ChainCatcher news, according to CoinDesk, the Turkish lira (TRY) fell to an all-time low against the dollar after the sudden arrest of Istanbul Mayor Ekrem İmamoğlu (a political opponent of Erdogan). The lira's exchange rate dropped to nearly 41 lira per 1 dollar, a daily decline of 10%. This volatility led to a sharp increase in trading volume for the Bitcoin-lira (BTC/TRY) trading pair on Binance.According to TradingView data, between 7:00 and 8:00 UTC, the trading volume for the BTC/TRY pair on Binance reached 93 bitcoins, marking the highest hourly trading volume in at least a year.However, after adjusting for the lira's exchange rate, the trading price of BTC in the Turkish market showed a significant discount compared to prices on Coinbase. Analysts believe that traders may be selling BTC/TRY to move funds into dollar-pegged assets (such as the largest stablecoin USDT).

ChainCatcher news, Binance Research data shows that the Turkish Lira (TRY) became the largest fiat currency trading pair by trading volume on Binance in September, accounting for over 75% of all fiat currency trading volume. Previously, Turkey was the fourth largest cryptocurrency market by trading volume, following the United States, India, and the United Kingdom.Additionally, Binance Research indicates that 27% of Turks started investing in cryptocurrencies only in the past year, with 8% beginning to invest in the last six months. Over the past three years, Turkey's cryptocurrency adoption rate has increased from 16% to 40%.