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Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

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War against Bitcoin, people with Turkish flags

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions. 

Let’s fall into the rabbit hole.

Is It War Against Bitcoin Or War Against Cryptocurrencies? 

The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin.

We need more data. Let’s consult other sources.

What Did President Erdogan Say Exactly?

A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said:

“Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.     

However, that Turkey would carry on with its own money, which he believes is part of the national identity.”

They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing?

A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly:

“We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.”

Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him?

BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com

Time To Consult Primary Sources

Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets

That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin.

Cryptocurrencies and Bitcoin are not synonymous, journalists.

Featured Image by Faruk Melik ÇEVİK on Unsplash - Charts by TradingView

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TA: Ethereum Outperforms Bitcoin, What Could Extend Gains Above $4K

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Ethereum

Ethereum gained pace above the $3,700 resistance zone against the US Dollar. ETH price is showing positive signs and it could even surge above $4,000.

  • Ethereum started a fresh increase above the $3,650 and $3,750 resistance levels.
  • The price is now trading above $3,800 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its rally if there is a clear break above $3,850 and $3,920.

Ethereum Price Aims Larger Increase

Ethereum settled above the $3,500 level to move into a positive zone. ETH started a fresh increase above the $3,650 resistance zone and the 100 hourly simple moving average.

The upward move was such that the price cleared the $3,750 resistance. Finally, the price spiked above $3,800 and traded as high as $3,838. It is now consolidating gains above the $3,800 level. It is well above the 23.6% Fib retracement level of the recent rally from the $3,414 swing low to $3,838 high.

There is also a major bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,840 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,850 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $4,000 level. Any more gains could set the pace for a move towards the $4,200 level in the near term.

Dips Supported in ETH?

If ethereum fails to continue higher above the $3,850 and $3,920 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,800 level.

The first key support is now forming near the $3,750 level. The main support is now forming near the $3,650 and $3,625 levels. It is near the 50% Fib retracement level of the recent rally from the $3,414 swing low to $3,838 high. If there is a downside break below the $3,650 and $3,625 support levels, the price could decline further. The next key support is near $3,550.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 60 level.

Major Support Level – $3,750

Major Resistance Level – $3,850

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Bitcoin Futures ETF Is Coming, No SEC Opposition

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The SEC looks to be giving the green light on initial Bitcoin Futures ETFs.

All gas, no brakes. That’s the SEC’s sentiment regarding the potential launch of initial Bitcoin futures ETFs that could hit the market as early as next week. After fielding nearly a decade’s worth of crypto ETF applications, it’s without question a landmark moment.

Let’s take a look at what we know, what it means, and what could be in store in the days to come.

Give ‘Em The Green Light

According to an initial report from Bloomberg, Bitcoin ETF applications submitted from ProShares and Invesco Ltd. have no substantial hurdles to overcome with SEC deadlines approaching next week. The applications were submitted based on futures contracts and allow for investor protections under the SEC’s mutual fund rules.

Assuming no unexpected delays or obstructions in the eleventh hour of the process, this means that ProShares and Invesco Ltd. Bitcoin ETFs will have the green light to start trading next week. These will be the first crypto ETFs to hit the stock market in history. Bitcoin price action reflected quickly on the news, charging up to nearly $60K at the time of publishing.

The SEC has long been a skeptic and cynic of crypto products, leaving issuers jumping through a variety of hoops to try to circumvent the SEC’s heightened scrutiny.

Bitcoin showed immediate reaction to the recent reports showing that the SEC has no intent to halt applications of Invesco Ltd. and ProShares Bitcoin Futures ETFs. | Source: BTC-USD on TradingView.com

Related Reading | TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K

The SEC: Past, Present & Future

While it’s very clearly a historical moment on the horizon, we can’t say the writing wasn’t on the wall. In fact, our team at NewsBTC just earlier in the day pointed out a number of different signs that suggested that October would indeed be the month that a Bitcoin ETF would finally come to market.

