Turkey Tightens Crypto Regulations over Transaction Volumes

  • Turkey has started to toughen their grip on the cryptocurrency sector.
  • Turkey’s financial watchdog, the Financial Crimes Investigation Board or MASAK, has introduced a new policy that stipulates that all Turkish crypto exchanges must now inform them of any crypto transactions over 10,000 Turkish liras ($1,200).
  • The new policy was announced by the Turkish Minister of Treasury and Finance Lütfi Elvan.

Turkey Lays Down New Regulations For Crypto Exchanges

Elvan shared the new policy and other updates on the government’s crypto regulation drafts on a CNN Turk live broadcast.

According to the Finance Minister, the government plans to give MASAK the authority to audit and oversee crypto exchanges and regulate the crypto sector, as a whole.

Elvan said MASAK had prepared a guideline for crypto exchanges that includes the rules and penalties for reporting transactions. Elvan said,

“Crypto trading platforms are now obliged to share the information of their active users with MASAK. They are liable for any suspicious activities on their platforms. They are also responsible for notifying MASAK about any transactions worth over 10,000 Turkish liras in 10 days after the trading.”

This new regulation comes after Turkey’s central bank banned cryptocurrency as a form of payment. The bank had said crypto assets involved significant risks due to their volatile nature and may lead to irreversible losses to investors. It also added that they were used for illegal activities.

Turkey’s Recent Moves Surrounding Cryptocurrency

The country, which was once referred to as a crypto-friendly country because of its subtle approach towards digital assets, is rapidly cracking down on the cryptocurrency sector.

In March, the Finance minister posted a statement on Twitter where he expressed concerns about cryptocurrencies. He also announced that the ministry was working with the central bank and two financial regulatory agencies to monitor cryptocurrency.

Turkish investors turned to crypto in a bid to protect their savings from the weak Lira. Many believe the government is looking into regulating the market due to concerns around fraudulent activity.

One prime example of this is the case involving crypto exchange Thodex, which was accused of defrauding investors. About 391,000 investors on the platform were said to have been prevented from accessing their assets which were estimated to be $2 billion in investments. The Turkish police detained 62 people in connection with the case following complaints from users.

Read Original/a>
Author: Jimmy Aki

Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles

Before moving into the weekend, Bitcoin started seeing traction and made its way past $58,500.

As of writing, we are still keeping around $57k on the back of very low funding rates. The highest Bitcoin funding rate is currently 0.0376% on Binance despite the price of Bitcoin increasing by about 11.5% to its highest level since mid-April.

Low funding rate has been the case ever since April 17, when over a million traders were liquidated for $10.1 billion. The funding even further minimized after another $4 billion were liquidated on April 22nd.

The same has been the case for ETH funding rates which are the highest at 0.056% on OKEx, while the price continues to hit a new all-time high — up 44% in the last 8 days to climb to $2,955.07 today and 0.052 BTC on Friday.

With seven straight green months in a row, Ether had its largest-ever monthly close. ETH 0.19% Ethereum / USD ETHUSD $ 2,951.18
$5.610.19%
Volume 28.03 b Change $5.61 Open $2,951.18 Circulating 115.71 m Market Cap 341.49 b
11 h Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles 1 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum 2 d “Institutional Money is Moving Toward Ethereum,” says Guggenheim’s Scott Minerd

With funding remaining flat, it means the rally is being led by spot buying, which makes it more sustainable and less prone to get wiped out by a brutal liquidation.

Open interest on Bitcoin futures also has yet to recover as it is currently at $19.8 billion, down from $27.68 billion on April 13. OI on Ethereum futures meanwhile continues to increase, perched on a record $8.5 billion, up from $2 billion at the beginning of this year.

Amidst all the positive action, hedge funds on CME that have been record short on Bitcoin since late last year to earn all the yield have also decreased their short exposure. Overall, the net short position has fallen to early March level.

image1

The latest price action has helped Bitcoin surpass the technical hurdle of its 50-day average price. According to traders, Bitcoin’s move above $57,000 is a bullish sign for further continuation, but it needs to be seen if it will be able to maintain this level.

