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Here Is How Citizens of Turkey are Warming up to Bitcoin

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In a recent tweet a few days ago, Kim Dotcom had advised all of us to start stocking up on gold and cryptocurrency (eg Bitcoin (BTC)) – for the USD was at the cusp of a serious financial crisis. His advice was interpreted as meaning that we should look for alternative means of storing value as the future of the global fiat currencies looks uncertain. His exact words were as follows:

“Trust me. Buy crypto and gold. Your USD will become worthless. With US economic collapse all old money currencies will crash. Times will get tough. But you’ll be fine if you hedge some of your assets in preparation for the crash. The big crash is coming 100%.”

Turkish Financial Crisis

His words can be applied to the current situation in Turkey as its currency – the Lira – continues to be volatile due to increased political tensions in the country. On August 9th, the Lira dropped in value by a whopping 18% as many economists continued to theorize how its currency would get back to being stable and at a level seen before President Erdogan consolidated his power over the past months by amending the constitution. The US has imposed sanctions on the country thus adding to the financial uncertainty.

Referencing the words of Kim Dotcom, and to the Turkish Lira, it is only natural that the Citizens of Turkey have started researching on alternative ways of hedging against a volatile Lira. It is with such a theory that Twitter user @CobraBitcoin tweeted the following about Bitcoin.Org:

“There’s been a MASSIVE 42% increase in visitors to from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!”

Further investigating the claim, we find that in early August, the traffic to Bitcoin.org from Turkey stood at 11,485 visitors per day. On 14th of August, that number stood at 45,044 indicating a 292% increment in traffic from Turkey to Bitcoin.org.

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Bitcoin.org traffic from Turkey. Source, semrush.com

Bitcoin As An Alternative to Fiat

With the increased interest in Bitcoin from the citizens of Turkey, we can see that BTC is an alternative store of value during periods of political turmoil that could lead to the crash of fiat currencies. It is, therefore, safe to also conclude that Bitcoin (BTC) is the Digital Gold of the 21st Century.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Ethereum Flippening Bitcoin In 5 Years?

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Ethereum flippening Bitcoin
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The dominance of Bitcoin (BTC) in the crypto markets due to the bear market, currently stands at 55.2%. Ethereum’s dominance is a distant second at 10.8% of the total cryptocurrency market capitalization. This is despite the fact that the value of ETH is still shaky with many traders postulating that it could get worse for the digital asset before it gets better. Ethereum’s decline has been blamed on three factors outlined below:

  1. Congestion issues on the network
  2. ICOs cashing out the ETH raised in the ICO boom of last December to late February this year
  3. Traders shorting ETH due to the above two reasons

Ethereum Flippening Bitcoin?

In a tweet on the 18th of September, Weiss Ratings stated that ETH will grab 50% of Bitcoin’s market share in 5 years. Doing the math, this means Ethereum flippening Bitcoin in the markets with a dominance that will be around 38%. BTC would be at half its current value, and at 27.6% of the total crypto market cap.

The full tweet from Weiss Ratings would go on to explain why this would happen:

“#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of…

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Crypto News: What Happened To Bitcoin?

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The crypto news of the day is what the heck happened yesterday in Bitcoin? In a matter of 2 hours, we saw the Bitcoin price go from 6320 to 6080 on Bitmex and then rocket higher to 6580. In the process, stops were cleaned out for both longs and shorts.

For all of 2018, Bitcoin has been a perfect vehicle for swing traders. The market has been playing support and resistance levels perfectly. The play has been to buy Bitcoin around the 6000 level and sell above 7000. Until this pattern changes, it’s what traders and investors need to keep doing. Yesterday’s price action, while crazy and extreme, does still support this strategy.

Why the crazy move in Bitcoin?

There are a number of thoughts as to why Bitcoin made the move that it did. They are technical related and don’t involve a fundamental reason. The first is that there are bots on Bitmex that go hunting for stops. The bot utilizes inside knowledge of where the orders are clustered. If the bot can move the market to where the stops are, it can get filled.

The second is that yesterday was the expiration of the CBOE futures contract. I am an ex-futures trader (now crypto) and know that expiration days can see some crazy moves. This is because it’s the last day to close a position on that futures contract.

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XRP Rally Lifts Bitcoin and Ethereum

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It’s quite surprising to be writing this, but the XRP rally lifted Bitcoin and Ethereum off yesterday’s lows. As I wrote yesterday in covering Bitcoin, my bullish enthusiasm was dampened by Bitcoin’s $300 drop. XRP rising has given renewed hopes that the lows for the year are in and higher prices are ahead.

XRP Rally

The most frustrating part about the XRP rally was the news put out by our competitors. We read the XRP rally was due to xRapid launching soon and also that a major Saudi Arabian bank had joined the Ripple network for international payments. I’ve been trading cryptocurrencies long enough to know that no one knows the exact reason why something happens in the market. This is a major buy spike that came out of left field.

Bitcoin

I am certainly feeling better about Bitcoin now than I was 24 hours ago. The lack of volume and the price action felt like the market was heading lower. Today, however, we are back around the 6350 levels.

The problem is that it still not enough to make me buy more Bitcoin. We are still in the middle of the range between 6100 and 6500. This neutral zone is not an area that I want to be putting on trades. Yesterday’s jump was indeed positive, but need proof that it was not…

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