SEC Chair Gary Gensler has been painted as a crypto optimist, albeit a conservative one, since taking the role earlier this year. Last week, Gensler told Congress that the SEC had no intentions of “banning” cryptocurrencies, and the agency has been fielding Bitcoin ETF applications faster than they could be processed in recent months.

Furthermore, last month our team provided a deep dive into why the impending ETFs were far from unexpected, as Gensler hinted that futures could be the key to addressing his main concerns, which lied largely with lack of regulation. As our team notes, those futures ETFs require investors to put down cash on margin to trade as a form of collateral. That didn’t come without some skeptics, however, who believed that crypto spot products would be the first to hit the market.

Applications for VanEck and Valkyrie Bitcoin Futures ETFs are also outstanding and could be approved as well. Should those be approved, the stock market could be host to four Bitcoin ETFs this month.

Related Reading | Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K

Featured image from Pexels, Charts from TradingView.com
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TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K

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Bitcoin

Bitcoin is showing positive signs above the $57,000 level against the US Dollar. BTC could gain pace and it might even test the $60,000 resistance zone.

  • Bitcoin started a fresh increase and it broke the $58,500 level.
  • The price is now trading above $58,000 and the 100 hourly simple moving average.
  • There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue higher towards the $60,000 level in the near term.

Bitcoin Price Remains In Uptrend

Bitcoin price corrected a few points below the $58,000 level. However, downsides were limited below $57,000 and BTC started a fresh increase.

The price traded as low as $56,888 and started a fresh increase. It surpassed the $57,500 and $58,000 resistance levels. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair.

The pair is now trading above $58,000 and the 100 hourly simple moving average. It is now trading near the $59,000 zone. Besides, the price is testing the 1.236 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.

On the upside, an initial resistance is near the $59,500 level. The first key resistance is near the $59,650 level. It is near the 1.618 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.

Source: BTCUSD on TradingView.com

A clear break above the $59,650 resistance could open the doors for more upsides. The next major resistance sits near the $60,000 level, above which the price might surge towards the $62,000 level in the near term.

Dips Limited In BTC?

If bitcoin fails to clear the $59,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,200 level.

The first major support is now forming near the $58,000 level (the recent breakout zone). A downside break below the $58,000 level could spark a larger decline. The next major support is now near the $56,800 level and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.

Major Support Levels – $58,200, followed by $58,000.

Major Resistance Levels – $59,650, $60,000 and $62,000.

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Shiba Inu (SHIB) Still Trending on Social Media But Prices Faces Consolidation

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Shiba Inu (SHIB) Still Trending on Social Media But Prices Faces Consolidation
  • Whales are buying the meme-based coin.
  • The prices remained stable and did not decrease.

On-chain data from Santiment suggests that the fuel tank for another big move may have been depleted. Still, the social volume and overall attitude about Shiba Inu remain very favorable and robust.

In contrast to social media indications, the market data from SHIB does not seem to be increasing in lockstep with them. In the last week, the token’s trading volume on Binance exceeded 11 trillion tokens. Compared to a prior week when it was close to 200 trillion tokens.

Investors Still Interested

Positive social volume may imply that traders and investors are still interested in the token’s future. But not prepared to support it financially. SHIB, a cryptocurrency that has lately surpassed Bitcoin, Ethereum, and Dogecoin in terms of social media popularity. Has received much attention from investors who still believe in the coin.

According to earlier reports, whales are buying the meme-based coin and placing their bets on its growth. Prices very likely rose on October 11 as a result of the tremendous amount of purchasing power displayed.

Shiba Inu SHIB Still Trending on Social Media But Prices
SHIB/USDT: Source: TradingView

This is a 19 percent decrease from the previous high of $0.00003563. Following a period of extremely high open interest in SHIB futures, the open interest in SHIB futures has also decreased significantly. In spite of the fact that most traders pulled their money out of meme derivatives, their prices remained stable and did not decrease.

According to CoinMarketCap, the SHIBA INU price today is $0.000027 USD with a 24-hour trading volume of $2,524,119,478 USD.

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Popular Charting Platform TradingView Raises $298 Million

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Popular Charting Platform TradingView Raises $298 Million