Značka: Turkey

Turkish president orders ruling party to organize metaverse forum

Turkish President Recep Tayyip Erdoğan and ruling Ak Party officials met earlier this week to discuss the metaverse, with the president calling for comprehensive research on the subject.Erdoğan has reportedly urged the Ak Party to study the metaverse, cryptocurrencies, and how transactions are made using them, according to a Daily Sabah report.At a meeting on Jan. 25, party leaders were instructed to research the phenomenon with significant ramifications for the future. The economic aspects of the metaverse, cryptocurrencies, and social media are anticipated to be addressed at a forum that will be subsequently be organized by the ruling party. In Turkey, the metaverse is gaining interest. According to some reports, thousands of virtual territories in Turkey, most of which are located in the historic former capital of Istanbul, have already been purchased in game-based metaverse platforms.Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022As Cointelegraph reported, the Turkish government recently met in the metaverse to discuss cryptocurrency legislation. Grand National Assembly of Turkey chairman Mustafa Elitaş then said, “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives.”Related: Crypto and NFTs meet regulation as Turkey takes on the digital futureWhile the Turkish government is open to blockchain technology, metaverse and a state-issued digital currency, President Erdoğan is notorious for his harsh opposition to cryptocurrencies. Last year, during a public Q&A session, he “declared war” on cryptocurrencies, implying the country had no interest in adopting them.

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Vibe killers: Here are the countries that moved to outlaw crypto in the past year