Trader SmartContracter sees the current momentum to take bitcoin to $74,000.

image2

Interest in both Bitcoin and Ethereum continues to grow, especially the second-largest cryptocurrency, which has its big upgrade, London hard fork, with EIP 1559 coming in July. As we reported, Rothschild bought the shares of Grayscale Ethereum Trust for the first time in Q1, and Guggenheim’s CIO shared that money is also flowing into ETH and other credible cryptos.

Assets in Bitcoin products, including ETFs and ETPs, meanwhile have reached a record high of $9 billion at the end of the first quarter, as per ETFGI.

“If you make an investment today or you make an investment in early December like we did, you have to expect multiple 20% to 30% pullbacks in the bull-market phase,” Troy Gayeski of Skybridge Capital said this week on Bloomberg. “But that being said, I mean, the combination of extraordinary supply growth, we still think we’re in the early innings of the adoption cycle.”

Meanwhile, Mike McGlone of Bloomberg continues to see Bitcoin’s diminishing supply combined with the historically low interest rate and a substantial amount of money being pumped into the system to act as catalysts to take it to $100,000.

Read Original/a>
Author: AnTy

Jackson, Tennessee Mayor Wants to Start A ‘Cryptocurrency Revolution’ in the City

Jackson, Tennessee Mayor Wants to Start A ‘Cryptocurrency Revolution’ in the City

It has started, after Miami, Jackson is all set to accelerate the adoption of Bitcoin and crypto, which Scott Conger says can “bridge the wealth gap and financially empower people.”

Scott Conger, the mayor of The City of Jackson, Tennessee, has laser eyes now.

Showing his support for Bitcoin, Conger changed his profile picture on Twitter with the hashtag “Crypto.”

The laser eyes came after Conger shared his support for the cryptocurrency industry over the past few days. He is actually calling for bringing crypto adoption to the region.

“Utilizing dollar cost averaging in appreciating assets, like cryptocurrency is one way we bridge the wealth gap and financially empower people. Another reason to bring Crypto adoption to the City Jackson TN,” said Conger in a tweet earlier this week.

Conger has actually been in talks with several people from the crypto space, including David Schwartz, the project director at Litecoin Foundation.

In a separate tweet, while thanking Schwartz for his insights, Conger shared that they have been making progress on the adoption of digital assets in the city.

“The future is bright in Jackson, and Crypto is lighting the way!” he added.

In response to Schwartz looking “forward to helping Jackson become the envy of Tennessee,” Conger said, “Let’s start the cryptocurrency revolution!”

He has constantly been tweeting about bringing crypto and “financial empowerment” to Jackson, which he says is “in a prime position to lead the way” in Bitcoin and cryptocurrency adoption.

Miami has already gone full-on crypto with Mayer Francis Suarez proposing paying city employees with BTC and giving the public the option to pay their taxes in the crypto asset.

Danielle Cohen Higgins, a county commissioner, also introduced a resolution to the Miami-Dade Infrastructure, Operations, and Innovations Committee to create a 13-member cryptocurrency task force to examine all the possibilities.

Working on making Miami “crypto forward,” Suarez has been courting tech entrepreneurs to choose the city over Silicon Valley.

Meanwhile, crypto exchange FTX signed a $135 million to name Miami Heat’s home court, FTX Arena. One of Miami’s biggest nightclubs, E11even, has announced it will allow guests to pay for drinks and tables with crypto.

Not to mention, the Bitcoin conference with speakers including Twitter’s Jack Dorsey, venture capitalist Chamath Palihapitiya, pro skater Tony Hawk, and Suarez himself has been moved from Los Angeles to Miami

Read Original/a>
Author: AnTy

Bitcoin Following the Stock Market “Tick for Tick,” $1.9T Stimulus Bill Passed & Yields Go Up Again

The cryptocurrency market is continuing the upwards momentum on Monday that started over the weekend.

Bitcoin has made its way above $50,000 while Ether trades over $1,700. The greens in the broad cryptocurrency market have a total market cap surpassing $1.55 trillion.

While the price of Bitcoin has slowed down some in the near term after hitting a new all-time high above $58,300 in February followed by a pullback of 26%, the coins continue to be moved off the cryptocurrency exchanges in the expectation of higher future prices.

