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| Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team - Edited by Lawrence Lewitinn March 22, 2021 Sponsored by Bitcoin (BTC) +3.1% $57,967 Ether (ETH) +1.5% $1,796 (Price data as of Mar. 22 @11:00 UTC) Good morning. Here's what we're writing about: Market Moves by Omkar Godbole: Technician's Take by Damanick Dantes: Bitcoin Uptrend Slows, Stays at $58K, Battles Resistance Near All-Time-HighCheck out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests: Peter Brandt, CEO of Factor LLC Greg King, Founder and CEO of Osprey Siân Jones, senior partner at XReg Consulting
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Market Moves by OMKAR GODBOLE Bitcoin Searches Spike in Turkey as Central Bank Chief Fired, Lira Plummets
Bitcoin-related Internet searches are jumping in Turkey after President Recep Tayyip Erdoğan’s ouster of the nation’s top central banker sent the local currency, the lira, plunging in foreign-exchange markets.
The Google search value for the term “Bitcoin” more than quadrupled to 100 on Sunday after Erdoğan dismissed central bank governor Naci Agbal, triggering fears of a sharp slide in the lira (TRY).
The lira plunged at least partly on concerns that the new top central banker might implement capital controls as a way of tamping down the nation’s high inflation rate. Such a move would represent an alternative to implementing rate hikes, which are known to preserve the fiat currency’s value.
It’s possible that some Turks see bitcoin (BTC) as a way to deal with any potential capital controls, or as a store of value if inflation accelerates or if the currency’s value falls further against global counterparts.
At press time, Google Trends, a barometer for gauging general or retail interest in trending topics, was returning a value of 41 on “bitcoin” – still significantly higher than the levels seen last week. Meanwhile, search values for gold remain flat in Turkey in the wake of the latest financial upheaval.
Google Trends provides access to a mostly unfiltered sample of actual search requests made on Google and scales searches on a range of 0 to 100, according to the company. A score of 100 indicates it is the maximum number of searches observed for a term during a given time frame.
Agbal raised interest rates by 200 basis points last week and has been widely credited for bringing stability to the lira’s exchange rate during his four-month tenure, as Bloomberg noted. As such, his dismissal has pushed the lira lower.
The lira hit a 4.5-month low of 8.28 per U.S. dollar early Monday and was last seen changing hands near 7.92 per U.S. dollar, representing a 10% drop on the day, according to data source TradingView.
Google search values for bitcoin and gold over the past seven days (Source: Google Trends)
Arresting the sell-off may be challenging, since the new central bank head, Sahap Kavcioglu, isn’t a fan of rate hikes as a way of curbing inflation or exchange rate slide, according to Bloomberg. Also, Erdogan appears to believe that interest rate hikes cause inflation rather than control it.
It remains to be seen if there is a sustained decline in the lira and a rise in hedging demand for bitcoin. Some observers maintain that an impending currency crisis would accelerate the adoption of bitcoin in Turkey. The activity on local exchanges has picked up in the past 24 hours or so.
“There was a spike [in volumes] during the weekend because classical finance markets were closed,” Onur Gözüpek, cryptocurrency consultant at crypto exchange BtcTurk Pro, told Coindesk in an email.
Gözüpek added that users are buying stablecoin tether (USDT) (USDT) as an alternative to the greenback. “Banks have lately stopped exchanging the dollar and euro on online banking systems,” Gözüpek said. “Currently USDT/TRY has the second highest trading volume after the BTC/TRY pair on BtcTurk.”
--Omkar Godbole
Read the original story here: Bitcoin Searches Spike in Turkey as Central Bank Chief Fired, Lira Plummets
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Technician's Take by Damanick Dantes Bitcoin Uptrend Slows, Stays at $58K, Battles Resistance Near All-Time-High Bitcoin (BTC) has been stuck in a range from $54,000 to $60,000 over the past few days. The near 40% rise from the February 28 low is slowing as traders continue to take profit from the March all-time-high around $61,000. Four-hour chart shows a slowing BTC uptrend with support and resistance levels (Source: Trading View) The 50-period volume weighted moving average (VWMA) on the four-hour chart has flattened over the past week, which signals a slowing uptrend.The last time the VWMA declined was during the February sell-off. A flatter moving average could also be a sign of sideways price action, reflecting indecision between buyers and sellers. Bitcoin will need to defend lower support around $54,000 and break above $61,000 to resume the short-term uptrend. On the daily chart, initial support is around $50,000. --Damanick Dantes Original story found here: Bitcoin Uptrend Slows, Stays at $58K, Battles Resistance Near All-Time-High
BOLO Be on the look out for these upcoming events: 13:00 UTC (9:00 a.m. EDT): Federal Reserve Chair Jerome Powell speaks to the Bank for International Settlements Innovation Summit. "How Can Central Banks Innovate in the Digital Age?". Watch live here.
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: XRP (XRP): +10.9% Kyber Network (KNC): +10.0%Orchid (OXT): +7.5%
Losers: No free-floating asset on the CoinDesk 20 is down over the past 24 hours.
The CoinDesk 20 filters from the larger universe of thousands of cryptocurrencies and digital assets to define a core group of 20. These assets constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
A message from Crypto NFTs Gone Wild With Gary Vaynerchuk, MetaKovan and Crypto.com What do internet personality Gary Vaynerchuck, Crypto.com and MetaKovan, the pseudonymous buyer of Beeple's $69M NFT, have in common? They join "First Mover" to discuss their passion for NFTs, the different reasons for their investments, and why it's important for the mainstream audience to understand this phenomenon.
ICYMI In case you missed it, here's this past Friday's episode of "First Mover" on CoinDesk TV:
Former Wall Street maven turned bitcoin bull Anthony Scaramucci discusses bitcoin, its future price and potential as a global currency, and whether ETFs pose a threat to his company's bitcoin fund and what he plans to do about it. Also, Republic's CEO Kendrick Nguyen on crowdfunding with crypto and CoinDesk's Nikhilesh De with the latest regulatory news.
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Latest Headlines Nigeria’s Central Bank: We Didn’t Ban Crypto Trading Deputy governor Adamu Lamtek said the CBN is not discouraging people from trading in cryptocurrency.
India May Block IP Addresses of Crypto Exchanges: Report The claim comes via a source of an Indian business magazine.
Judge in SEC Case Drops ‘Bombshells’ That Are Positive for Ripple, XRP, Says Lawyer Attorney Jeremy Hogan says Ripple would be "feeling pretty good" with comments from the magistrate judge in the SEC's case against the firm and its executives.
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Watch Community Crypto Thursdays at 5 p.m. ET on YouTube or CoinDesk.com.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is.
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