Last week, Pakistan’s Sindh High Court held a hearing on the legal status of digital currencies that might lead an outright ban of cryptocurrency trading combined with penalties against crypto exchanges. Several days later, the Central Bank of Russia called for a ban on both crypto trading and mining operations. Both countries could join the growing ranks of nations that moved to outlaw digital assets, which already include China, Turkey, Iran and several other jurisdictions.According to a report by the Library of Congress (LOC), there are currently nine jurisdictions that have applied an absolute ban on crypto and 42 with an implicit ban. The authors of the report highlight a worrisome trend: the number of countries banning crypto has more than doubled since 2018. Here are the countries that banned certain cryptocurrency-related activities or announced their intention to do so in 2021 and early 2022.BoliviaThe Bolivian Central Bank (BCB) issued its first crypto prohibition resolution in late 2020, but it was not until Jan. 13, 2022 that the ban was formally ratified. The language of the most recent ban specifically targets “private initiatives related to the use and commercialization of […] cryptoassets.” The regulator justified the move by investor protection considerations. It warned of “potential risks of generating economic losses to the […] holders” and emphasized the need to protect Bolivians from fraud and scams. China Cryptocurrency transactions have been formally banned in the People’s Republic of China since 2019, but it was last year when the government took steps to clamp down on crypto activity in earnest. Several official warnings of the risks associated with crypto investment were followed by a ban on cryptocurrency mining and forbade the nation’s banks to facilitate any operations with digital assets. But the crucial statement came out on Sept. 24, when a concert of the major state regulators vowed to jointly enforce a ban on all crypto transactions and mining. Apart from the common notions of money laundering and investor protection, Chinese officials played the environmental card in their fight with mining, which is a bold move for a country that contributes up to 26% of global carbon dioxide emissions, of which crypto mining represents a marginal share.Indonesia On Nov. 11, 2021, The National Ulema Council of Indonesia (MUI), the nation’s top Islamic scholarly body, proclaimed cryptocurrencies to be haram, or forbidden on religious grounds. MUI’s directions are not legally binding and as such it will not necessarily halt all cryptocurrency trading. However, it could deal a significant blow to the crypto scene of the world’s largest Muslim country and affect future governmental policies. MUI’s determination mirrors a common interpretation that has been shaping up across jurisdictions influenced by the Islamic legal tradition. It views crypto activity as wagering — a concept that arguably could be used to define almost any capitalist activity.On Jan. 20, the religious anti-crypto push was furthered by several other non-governmental Islamic organizations in Indonesia, The Tarjih Council and the Central Executive Tajdid of Muhammadiyah. They confirmed the haram status of cryptocurrencies by issuing a fatwa (a ruling under Islamic law) that focuses on the speculative nature of cryptocurrencies and their lack of capacity to serve as a medium of exchange by Islamic legal standards. Nepal On Sept. 9, 2021, the Nepal Central Bank (Nepal Rastra Bank, NRB) issued a notice with a headline “Cryptocurrency transactions are illegal.” The regulator, referencing the national Foreign Exchange Act of 2019, declared cryptocurrency trading, mining and “encouraging the illegal activities” as punishable by law. NRB separately underlined that the individual users are also to be held responsible for violations related to crypto trading.A statement from Ramu Paudel, the executive director of the Foreign Exchange Management Department of the NRB, emphasized the threat of “swindling” to the general population. Nigeria A U-turn in Nigeria’s national policy on digital assets was cemented on February 12, 2021, when the Nigerian Securities and Exchange Commission announced suspending all plans for crypto regulation, following a ban by the central bank introduced a week earlier. The nation’s central cank ordered commercial banks to shut down all crypto-related accounts and warned of penalties for non-compliance. CBN’s explanation for such a crackdown lists a number of familiar concerns such as price volatility and potential for money laundering and financing of terrorism. At the same time, CBN governor Godwin Emefiele stated that the central bank was still interested in digital currencies, and that the government was exploring various policy scenarios.Turkey On Apr. 20, 2021, the price of Bitcoin (BTC) tumbled 5% after Turkey’s central bank declared that “cryptocurrencies and other such digital assets” could not be legally used to pay for goods and services. As the explanation went, the use of cryptocurrencies could ‘cause non-recoverable losses for the parties to the transactions […] and include elements that may undermine the confidence in methods and instruments used currently in payments’. But that was just the beginning — what followed was a series of arrests of crypto fraud suspects, as well as Turkish president Recep Tayyip Erdoğan personally declaring a war on crypto.Related: Turkish and Salvadoran presidents meet, Bitcoiners left disappointedIn Dec. 2021, Erdoğan announced that the national cryptocurrency regulation had already been drafted and would soon be introduced to the parliament. In a thriller twist, the president remarked that the legislation was designed with the participation of cryptocurrency industry stakeholders. The exact nature of the regulatory framework remains unknown. Russia In a Jan. 20, 2022, report intended for public discussion, the Central Bank of Russia proposed a complete ban on over-the-counter (OTC) cryptocurrency trading, centralized and peer-to-peer crypto exchanges, as well as a ban on crypto mining. The regulator also advanced the idea of imposing punishments for violating these rules. In the justification part of the report, CBR compared crypto assets to Ponzi schemes and listed concerns such as volatility and illegal activity financing, as well as undermining “the environmental agenda of the Russian Federation.” But perhaps the most relevant of the justifications was the concern over the potential threat to Russia’s “financial sovereignty.” How bad is all this?It is hard not to notice that many of the countries on this list represent some of the most vibrant crypto markets: China does not need an introduction; Nigeria was the biggest source of Bitcoin trading volume in Africa; Indonesia was on Binance’s radar as an expansion target; and Turkey saw a rising interest in Bitcoin amidst the lira’s freefall. When crypto awareness and adoption reaches such levels, it is hardly possible to outlaw the technology whose advantages have already become known to the general public. It is also worth a mention that in many cases the authorities’ messaging around crypto has been ambiguous, with officials publicly voicing their interest in digital assets’ potential before and even in the wake of the ban. Caroline Malcolm, head of international policy at blockchain data firm Chainalysis, noted to Cointelegraph that it is important to be clear that “only a very few cases is there in fact a full ban.” Malcolm added that in many casesgovernment authorities have limited the use of crypto for payments, but they are allowed for trading or investment purposes.Why do governments seek crypto bans?Regulators’ motivations to outlaw some or all types of crypto operations can be driven by a variety of considerations, yet some recurring patterns are visible.Kay Khemani, managing director at trading platfrom Spectre.ai, emphasized the degree of political control within the countries that seek to establish crypto bans. Khemani commented: Nations that do engage in outright bans are generally those where the state holds a tighter grip on society and economy. If larger, prominent economies start to embrace and weave decentralized assets within their financial framework, more likely than not, nations who erstwhile banned cryptos may take a second look.States’ major anxiety, often concealed behind the stated concerns for the general population’s financial safety, is the pressure that digital currencies put on sovereign fiat and prospective central bank digital currencies (CBDCs), especially in the shaky economies. As Sebastian Markowsky, chief strategy officer at Bitcoin ATM provider Coinsource, told Cointelegraph:A general pattern suggests that countries with a less stable fiat currency tend to have high crypto adoption rates, and thus end up with bans on crypto, as governments want to keep people invested in fiat […] In China, the wide rollout of the digital yuan CBDC is rumored to be the real reason for the crypto ban. Caroline Malcolm added that drivers behind governments’ crypto policies can shift over time, and therefore it is important not to assume that the positions that these countries take today are going to remain unchanged forever.The hope is that at least in some of the cases reviewed above, strict limiting measures against digital assets will eventually turn out to be a pause that regulators will have taken to create a framework for nuanced, thoughtful regulation.