While the on-chain movement shows bullish momentum, institutional investors on CME closed their positions, but both longs and shorts.

For the week ending March 6, total open interest for CME Bitcoin plummeted to its lowest levels this year as it shed more than 2500 contracts, as per Market Science’s latest report.

Last week, leveraged funds experienced the most dramatic change as these traders closed both long and short positions; their positioning is now as net-short as it has ever been. Interestingly, asset managers are also net short, which wasn’t seen through most of the recent bull run.

Non-Reportable traders remain less bullish than their average historically while Other Reportable traders have virtually no short exposure, remaining close to record net-long levels as they own over 25% of all long contracts outstanding. “These conditions have exhibited a bullish statistical edge historically,” noted Market Science.

The Macro

In the macro-environment, the bullish news came in the form of the $1.9 trillion Covid-19 relief bill which passed the Senate 50-49 on Saturday. Democrats aim to have the bill signed into law early this week.

“As tough as this moment is, there are brighter days ahead — there really are,” President Joe Biden said at the White House after the bill was passed. “It’s never been a good bet to bet against America.”

The bill will send $1,400 payments to millions of Americans, individuals earning up to $75,000 and couples earning up to $150k based on either 2019 or 2020 tax returns. It would also deliver $300 a week in extra unemployment assistance through Sept. 6.

This has the stock market recovering with S&P 500 up 2.9% and Nasdaq 4% after incurring losses ever since hitting new highs in the second week of February.

Bitcoin has actually been following the stock market ever since February, “almost tick for tick,” notes trader and economist Alex Kruger. Hence, the gains and if the traditional market sees red today, it is likely crypto assets will slide too.

Gold, however, is not having a good Monday as the spot prices fell under $1,690 per ounce while the US dollar Index strengthened above 92.2 thanks to yet another bout of a surge in Treasury yields. The 10-year U.S. Treasury yield hit 1.6% on Monday morning, while on the 30-year Treasury bond, it rose to 2.311%. Yields move inversely to prices.

This, however, isn’t good for BTC prices as we have seen for the past couple of weeks.

“Rates impact not only BTC but virtually every asset in the world. As one of the (if not the) most liquid asset class, higher rates mean bonds become more attractive than other assets – money flow from everywhere else into bonds,” said Qiao Wange of DeFi Alliance. “At extreme levels this will crush all risk assets.”

Bitcoin has managed to rally because of its adoption narrative in addition to being the best performing asset.

Read Original/a>
Author: AnTy

Bitcoin Sell-Off Over? Bullishness Continues to Permeate the Market

This week, the price of Bitcoin has been on a rollercoaster ride. We started with a dump right after hitting a new all-time high last Sunday at about $58,350.

Following the drop, we made several attempts to go back up but only to end up lower and yesterday, we went down further down to $44k.

As of writing, BTC is seeing some relief trading around $46,800 but that’s to be seen if the upward momentum will continue or take us only lower. Trader TheCryptoDog said,

“At this point my assumption is we don’t go lower from here. That can change at the drop of a hat (we’ll see what happens to macro on Monday), but looking at this now I would be more surprised to see BTC sink.”

One caveat is March, the month which in the last six out of seven times have been a red one with an average drawdown of over 14%.

Unlike BTC, Q1 is good for Ethereum which five out of six times ended with significant greens, already it is up 102% YTD despite the losses. This week, it went down to $1,350 during this recent sell-off, even lower than the previous ATH of $1,420.

Bitcoin’s lack of direction, right now, is turning out good for altcoins, leading to a 15% to 30% uptrend. The total market cap has also recovered to $1.455 trillion, adding more than $100 billion in the past 24 hours.

All This Bullishness

While the price action in the market isn’t’ looking bullish, the developments in the market certainly suggest so.

For starters, the first Bitcoin ETF debuted on the TSX last week, Purpose Bitcoin ETF (BTCC) continues to see demand and now holds more than 10,000 BTC.

If we look at the premium on the Bitcoin product of the world’s largest digital asset manager, Grayscale which went negative this week, but is expected to be just short-term noise, could actually turn out to be bullish.

