{"id":487,"date":"2021-12-21T09:57:39","date_gmt":"2021-12-21T09:57:39","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=487"},"modified":"2021-12-21T09:57:40","modified_gmt":"2021-12-21T09:57:40","slug":"bitcoin-hits-49k-as-btc-price-gets-unlikely-boost-from-erdogans-turkish-lira-tinkering","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=487","title":{"rendered":"Bitcoin hits $49K as BTC price gets unlikely boost from Erdo\u011fan\u2019s Turkish lira tinkering"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) rebounded over 5% on Dec. 21 as a dramatic turnaround in the fortunes of the Turkish lira boosted investors\u2019 confidence.\u00a0<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Wishing on a sentiment flip<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD bouncing overnight as the lira shot up as much as 40% against the United States dollar.<\/p>\n<p>The move came as Turkey\u2019s president, Recep Tayyip Erdo\u011fan, 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.<\/p>\n<p>In an ironic twist, Erdo\u011fan himself had come out against cryptocurrency in September, declaring Turkey to be \u201cat war\u201d with the industry.<\/p>\n<p>The switch-up fuelled Bitcoin and altcoins alike, with 5% gains mirrored across the major cryptocurrency charts Tuesday.<\/p>\n<p>Cointelegraph contributor Micha\u00ebl van de Poppe was among analysts noting the correlation.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin bounces nicely today.#Ethereum bounces even better today.<\/p>\n<p>The actual reason?<\/p>\n<p>Turkish Lira makes a strong bounce. <\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) December 20, 2021<\/p>\n<p>\u201cGood chances we\u2019re done with the correction,\u201d he added in one of various Twitter posts about spot price action on the day. <\/p>\n<p>\u201cThe longer we stay here, the faster the sentiment flips.\u201d<\/p>\n<p>A look at popular sentiment gauge the Crypto Fear &amp; Greed Index reflected modest relief entering thanks to the uptick, the mood rising two points to 27\/100 or from \u201cextreme fear\u201d to \u201cfear.\u201d<\/p>\n<p><em>Crypto Fear &amp; Greed Index. Source: Alternative.me<\/em><\/p>\n<h2>Analysts eye evaporating unrealized gains<\/h2>\n<p>Data covering hodler behavior, meanwhile, pointed to an impending watershed moment repeating itself when it comes to Bitcoin profitability.<\/p>\n<p><strong><em>Related:\u00a0Don\u2019t expect retail sell-off to crash Bitcoin price \u2014 Analyst<\/em><\/strong><\/p>\n<p>Released 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.<\/p>\n<p lang=\"en\" dir=\"ltr\">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<\/p>\n<p>\u2014 whalemap (@whale_map) December 20, 2021<\/p>\n<p>\u201cNot quite there yet but looking promising,\u201d the Whalemap team told Telegram subscribers, adding in comments to Cointelegraph that in principle, \u201cthe more unrealized losses, the better.\u201d<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-hits-49k-as-btc-price-gets-unlikely-boost-from-erdogan-s-turkish-lira-tinkering\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) rebounded over 5% on Dec. 21 as a dramatic turnaround in the fortunes of the Turkish lira boosted investors\u2019 confidence.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Wishing on a sentiment flip Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD bouncing overnight as the lira shot up as much as 40% against the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":488,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=487"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/487\/revisions"}],"predecessor-version":[{"id":489,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/487\/revisions\/489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/488"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}