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Turkish and Salvadoran presidents meet, Bitcoiners left disappointed

Bitcoin (BTC) took more than just a beating in the markets. The orange coin got the cold shoulder as Turkish President Recep Tayyip Erdoğan welcomed his Salvadoran peer Nayib Bukele in the capital of Turkey to talk about a number of topics. While Bitcoin failed to be a talking point, it did not stop the Twitter rumor mill from going into overdrive. As part of the state visit, Bukele and Erdoğan kicked off with an official ceremony. Shortly afterward, they inaugurated the new Salvadoran embassy before agreeing on six deals covering the economy, trade, defense, diplomacy and education.The deals seek to increase trade volume between the two countries to $500 million in five years. Trade volumes for 2020 and 2021 were $27 million and almost $50 million, respectively. Mainstream media outlets watched closely to see whether Bukele would attempt to orange-pill Erdoğan. However, there was no mention of Bitcoin or cryptocurrency during Thursday proceedings. That did not stop Twitter from speculating and deceiving audiences about the nature of the encounter. A coordinated news burst made by fake Twitter accounts imitating popular accounts Deltaone, Zerohedge and a Bukele parody account LaDictatore simultaneously announced that Turkey would announce Bitcoin as legal tender by February 2022.The announcement was false. LaDictatore’s account has since been suspended, but the screenshot of their announcement lives on:In the hours following the fake news, Bitcoin bulls regrouped to pump the price to within touching distance of $43,000 before falling off a cliff to $38,000 this morning.Related: El Salvador explores low-interest loans backed by BitcoinAs the Turkish lira continues to struggle, analysts expected Bukele to make the case for Bitcoin. Given that the Turkish ruling party recently held a meeting in the metaverse, the tide may be turning. And if any discussion did happen Thursday, it happened behind closed doors.

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

Ak Party, Turkey’s governing party, held its first metaverse meeting on Monday wherein it discussed upcoming crypto regulation. The Grand National Assembly of Turkey (TBMM) hosted its first meeting in the metaverse, Cointelegraph Turkey reported. Attending the virtual meeting were TBMM group deputy chairmen Mahir Ünal and Mustafa Elitaş along with Ömer İleri, the vice president of Ak Party responsible for information and communication technologies.Physically, Elitaş attended the meeting from the parliament building while Ünal and İleri were at the Ak Party (AKP) headquarters. Crypto regulation was the highlight of the meeting, Ünal told state-run news agency AA, adding that crypto assets require both financial and legal regulations.Mustafa Elitaş, who recently hosted a meeting with representatives from the Turkish crypto ecosystem at TBMM, stressed that it’s impossible to stay out of the virtual world. “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives,” he added.Elitaş is also expected to meet with Binance Turkey on Thursday. As reported before, Binance Turkey was fined 8 million Turkish lira (about $600,000) after failing an audit for monitoring Anti-Money Laundering compliance.As blockchain technology made digital ownership possible, Turkey has sped up its metaverse efforts, Ömer İleri said. Seeing the metaverse as a nascent yet quickly developing field, he predicted that it could impact many industries in the future. Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022The metaverse is open for development in virtual reality, product management and innovative business models, İleri noted, adding that AKP wants to pave the way for a metaverse ecosystem.Related: Turkey’s crypto law is ready for parliament, President Erdoğan confirms İleri argued that digital and technological advancements have legal, economic and social aspects. The AKP is striving to develop policies regarding crypto assets and social media to protect the citizens while empowering Turkey’s innovation capabilities, he concluded.While the Turkish government is keen on blockchain technology and a central bank digital currency, Turkish President Recep Tayyip Erdoğan is known for his stern stance against cryptocurrencies. Last year in a public Q&A session, he “declared war” on crypto, saying that “We have absolutely no intention of embracing cryptocurrencies.”