Started in late Sept. 2013, “Outside of 2013-2014 this has only occurred 4 times. With fees of 2% and a current discount of 2.5%, BTC can be bought inside the trust cheaper than at market,” noted one analyst.

“Like the last 2 times, does the bull continue?” he added.

Bitcoin miners are also sending bullish signals as they stop their selling and start accumulating BTC. For the first time in two weeks, Miners Position change has turned positive.

The Spent Output Profit Ratio (SOPR) indicator, which is the price sold / price paid, is another one that has gone back to level 1, indicating the bottom on the sell-off.

Not to mention, money-making exchange Coinbase has announced its public listing and got more than $100 billion valuation. This would make the company CEO, Brian Armstrong who previously worked at Airbnb to get rich and join the world’s 500 richest people.

Even more bullish is the news that the House passed its $1.9 trillion coronavirus relief package early on Saturday, which will now head to the Senate. Democrats are rushing to approve more aid before unemployment programs expire on March 14.

This time, payments of $1,400 will be made to most individuals, along with the same amount for each dependent. $1,200 stimulus check from last time invested in Bitcoin at the time is currently worth $8,500 and surpassed $10,000 last week.

And just like the last stimulus package, this could propel the market higher.

Read Original/a>
Author: AnTy

Bitcoin ‘Kimchi Premium’ Makes a Comeback As Euphoria Builds

South Koreans have also started to join in on the crypto rally.

Another sign of Bitcoin euphoria can be seen in the “kimchi premium” that has returned.

The positive price gap between South Korean cryptocurrency exchanges and other exchanges is the Kimchi premium which has hit two-year highs amidst the ongoing price rally.

This premium first made its presence known in December around the time Bitcoin breached its 2017 peak of $20,000. At one point this premium was above 6% in January this year.

As of writing, Bitcoin price BTC 4.05% Bitcoin / USD BTCUSD $ 35,315.36
$1,430.27 4.05%
Volume 68.8 b Change $1,430.27 Open $35,315.36 Circulating 18.59 m Market Cap 656.61 b
2 h Bitcoin Supply Liquidity Falling Faster than Ever Amidst ‘Tremendous Demand’ 2 h IGT Gets Regulatory Approval to Use Bitcoin & Crypto’s at Slot Machines 2 h What’s Happening on the Bitcoin Network Amidst The Red Hot Market?
is trading at $34,670 on Bitfinex, $34,685 on Coinbase, $35,621 on Upbit, $35,595 on Bithumb, and $34,834 on Binance, as per Coinmarketcap.

The last time such a difference in prices was seen was in early 2018.

“‘Player 2 has entered the game,” said Ari Paul CIO at Blocktower Capital. “The long-running trend of Asia hours being bearish may be broken as South Korea seems to have finally caught a major bid yesterday and continuing into tonight,” he added.

Korean exchanges are also seeing massive deposits. On Tuesday, 3,001 BTC worth more than $99 million was moved to Bithumb, as per data source CryptoQuant. Just this week, Bithumb Global also opened the BTC market for their KRW only market.

These premiums appear for a number of reasons which include the availability of crypto service providers, regulatory environment, fiat currency conversion ease, and economic situation.

As Bitcoin price rallies, people are getting back into crypto which can also be seen in Bitcoin trending on South Korea’s biggest search engine Naver, which happened the day the digital asset ripped past $30k. The volume on these exchanges has also started to trend up moving into 2021.

Just this week, Naver published an article about Bitcoin, gold, and real estate skyrocketing, noting how BTC surpassed 30 million won at the end of last year.

Read Original/a>
Author: AnTy

Why Does Bitcoin (BTC) Continue to Tear Up Without Ever Stopping?

It’s the magic of demand and supply.

2021 started above $28,500 and Bitcoin has already been up over 20%. Meanwhile, the traditional markets have yet to open.

On the day of its 12th birthday, January 3rd, Bitcoin first broke above $33k, went down to $30,500 only to smash through $34k, and missed $35k by a few hundred dollars.

On Bitcoin’s Birthday, these gains helped the pseudonymous creator Satoshi Nakamoto become the 40th richest person in the world, with $34 billion.

Bitcoin is now marching towards $50k.

