đź—ž Daily Crypto News, April, 17thđź’°

in HODL • 3 years ago

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

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đź—ž Market Wrap: Bitcoin Near $62K, Recovers Slowly From Turkey Crypto Payment Ban; Dogecoin Jumps

  • Bitcoin’s 24-hour range: $60,033.53-$63,850.25 (CoinDesk 20)
  • BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.

Bitcoin’s slowly recovering from the news of Turkey’s coming cryptocurrency payment ban, which caused the No. 1 cryptocurrency by market capitalization to drop to near $60,000 before U.S. markets opened on Friday. The ban would take effect on April 30.

“Today’s weakness is mostly attributed to accelerated profit taking after news hit that Turkey bans crypto payments,” Edward Moya, senior market analyst at OANDA, told CoinDesk in an email. “The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies.”

Ether and altcoins

  • Ether’s 24-hour range: $2,306.59-$2,547.94 (CoinDesk 20)
  • Ether trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.

Ether was moving in tandem with bitcoin Friday after logging a new record-high price above $2,500 a day ago in the wake of the Berlin hard fork upgrade implementation.

DOGE’s trading volume is another sign of bullish sentiment around the Shiba Inu-represented cryptocurrency, the most traded cryptocurrency on centralized exchanges in the past 24 hours, according to CryptoCompare.

đź—ž A Trio of Ethereum ETFs Set to Launch in North America

  • Canada has approved three Ethereum ETFs, and the funds will start trading early next week.
  • The ETFs applications were filed by Purpose Investments, Evolve ETFs, and CI Global Asset Management.
  • Canada earlier this year approved the first Bitcoin ETFs in North America.

It took years for regulated cryptocurrency investment products to hit the mainstream. But in Canada, things are heating up fast. Fresh off the launch of three Bitcoin

The ETFs, which will be available on Toronto’s stock exchange (TSX), will give investors exposure to the second biggest cryptocurrency by market cap, Ethereum—or Ether.

The companies behind the three separate ETFs are Evolve ETFs, Purpose Investments, and CI Global Asset Management (which is working with Galaxy Digital on its product.) Purpose and Evolve already have Bitcoin ETFs trading on the TSX.

But the SEC has repeatedly rejected applications from companies that want to set one up. The SEC claims that the Bitcoin market can still be easily manipulated, and in its rejection of a Bitcoin ETF application from Bitwise in October 2019 casted doubt that a “real” Bitcoin market even exists.

Regulators in Canada evidently disagree. The country is now a hotspot for cryptocurrency ETFs. Earlier this year, three Bitcoin ETFs were approved in the north American country. Two broke records with their trading volumes: Purpose trading $80 million in its first hour and Evolve raised $421 million in just two days.

đź—ž Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis

Billionaire investor Ray Dalio’s fear of governments outlawing bitcoin to preserve their monopoly over currencies has come partly true in Turkey.

The currency crisis-riddled country announced a ban on cryptocurrencies as a means of payment early Friday, souring the mood in the bitcoin market. The ban is to take effect April 30.

“It is considered that their use [crypto assets] in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors, and they include elements that may undermine the confidence in methods and instruments used currently in payments,” the Central Bank of the Republic of Turkey said in a press release titled the “Regulation on the Disuse of Crypto Assets in Payments.”

Cryptocurrency proponents have long argued that bitcoin is a better means of payment than gold or fiat currencies because its supply is cut by half every four years via a programmed code known as mining reward halving. That puts bitcoin’s monetary policy in stark contrast to inflationary policies adopted by the Federal Reserve and other central banks.

Citizens of countries facing high inflation and fiat currency crises, such as Turkey, have turned to bitcoin in the past few years, raising hopes of widespread adoption across the globe. Turkey’s inflation topped 16% last week, and its currency, the lira, has depreciated by 10% this year, having dropped by 24% in 2020. The country sold almost 11.7 tons of gold in February, as reported by Arab News.

“Local exchanges and some global ones are using regulated payment providers like Papara and Ininal to deposit/withdraw Turkish lira,” Onur Gözüpek, cryptocurrency consultant at crypto exchange BtcTurk Pro, told CoinDesk in an email. “After April 30, these providers will not be able to send/receive payments between cryptocurrency exchanges.”

🗞 Dogecoin Is Not the Next Bitcoin – But Here Are the Similarities

To those of us who have been in the industry for a long time, Dogecoin has always been an oddity: A project that has exceptional approachability and appeal to new users while lacking most of the characteristics that make cryptocurrencies useful or valuable.

Created in 2013 by Jackson Palmer and Billy Markus, the project was abandoned years ago by its founders and developers, if not its fans. Until recently, it was in such a weak state that it couldn’t even power its own blockchain infrastructure and in 2014 hitched its proverbial wagon to another early cryptocurrency called litecoin.

For the moment at least, dogecoin is more than double the size of litecoin (and 330-year-old Barclays bank as well) when measured by market capitalization.

Money is what people make of it

A couple of years ago, I did a series of interviews with people in Iran, India, Singapore, Honduras, Nigeria and a couple of other places. I went in assuming that bitcoin would not be the token of choice because the transaction fees are, in many cases, higher than a day’s wage and just generally are out of whack with the value scales locally.

For bitcoin, that utility comes in two flavors. One is predictability. People turn their local currencies into bitcoin because they are looking for a way to store value that’s disconnected from local political and economic realities. Everyone knows about bitcoin’s fixed token supply as well as its largely unchangeable monetary policy, making it out of reach for governments broadly.

So, even though in local terms bitcoin can be viewed as quite expensive, it is the consensus option. People can and do choose to buy other tokens, but this “long tail” of crypto investing is incredibly, and increasingly, diverse as the number of tokens to pick from expands. They’re more speculative because there is little or no consensus.

Why is dogecoin rising?

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For most of this year, I’ve increasingly come to believe that dogecoin is acting like that now. Just as bitcoin is the consensus pick for people looking for “predictable moneyness” in their currency, dogecoin is looking like the consensus pick for people who want “meme-y wackiness” in their currency.

That certainly seems to be the case among the Elon Musks, Slim Jims and Mark Cubans of the world, not to mention a growing share of meme culture broadly.

đź—ž Daily Crypto Calendar, April, 17thđź’°

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  • Origin Protocol (OGN)

"April 17th @jakepaul 's first drop, "The Future of Boxing NFT Collection", lands on Origin's NFT Launchpad."

  • BitcashPay (BCP)

"BitCashPay will start trading on @PancakeSwap next week, we're coming to BSC."

  • PAID Network (PAID), SuperFarm (SUPER)

Introducing SUPER PAID — a partnership with @paid_network to engage in co-IDOs for the most promising projects coming to the crypto space.

  • Paypolitan Token (EPAN)

"Date: Sat 17th April 2021. Time: 10am UTC / 11am UK."

  • Dogira (DOGIRA)

AMA with Satoshi Club featuring Eoghan Hayes (one of the orignal devs with Dogecoin) of Dogira Token at 3PM UTC @Satoshi_club on Telegram.

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