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Ava Labs and EV maker Togg to build smart contract-based mobility services

Turkey’s electronic vehicle (EV) manufacturer Togg has announced a strategic partnership with Ava Labs to design and build smart contract-based services aimed at improving autonomous mobility. Togg’s collaboration with Ava Labs, a team dedicated to supporting and developing the Avalanche public blockchain, was revealed at the CES 2022 event in Las Vegas. As Cointelegraph Turkey reported, the partnership aims to fast-track Togg’s Use-Case Mobility initiative, which combines different technologies and transportation solutions to produce cars with more functionalities as compared to traditional EVs. According to the official announcement, Togg has been exploring use cases around blockchain and related technologies in EVs for more than a year. With Ava Labs’ partnership, Togg intends to infuse Internet of things (IoT) and machine-to-machine (M2M) communication to expand and accelerate its EV capabilities. Togg will implement smart contracts and blockchain technology for allowing users to pick up a reserved scooter or taxi while charging their EVs, enabling seamless mobility. Gürcan Karakaş, the CEO of Togg said:“Our collaboration with Ava Labs is built on taking the experience of Togg users to the next level, going beyond automobiles to empower partners, users and non-Togg users across the mobility ecosystem to benefit from this platform.”Moreover, Ava Labs’ partnership will allow Togg to store vehicle maintenance and parts information over the Avalanche blockchain, which will be foundational to a reliable second-hand market.Related: Dogecoin gains 25% after Elon Musk confirms Tesla will accept DOGE for merchandiseBack in December, Dogecoin (DOGE) price went up by 25% soon after Tesla and SpaceX CEO Elon Musk announced plans to accept DOGE for Tesla merchandise.Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021As Cointelegraph reported, Data from Cointelegraph Markets Pro and TradingView showed DOGE/USD climbing over 25% to become the only major cryptocurrency to deliver gains on the day.DOGE/USD 1-hour candle chart (Bittrex). Source: TradingView

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Law Decoded: Three regulatory trends of 2021, Dec. 20–27

It is that time of the year: Singular events must be abandoned in favor of end-of-year, big-picture narratives and yearly lessons learned. As many governments across the globe finally had to face the rapidly mainstreaming realm of digital finance, the year is packed with developments in crypto policy and regulation that are impossible to fit into a neat little summary. However, it is possible to try and distill several major trends that have come to the fore during the past 12 months, and that will keep shaping the relationship among societies, state power and the crypto space as we roll into 2022.Below is the concise version of the latest “Law Decoded” newsletter. For the full breakdown of policy developments over the last week, register for the full newsletter below.U.S. Congress notices cryptoIn 2021, crypto regulation in the United States ceased to be mostly the domain of unelected officials sitting on various financial regulatory commissions and within the Treasury Department. Federal lawmakers called more high-profile Congressional hearings on digital assets than in any previous year. Their command of crypto-related issues has also improved visibly. The executive branch still attempted to steer important decisions — the approach most vividly illustrated by the last-minute inclusion of crypto broker reporting requirements into the infrastructure bill — yet the backers of such course were likely caught off-guard by a vocal, concerted pushback from the industry and its allies on the Capitol Hill. Granted, not everyone in Congress is a Bitcoin buff, but there are still quite a few, and some are making crypto salient on their legislative agendas.The emergence of crypto as a conspicuous matter of public policy in the age of partisan polarization has also raised a question of where each of the two major U.S. political parties stands on digital asset-related issues. The coming year will likely see further crystallization of partisan crypto stances.Authoritarians lean toward the hardlineAnother emerging rift can be observed in how various political systems have come to approach crypto depending on where they stand on the liberal-authoritarian continuum. Obviously, all agents of power strive to maximize the degree of control they exert over payment systems and the financial system more broadly, yet in 2021, those who make greater use of the free-market look more likely to co-opt rather than heavily restrict the digital asset space.The approach exemplified by China and its outlawing of crypto trading and mining mark the heavy-handed end of the policy palette. The alternative is opening up to financial innovation and reaping the benefits of such openness at the cost of limited control.The struggle between these two stances has been intensifying within several big economies that can be reasonably expected to opt for a more hardline scenario. While an imminent threat seems to have been averted in India, inconclusive signals emanating from Russia and Turkey suggest that forces championing the hawkish approach are extremely influential there.Unprecedented rates of legal exposureFrom El Salvador becoming the first crypto nation with a legal tender status for Bitcoin (BTC) to the U.S. Securities and Exchange Commission finally allowing a Bitcoin exchange-traded fund to the market, more people than ever now have a legal way to use cryptocurrency for payments and investment.Still, narrative shifts driven by these historic advancements resonate far beyond the crypto bubble, leading to new waves of mainstream interest. With both the awareness and exposure on the rise, it gets harder for policymakers to ignore the new economic and social reality where Bitcoin and its siblings are present in the lives of millions. At this point, there is no stopping the virtuous cycle of global crypto adoption, and in 2022, there will be even less room for the powers that be to remain oblivious to crypto-driven social transformation.

