, United Arab Emirates and Argentina.
Kevin Yang, Chief Financial Officer of Singapore-based global cryptocurrency exchange MEXC, said, “Despite recent market volatility and broader economic turmoil, the trend of cryptocurrency ownership and purchase among crypto investors has remained stable. “Despite global inflation and recession concerns, there are no signs of reversing trends in crypto trading.”
Turkey ranked second
The report, which evaluated the crypto trends in the USA in general, also included the adoption rates of cryptocurrencies in different countries. According to the results, Nigeria was the country with the highest crypto activity, with 1% of adult users trading cryptocurrencies in the last month. Turkey, on the other hand, took the second place in this list. In contrast, China and Japan, which ban cryptocurrency trading, stood out as the countries with the least trade, with activity rates of 56% and 8%, respectively. Considering the reason for this interest in the crypto ecosystem, Kevin Yang said that the motivation for investment came to the fore. Turkey is also among the countries where the main motivation is to invest, such as the USA, the United Kingdom, Canada, France and Germany. In addition to these reasons, online and international money transfers are also considered to be one of the reasons for the interest in crypto money.
“We have been working for the ecosystem since 2018”
Underlining that crypto owners are more optimistic about the future of their personal finances, MEXC Financial Affairs Manager Kevin Yang concluded his evaluations with the following statements: “Even global markets that have been operating for decades and are home to the world's largest companies are experiencing losses as a result of high inflation and tightening monetary policies. In such a period, cryptocurrencies are seen as an alternative investment tool for many people. The fact that the crypto ecosystem works differently from traditional market dynamics keeps investors' confidence fresh. As a crypto exchange, which was established in 2018 based in Singapore and stands out with a daily trading volume of more than $ 1,5 billion, we have been working for the crypto ecosystem since the first day. Hosting many initial listings, our platform offers crypto investors the opportunity to be one of the first supporters of projects that give confidence. Currently, 1504 cryptocurrencies can be traded 7 hours a day, 24 days a week. In addition, as MEXC, as part of the campaign we have organized with our community-oriented approach, we have not been charging any market maker fees from investors in spot trading pairs since August 31. Users can diversify their portfolios with cryptocurrencies of their choice without paying transaction fees.”
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