Turkey’s Inflation Jumps to 36%, the Adoption of Stablecoins Has Risen Sharply

Published by BingX Official at 2022-01-05

Today’s Cryptocurrency Headline

The Turkish Statistical Institute recently released a report that shows Turkey’s inflation rate has soared to 36%, which is the highest rate it’s been in 19 years. Since this time last year, the value of the lira against the U.S. dollar has depreciated by 44%. At the same time, the use of stablecoins in Turkey has risen sharply, 28.96% of all trades with tether are paired against the Turkish lira, and BUSD has recorded 7.20% of all trades with the Turkish lira.

BingX’s Bitcoin Chart

Source: TradingView& BingX

According to The Block Research, the NFT market trading volume has been steadily declining from August to November 2021, while the monthly trading volume of the NFT market on Ethereum increased by 16.6% to $2.26 billion in December. BTC fell to $45,500 during the European trading hour and it is trading around $46,000 now. From the 4-hour chart, we can see that BTC has formed a strong support level of $45,000. The Bull needs to hold this support level, otherwise the price could drop to $42,000.

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