Crypto

Bitcoin price hits $ 49,000 USD with Erdoğan Boost

Bitcoin hits $ 49,000 USD as BTC price receives unlikely boost from Erdoğan’s Turkish lira adjustments

The price of Bitcoin (BTC) rallied over 5% on December 21, with a dramatic shift in the Turkish lira boosting investor confidence.

Bitcoin 1-hour chart (BTC / USD)

Source: TradingView

Wish for a reversal of sentiment

The move came as Turkish President Recep Tayyip Erdogan announced comprehensive measures to protect consumers and attract investors to the Turkish lira. The USD / TRY pair had previously hit all-time highs of nearly 19, with half of that in the past two months.

Ironically, Erdogan himself spoke out against cryptocurrency in September, saying that Turkey was “at war” with the industry.

The transition has boosted Bitcoin and altcoins, with 5% gains reflected on major cryptocurrency charts on Tuesday.

Cointelegraph contributor Michaël van de Poppe was one of the analysts who noticed the correlation.

“There is a good chance that we have completed the correction,” he added in one of several Twitter posts about spot price action that day.

“The longer we stay here, the faster the feeling changes.”

A look at the popular sentiment indicator, the Crypto Fear & Greed Index, reflects modest relief to the upside, with a mood rising two points to 27/100 or from “extreme fear” to “fear”.

Index of fear and greed

crypto index fear greedSource: Alternative.me

Analysts see unrealized earnings evaporate

The data covering cardholder behavior, on the other hand, pointed to an impending recurring turning point in Bitcoin’s profitability.

Posted by monitoring resource Whalemap, it showed that BTC with losses is expected to overtake BTC with unrealized gains soon. Historically, the rise resumes when such crossovers occur.

“It’s not quite there yet, but it looks promising,” the Whalemap team told Telegram subscribers, adding in comments to Cointelegraph that, in principle, “the more unrealized losses the better.”

Par William Suberg, Cointelegraph

William Suberg got into Bitcoin while completing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency that makes him sit back and get your attention. He started working with Cointelegraph in October 2013.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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