But…

Demand > Supply

But why exactly does the Bitcoin price keep on going up and up and up?

The most simple answer is there are more buyers than sellers in the market currently.

As we have been seeing throughout 2020, the cryptocurrency exchange reserves have been declining. Bitcoin holders have been increasingly moving their BTC off the exchanges to keep them safe in hardware wallets as they don’t have any interest in selling them because they believe the price will go higher.

“BTC is leaving exchange wallets which imply less supply for buyers with insatiable demand. The price goes up,” states Joe McCann, a crypto enthusiast working at Microsoft.

These uptrends came despite the flagship cryptocurrency being in overbought territory, as per technical indicators. The underlying buying on spot exchanges and the long term buying for investment are strong with USDC flows to support this buying off the charts.

FOMO Buying

This buying can particularly be seen on institution-focused Coinbase Pro, whose outflows indicate institutions’ FOMO buying. Over 35k BTC worth more than $1 billion were moved out of the exchange early Saturday, just a day after 12,063 coins also left, as per data source CryptoQuant.

Retail isn’t much far behind.

According to economist and trader Alex Kruger, “Bitcoin is being driven by spot demand,” as can be seen in the flat funding and Bitmex perpetual – Coinbase spot basis being negative.

Any Pullbacks?

The digital asset is now also approaching the midpoint of its logarithmic adoption curve channel, and “if ever there were a moment to blast straight through magic resistance, it’s right now,” said analyst Cole Garner. Given BTC’s current momentum, it can blast through it as well.

“People started getting a little ridiculous today, as can happen with large price action. I’m very bullish but we’re not going to magically teleport to $100k in one day,” tweeted trader Resolute right before the call for $100k next week.

While many believe $20k isn’t coming back now, another trader Jonny Moe notes how the BTC weekly RSI has hit 93.2, higher than 90.2 seen at Dec. 2017 top. BTC weekly RSI higher than the current one was in November 2013 at 96.3.

With the current market looking like 2013 rather than 2017, the market sees potential for a big drop before continuing higher. In the meantime, today BTC price casually dropped 18% to $28,540 and is already near $31k.

The market has been calling for tops ever since Bitcoin broke the $20k, last year ATH. Although the market did see some small drops here and there, they were sharply reversed.

In the current market, it is anyone’s guess if a big correction will even be coming the market’s way.

Read Original/a>
Author: AnTy

Binance Exchange Rolls Out Visa Crypto Reward Cards to European Customers

The world’s largest cryptocurrency exchange has started to ship its physical Binance Visa cards to customers within the European Economic Area. The exchange is now urging customers within the European Economic Area to order Binance Visa cards or finish up their previous delivery process.

In an announcement made on Dec. 14, the exchange firm said that customers within the EEA region who applied for Binance Visa cards would soon receive them.

According to the announcement, the physical Binance Visa card will allow users to spend up to 8,700 euros equivalent to $10,600, and they can withdraw up to 290 euros or $350 from ATMs. The cards will also attract zero fees up to 2021 and features up to 8% cashback.

Binance also announced that it was adding support for Ether (ETH) in its Binance Visa cards to give customers more options to use cryptocurrency in their daily lives. The announcement stated,

“Rather pay with your Ethereum profits? From now on, you can buy the things you love with Ethereum. Transfer Ethereum to your Card wallet and drag it above the other coins to make it the preferred payment asset.”

Binance officially debuted its Binance crypto debit card within the EEA region in July this year. The exchange has been offering digital Binance Visa Cards. The exchange clarified at the time that physical cards would be processed in the coming months. It seems the exchange is now ready to issue the physical Visa cards.

To boost its reach in Europe and worldwide, Binance acquired a multi-currency virtual wallet, also a Visa debit card platform, Swipe, in July.

Since Binance revealed plans for a Binance Visa Card back in April this year, it has been actively marketing the new product creating awareness among crypto enthusiasts. After Binance introduced the card within the EEA region, the firm revealed its plans to expand in other regions worldwide. Plans are underway to roll out the card in Russia.