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Binance Turkey fined 8M lira for non-compliance against money laundering

The Financial Crimes Investigation Board (MASAK) has fined Binance Turkey 8 million lira (nearly $750,000) after the crypto exchange failed the financial watchdog’s audit for monitoring Anti-Money Laundering (AML) compliance. The Financial Crimes Investigation Board (MASAK), which serves as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, found crypto exchange Binance’s Turkey operations guilty of violating laws that intend to prevent the laundering of money acquired through criminal means. According to local news media Anadolu Agency, MASAK carried out an audit of Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law.The AML Law in Turkey requires companies to identify and verify the personal identification information of the customers on the platform, which includes details such as surname, date of birth, T.C. identification number (Turkey equivalent of a social security number) and type and number of identity documents. The law also requires businesses to immediately notify the government about suspicious activities within a 10-day period.As Cointelegraph Turkey reported, the watchdog imposed the maximum possible administrative fine of 8 million Turkish lira for the alleged violation. Additionally, this timeline also coincides with the day President Erdoğan announced the completion of a crypto law draft that will soon be handed over to the Parliament for approval. With this, Binance also becomes the first crypto business to get fined by the Turkish government. Moreover, MASAK is working closely with Financial Action Task Force (FATF), a global regulator against money laundering and terrorist financing, according to former Treasury and Cost Minister Lutfi Elvan:“FATF has asked for measures to be taken against crypto trading platforms.”In line with this request, MASAK has also agreed to report transactions that exceed the value of 10 thousand lira within 10 days.Related: Turkey’s crypto law is ready for parliament, President Erdoğan confirmsTurkey’s President Recep Tayyip Erdoğan confirmed the completion of a crypto law that will soon be handed over to the Parliament for mainstream implementation. As Cointelegraph reported, the crypto law envisions a new economic model that can bolster Turkey’s effort to bring back the depreciating value of lira. Erdoğan also said that the recent inflation on Turkish lira is not related to mathematics but a matter of process — implying a possibility and potential of lira’s value growth:“With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”

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Turkey’s crypto law is ready for parliament, President Erdoğan confirms

Turkey’s President Recep Tayyip Erdoğan has reportedly confirmed the completion of a crypto law draft that will soon be shared with the Parliament for mainstream implementation in the country.In an effort to counter the falling value of the Turkish lira, President Erdoğan shared plans to implement a new economic model while speaking at a press conference in Istanbul. As reported by local media NTV, Erdoğan said that the cryptocurrency bill is ready, adding:“We will take steps on this issue by sending it to Parliament without delay.”Acknowledging the country’s recent inflationary episode, Erdoğan said that the currency event is not related to mathematics but a matter of process — implying a possibility and potential of lira’s value growth:“With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”With the introduction of the new crypto law, the president envisions Turkey to become one of the 10 largest economies in the world. Speaking about the rising prices in the region, he shared plans to follow the people who change the labels of the price list organizers several times a day. “We want them to lower the dollar’s increases now,” he concluded. Related: Bitcoin hits new all-time high in Turkey as fiat currency lira goes into freefallOn Nov. 23, Bitcoin holders in Turkey avoided an accelerating currency collapse as the lira lost 15% against the U.S. dollar in a single day. BTC/TRY 1-day candle chart (Binance). Source: TradingViewAs Cointelegraph reported, the fiat currency’s fall resulted in Bitcoin (BTC) reaching a new all-time high against the Turkish lira. The BTC/TRY trading pair reached 723,329 Turkish lira on Binance.

