With some 5 million Turkish citizens either owning or using digital currencies, it is obvious that Turks have jumped on the Bitcoin movement. Last year saw the number of Bitcoin transactions carried out in Turkey rise by 600%. While studies have shown that crypto usage is still not very prevalent in tourist destinations, many businesses in the south of Turkey already accept BTC as a means of payment.
In May 2021, the Turkish crypto market faced some major new challenges—thanks to a decree that placed crypto exchanges on an anti-money laundering watch list. This decree subjected crypto-asset providers to scrutiny under existing regulations that were designed to prevent digital currencies from being misused.
Despite the fact that the Turkish crypto crackdown resulted in a hit to the industry, trends suggest that Turks are still looking for the top Bitcoin exchanges in Turkey to manage and grow their digital assets in what is a volatile market. They are eager to study the movement of Bitcoin, which surged astronomically at the beginning of the year.
For example, Google Trends showed that Turkish queries for the keyword “Bitcoin” reached new highs in April this year. One major challenge to Turkey’s crypto investors is how to get timely updates about price trends.
How to check the price of Bitcoin in Turkey
The expansion of crypto startups has also made it difficult for people to know which crypto sites are reliable, and which are not. On that note, here are a few trusted platforms to check Bitcoin price in turkey.
NakitCoins
NakitCoins.com is the leading crypto site in Turkey. It allows people to both trade in Bitcoin and monitor the cryptocurrency market. This well-established Bitcoin platform is great for investors as they can check Bitcoin prices in Turkey 24/7.
As the first crypto cashpoint broker in Turkey, NakitCoins also makes it possible for Turks to buy Bitcoin with cash. You can use NakitCoins’ reliable online exchange to transact in BTC securely and without any limits. The popular cryptocurrency site has advanced security features that protect the assets of its users.
Bitpanda
Bitpanda’s Bitcoin exchange in Turkey operates across continental Europe. Turkish citizens can use this site to check the daily price changes in Bitcoin. In particular, Bitpanda offers Turkish traders an opportunity to make high-volume transactions at low fees using several payment methods.
The website has proven to be a trusted crypto platform for European investors. You can grasp this opportunity to carry out trades with foreign investors. A large market containing diverse cryptocurrencies creates a balance in the trade, which is an assurance that your assets could earn you good returns.
How the state of the Turkish economy pushed investors toward crypto
The recent collapse of some Turkey Bitcoin exchanges worsened the plight of investors in a country where living conditions are not the best. Inflation in April reached new heights, rising from 16% in March to 17.14%. Economists believe the true figures to be worse than the official data suggests.
Record inflation has dealt a huge blow to the lira currency, and weakening commodity imports that are paid for with the U.S. Dollar. Overall, sharp inflation rate concerns have propelled some Turkish investors to explore blockchain-based currencies such as Bitcoin.