Crypto Daily News from ZBG Exchange
1. Market Wrap: Bitcoin Near $62K, Recovers Slowly From Turkey Crypto Payment Ban; Dogecoin Jumps
“The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies,” said one analyst.
Bitcoin (BTC) trading around $61,822.06 as of 20:00 UTC (4 p.m. ET). Slipping 2.62% over the previous 24 hours.
Bitcoin’s 24-hour range: $60,033.53-$63,850.25
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 №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 us. “The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies.”
The profit-taking behavior was also observed in the trading activity where the daily trading volume on eight spot exchanges tracked by CoinDesk went up from the prior day.
“The situation in Turkey is rather unique given the government is doing everything in their power to stabilize their currency,” Moya said. “Many on Wall Street believe that the lira is poised to fall over 10% in the short term, and that is forcing Turkey to impose capital controls and now also slow down liras going into bitcoin.”
Ether (ETH) trading around $2,433.00 as of 20:00 UTC (4 p.m. ET). Slipping 2.48% over the previous 24 hours.
Ether’s 24-hour range: $2,306.59-$2,547.94
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.
2. Coinbase Misses Out on Dogecoin Listing as Meme Token Rallies 6,000%+ on Binance
Coinbase is known for its expensive trading fees yet it’s still not listing doge, one of the most traded tokens.
Coinbase, the U.S.-based cryptocurrency exchange that went public this week with a direct listing of its shares on Nasdaq, is missing out on the latest frenzy whipping up gasps and chortles in digital asset markets: a ferocious rally in dogecoin (DOGE, +18.8%) (DOGE) that has pushed returns on the doggy-faced meme token to more than 6,000% for the year to date.
And it’s not just the price inducing the saliva. DOGE, a digital token that was launched as a joke in 2013, has boasted an astonishingly high daily trading volume, exceeding even that of ether (ETH, -0.22%) (ETH), the native token of the popular Ethereum blockchain and the second-biggest cryptocurrency overall after bitcoin (BTC, -0.92%) (BTC).
Coinbase (Nasdaq: COIN) has not given any hints that it would list dogecoin. “Although DOGE is not available to trade, you can add it to your watchlist, read news and more with a Coinbase account,” according to a page on the exchange’s website. Press officials with the company didn’t immediately reply to requests for comment.
3. Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis
Turkey’s crypto ban sets a bad precedent for other countries mulling similar moves.
Billionaire investor Ray Dalio’s fear of governments outlawing bitcoin (BTC, -0.92%) 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.”
4. Canada Approves Two Ethereum ETFs in One Day
The approval comes just over two months after Canada approved its first bitcoin ETF.
Purpose Investments and CI Global Asset Management both received approval to launch an exchange-traded fund (ETF) in Canada that offers exposure to ether.
Purpose is the manager of Purpose Ether ETF and Ether Capital Corporation will consult. The ETH will be kept in cold storage with Gemini acting as the sub-custodian and CIBC Mellon Global Securities acting as the fund administrator.
CI Global Asset management will launch CI Galaxy Ethereum ETF on April 20 on the Toronto Stock Exchange (TSX), subject to TSX approval. It will charge a 0.4% management. CI GAM is the manager of the ETF and Galaxy Digital Asset Management (“GDAM”) serves as the sub-advisor.
5. Dogecoin Is Not the Next Bitcoin — But Here Are the Similarities
As dogecoin’s gains top 9,392%, CoinDesk’s Adam B. Levine finds some surprising parallels between the top meme token and bitcoin.
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 (LTC, +12.95%).
At the time, that seemed like a necessary move — there were questions about whether DOGE (+25.1%) could survive at all. Then, yesterday, the top meme token eclipsed its patron chain.
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April 17, 2021