Read Original/a>
Author: Joseph Kibe

Bitcoin Sees a Correction After Ending October with the Highest Monthly Close Ever

Bitcoin started November around $13,760, and although in the red currently, the price of the digital asset remains hovering around $13,400 on the back of $1.79 billion volume.

The month began on a red note, but it has just started, and more exciting has been the monster monthly candle we got in October.

Interestingly and bullishly, Bitcoin had its second-highest monthly close in history in October.

While, on Bitstamp, the longest-standing bitcoin exchange, Bitcoin had its second-highest monthly close, losing to the first by just an inch, on other exchanges, the flagship cryptocurrency actually made history.

On Bitfinex, Binance, and HitBTC, Bitcoin had the highest monthly close ever.

Additionally, it was the highest quarterly close for BTC price in history as well.

image1

As for why does it matter, “month-end asset valuation is how institutional participants appraise their holdings & investments,” stated one trader.

Now, after recording more than 27% gains in October and up 91% YTD, Bitcoin is down -2.18% in November, experiencing a correction.

However, it is not much different from last week when BTC’s price dipping under $13,000. It’s to be seen how low we will go this time.

“Another strong weekly close on high time frame. With that said, let the “dips” come. It shouldn’t surprise anyone who’s been in this market when it happens. Bitcoin had 9+ pullbacks of at least 30% last bull market. But in the long run, we know where this is going (up),” noted trader Josh Rager.

Pullback after the October rally is to be expected, and during the last bull cycle of 2017, Bitcoin had several such corrections, which were as much as 30% to 40%. Moreover, with the US Presidential elections tomorrow, a bit of volatility is expected across the markets.

Stock markets have been experiencing a downturn since mid-October. Meanwhile, today, gold is making its way up above $1,880, the same as the US Dollar index is doing above 94.

“I don’t have much a bearish thesis etc. Just seems like a nice spot for de-risking. High time frame resistance, elections coming up, not seeing evidence of fuel for a short squeeze,” said trader CryptoGainz. “Low time frame technicals are bullish, just sorta hoping for a bull trap tbh.”

Read Original/a>
Author: AnTy

First UK Public Listed Company, Mode Global Holdings, Converts 10% of Cash Reserves into Bitcoin

What started with public listed company MicroStrategy has now become a movement as more and more companies continue to join the ranks.

This month, after Square, now comes the London stock exchange-listed company Mode Global Holdings that is making an investment into Bitcoin.

In its press release, Mode announces it to be “the first publicly listed company in the UK” to make a “significant purchase of Bitcoin as part of its treasury investment strategy.”

The company allocates 10% of its cash reserves into Bitcoin and adopts the leading digital asset as a “treasury reserve asset” as part of its long-term goal to protect its investors’ assets from currency debasement.

However, the company didn’t disclose how much Bitcoin it is exactly planning to buy. While as per the company’s cash balance, by the end of June, the allocation only amounts to less than 7 BTC, the company raised £7.5 million on IPO (pre expenses), which puts it at about 75 BTC.

“As Mode Global Holdings is a PLC, the allocation should be transparent on the balance sheet, so it’s odd that specific amount is withheld at this stage,” noted Jason Deane, an analyst at Quantum Economics.

Bitcoin is the Way to Diversify

With the UK’s interest rates falling to a record low of 0.1%, the company was looking to diversify, which brought them to Bitcoin.

According to Mode, it always recognized Bitcoins’ potential as a reliable store of value and an attractive investment because of its safe-haven status and asymmetric risk/reward attributes. Jonathan Rowland, Executive Chairman at Mode said,

“This decision to allocate part of our cash reserves to Bitcoin is a further step in our mission to build a truly digital financial services business, combining the best of digital assets, payments, loyalty, and investment.”

Rowland sees Bitcoin as a vehicle for “financial empowerment,” in which his confidence only increased after facing the challenges of COVID-19. He said,

“Today’s allocation is executed through a modern, forward-looking but prudent treasury management strategy.”

The company further shared that their mission is to bring transparency and credibility to the digital asset space. It has also built a mobile app to buy, sell, and hold Bitcoin.

Also Read: BTC Price & PYPL Stocks Rejoice as PayPal Announces Support for Bitcoin, Ether, BCH & LTC

Read Original/a>
Author: AnTy