TechFlow, October 23 — According to Cointelegraph, Chainalysis data shows Turkey has become the leading cryptocurrency market in the Middle East and North Africa (MENA) region, with nearly $200 billion in annual trading volume—almost four times that of the UAE, the region's second-largest market at $53 billion. However, unlike the UAE, which is shifting cryptocurrencies from speculative assets toward practical payment solutions, Turkey’s volume growth stems largely from a surge in speculative activity.
Chainalysis noted that the timing of this altcoin surge coincides with broader regional economic pressures, potentially reflecting "desperate yield-seeking behavior" among market participants. Turkey’s cryptocurrency market is primarily driven by institutional transactions, while retail trading has significantly declined.
