Key Takeaways:
- Cryptocurrency exchanges have seen an increase in traffic
- Binance has become the number one choice for Russia and inflation-hit Turkey
- In contrast, citizens in Western Countries trade on Coinbase
YEREVAN (CoinChapter.com) — Cryptocurrency exchanges are getting prominence. Citizens in warring Russia and Ukraine, as well as inflation-hit Turkey, are running to such exchanges in a bid to hold on to their savings. Among the major exchanges, Binance is the number one choice by non-English speaking countries. In contrast, Coinbase receives most of its traffic from the USA and European nations, according to the latest data.
What does Arcane research data reveal about crypto exchanges?
According to recent research shared by data analysis firm Arcane research, traders in the United States account for the highest share of global visitors to crypto exchange websites over the last 90 days. This amounts to over 14% of the total website traffic.
While South Korean traders trailed behind the US with 6.51%, the third and fourth spots were occupied by Russia and Turkey, with 4.87% and 3.46%. respectively.
Ukraine, which is currently at war with Russia following the latter’s invasion in February, is also on the top 10 list. With 2.11% of the traffic, the country is 8th on the list, behind the United Kingdom (2.47%) and India (2.21%).
While the war has led to sanctions against Russia, Ukraine received millions in crypto donations from supporters across the world to help fight the Russian aggression.
Moreover, the study also notes that 52.4% of all visits to crypto exchange websites within 90 days originated from the 20 countries included in the survey.
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Amid soaring inflation, Turks turn to Binance
Turkey is among the nations worst hit by the economic crisis. The Turkish Lira continues to lose its value, while prices of essential goods are over the roof.
In 2021, the Turkish Lira lost 44% of its value against the dollar. The decline has continued this year, with the Turkish currency losing over 26% of its value against the dollar year to date.
However, Lira’s troubles are not new. In the last five years, it has plunged 80% against the greenback.
The long-time Turkish president, Recep Tayyip Erdoğan, has become the country’s main liability over the years. When he took over the country’s reins in 2003, the Lira traded at just 1.6 against the USD.
Erdogan’s urge to become a global player has thrown Turkey into an economic abyss. Despite the growing inflation, he has continuously reduced the Central Bank’s interest rate, further hurting the ailing Lira.
Turkish inflation rose to a new 24-year high, reaching 79.6% in July. Month-on-month, consumer prices in the same month rose 2.37%, according to the Turkish Statistical Institute.
Against the backdrop of such troubling numbers, citizens in Turkey are turning to crypto.
Binance, the largest cryptocurrency exchange by volume, is the number one choice for Turks. As the Arcane research data reveals, the exchange’s website received over 19 million visits from Turkey over the past 90 days.
Citizens of sanction-hit Russia also flocked to Binance in similar numbers, followed by Argentina, Philipines, and Brazil.
With the global economic situation worsening by each day, crypto exchanges are providing a way out for citizens looking to salvage their savings.
