Global equity markets struggled to close out the week after the Turkish lira dropped 17% against the U.S. dollar, sending the lira to its lowest point against the dollar in history.

The move comes after the European Central Bank flagged concerns regarding the country’s economic outlook after President Recep Tayyip Erdogan’s snap vote election in June. This has ultimately raised questions regarding the independence of the country’s central bank, leading U.S. President Donald Trump to double U.S. tariffs on Turkish goods, including steel and aluminum.

TRY/USD via TradingView

In an effort to boost the price of lira, Erdogan took to television Friday to urge his citizens to head into banks to convert their dollars, foreign currencies and gold holdings into the falling currency.

While there is no data yet showing the outcome of this plea, a recent Coindesk report noted that Turkish cryptocurrency exchanges have seen a spike in volume over the last 24 hours. While the overall size of these exchanges is relatively small, with only $11.6 million in daily trading volume, each has seen at least a 100% increase in activity.

The coming weeks will be very telling for the larger cryptocurrency market, as concerns grow that the collapse in Turkey is not an isolated event, with many worried that other European nations could begin to feel the effects. Such an event could test whether digital currencies are actually a viable alternative to failing currencies.

Currently, the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is down 7.6% over the last 24 hours.

More: Turkish lira plunges 14% versus dollar after Trump authorizes doubling metals tariffs on Turkey
Referenced: Volumes Surge on Turkey’s Crypto Exchanges as Lira Tanks

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.