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Bitcoin hits $49K as BTC price gets unlikely boost from Erdoğan’s Turkish lira tinkering

Bitcoin (BTC) rebounded over 5% on Dec. 21 as a dramatic turnaround in the fortunes of the Turkish lira boosted investors’ confidence. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewWishing on a sentiment flipData from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing overnight as the lira shot up as much as 40% against the United States dollar.The move came as Turkey’s president, Recep Tayyip Erdoğan, announced sweeping measures to protect consumers and attract lira investors. USD/TRY had previously hit all-time highs of near 19, half of which had occurred in the last two months.In an ironic twist, Erdoğan himself had come out against cryptocurrency in September, declaring Turkey to be “at war” with the industry.The switch-up fuelled Bitcoin and altcoins alike, with 5% gains mirrored across the major cryptocurrency charts Tuesday.Cointelegraph contributor Michaël van de Poppe was among analysts noting the correlation.#Bitcoin bounces nicely today.#Ethereum bounces even better today.The actual reason?Turkish Lira makes a strong bounce. — Michaël van de Poppe (@CryptoMichNL) December 20, 2021“Good chances we’re done with the correction,” he added in one of various Twitter posts about spot price action on the day. “The longer we stay here, the faster the sentiment flips.”A look at popular sentiment gauge the Crypto Fear & Greed Index reflected modest relief entering thanks to the uptick, the mood rising two points to 27/100 or from “extreme fear” to “fear.”Crypto Fear & Greed Index. Source: Alternative.meAnalysts eye evaporating unrealized gainsData covering hodler behavior, meanwhile, pointed to an impending watershed moment repeating itself when it comes to Bitcoin profitability.Related: Don’t expect retail sell-off to crash Bitcoin price — AnalystReleased by monitoring resource Whalemap, it showed that BTC at a loss should soon pass BTC being hodled with unrealized gains. Historically, upside resumes when such crossovers occur.There are around 4 million #Bitcoin hodled at prices above $50,000. This equates to around 20% of the entire 870B market cap. All of these coins are currently at a loss. pic.twitter.com/n4dx7NHG8R— whalemap (@whale_map) December 20, 2021

“Not quite there yet but looking promising,” the Whalemap team told Telegram subscribers, adding in comments to Cointelegraph that in principle, “the more unrealized losses, the better.”

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Bitcoin wobbles below $46K as 1 BTC passes 800K Turkish lira for the first time

Bitcoin (BTC) fell over 5% from local highs through Dec. 20 as macro tensions persisted into the new week.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst: Brace for volatile end to 2021Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it fell back below $46,000 overnight on Sunday, reaching lows of $45,787 on Bitstamp.The pair had hit $48,300 before a reversal took hold as Asian stocks opened the week on a limp note thanks to Coronavirus.”The U.S. stock markets will be having a pretty bad day when it comes to today. Also, the European stock markets will be opening with red numbers,” Cointelegraph contributor Michaël van de Poppe warned in his latest YouTube update.”We are actually making ourselves ready for some heavy volatility in the last few weeks of this year.”Like others, Van de Poppe highlighted strength in the U.S. dollar providing extra friction for risk assets such as Bitcoin. With the U.S. dollar currency index (DXY) facing resistance, Bitcoin is battling to maintain support in a classic inversely correlated move.”What you want to see in a reversal structure is something like we have been seeing in September as well,” he continued, referencing the $40,000 breakout at the end of that month.Max pain for Turkish lira holdersWith little to inspire Bitcoin traders overall, only events in Turkey provided some form of a silver lining for those who opted to diversify into BTC.Related: Biggest GBTC discount ever — 5 things to watch in Bitcoin this weekFollowing a fresh commitment to lower interest rates from President Recep Tayyip Erdoğan, Turkey’s national fiat currency, the lira (TRY), fell to new record lows of 17.8 against the dollar.New week, new lows. #Turkey Lira plunges to another All-time low after Erdogan says Islam demands lower rates. Now down 57.4% YTD. pic.twitter.com/No6j5flgbf— Holger Zschaepitz (@Schuldensuehner) December 20, 2021Taking its year-to-date losses to near 60%, the latest slide brought the focus back to Bitcoin and other cryptocurrencies as a potential hedge against extreme economic policy.BTC/TRY passed 800,000 in a record-breaking move overnight, having doubled in just two-and-a-half months.BTC/TRY 1-day candle chart (Binance). Source: TradingViewTo add insult to injury, the lira fell below parity with the embattled Egyptian pound (EGP) for the first time in history.Erdogan has had a fraught relationship with cryptocurrency and has taken steps to banish the industry from Turkish consumers.

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