Tag: Forex

Turkish Lira Vs BTC: What’s Behind The Bitcoin Chart You Can’t Miss

by NEWSBTC

Bitcoin price quoted in United States dollars has been suffering from a sharp and sudden downtrend after setting a new all-time high in November. But when quoted in Turkish lira, the top cryptocurrency kept on climbing in November and has never looked back.

The result? A shocking cryptocurrency price chart you simply have to see to believe. We’ll also explain the background behind the devastating downtrend in TRYUSD.

BTCTRY: Bitcoin Makes A Bullish Bet Against Struggling Currencies

All throughout the history of Bitcoin price action, after setting a higher high, the notoriously volatile cryptocurrency would blast off to a cycle climax. But the recent macro concerns around the Federal Reserve’s plans to raise rates put any bullish momentum on pause.

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Related Reading | This Bitcoin Morning Star Could Brighten The Bullish Narrative In A Flash

Instead of new highs in BTCUSD, the top crypto asset by market cap has fallen by 38% or around $20,000 per coin. However, crypto assets don’t only trade against the dollar, much like BTC can trade against altcoins like ETH.

Turkish lira BTCTRY_2021-12-17_13-29-14

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Bitcoin trading against the lira looks a lot different than the dollar | Source: BTCTRY on TradingView.com

Bitcoin can be quoted in the euro, yen, or in the case of the chart above, the Turkish lira. On the BTCTRY trading pair, after the all-time high was breached in early November, the bullish trend has yet to take a breather – let alone the steep correction seen in USD terms.

Behind The Turkish Lira Plunge, An Omen For The Dollar?

The flight to the dollar caused by the mere mention of rate hikes has decimated assets. In Turkey, the opposite is happening. Under president Recep Tayyip Erdoğan, Turkey’s central bank has cut interest rates by a full percentage point five times since September, sending the nation’s currency into a free fall.

Related Reading | Bitcoin Falls Flat: Examining A Rare Bull Market Corrective Pattern

During this time frame, the lira has fallen 50% against the dollar. Inflation in the country has also increased by 21%. Central banks in Turkey have attempted to intervene several times without success, selling off the country’s reserve of USD.

dollar lira tryusd

The lira has been in free fall against USD | Source: TRYUSD on TradingView.com

In response to inflation concerns, Erdoğan has raised the minimum wage by 50%, which Marek Drimal at Société Générale claims “will fuel inflation pressures further, together with the cumulative impact of the lira’s weakness”.

Additional, unspecified measures are also promised. But will they work? The lira is an example of what happens when there are no more levers left to pull. The United States Federal Reserve has a lot more shock and awe left in its war chest, but even it is struggling to balance markets, inflation, and a currency meltdown.

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Featured image from iStockPhoto, Charts from TradingView.com

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Banking Giants Wells Fargo and HSBC To Use New Blockchain Platform To Settle Global Forex Trades

by Dailyhodl

Banking behemoths Wells Fargo and HSBC Bank are teaming up to use a blockchain solution for netting and settlements of matched foreign exchange (forex) transactions.

According to Wells Fargo’s co-head of macro division Mark Jones, this will be the first time the bank has utilized blockchain technology in forex settlements.

The two banks will be using a platform provided by payments firm Baton Systems using its proprietary CORE distributed ledger, which aims to be a frictionless, blockchain-based settlement system.

According to the announcement,

“The platform enables participants to efficiently settle bilateral cross border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP [Payment versus payment] risk reduction opportunities.”

The ledger will start off processing the US dollar, Canadian dollar, British pound, and Euro, with plans to settle with more currencies in the near future.

The new offering will build on HSBC’s FX Everywhere platform, which has settled over three million intrabank trades worth more than $2.5 trillion in the past 3 years, according to the press release.

Mark Williamson, global head of FX partnerships & propositions at HSBC said the bank was aiming to be well placed for transacting in ‘”new forms of regulated digital currencies such as central bank digital currencies (CBDCs).”

As part of the implementation, Wells Fargo and HSBC will be adhering to the Baton Rulebook, which is a regulatory framework designed to provide legal certainty around settlement finality.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Philipp Tur/Sensvector

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Survey Finds 77% Of Russian Investors Prefer Bitcoin To Gold, Forex

by Bitcoin Magazine

A local forex organization’s survey found that most Russian investors prefer Bitcoin to gold and forex as an investment.

Bitcoin is becoming increasingly popular in Russia, a survey found. The Russian Association of Currency Brokers (AFD), a local self-regulatory organization that focuses on the foreign exchange (forex) market, surveyed Russian investors to gauge their perception of Bitcoin and cryptocurrencies. AFD found that the vast majority of those surveyed said they prefer bitcoin to gold and forex.

Nearly 77% of those polled in the survey said Bitcoin and cryptocurrencies are the “most forward-looking” investment on their radar. That contrasts to gold, which was picked as the best investment by only 8.8% of those surveyed. At slightly higher preference rates sit “familiar national currencies,” which amassed around 14% of those that undertook the survey.

When it comes to oblivion to Bitcoin, only 23% of the investors polled said they had never used it. However, 77% of them said they were nonetheless planning to invest in bitcoin and cryptocurrency soon. The study found that only 7.6% of those that had never used Bitcoin were strongly opposed to getting involved in the asset class. Those in doubt whether Bitcoin was worthwhile to invest in amounted to 15% of respondents.

Evgeny Masharov, AFD chief, said the survey has clearly shown that Russian investors don’t perceive Bitcoin as a “hype product” anymore but instead as a real investment. AFD will send the survey results to the Bank of Russia and the State Duma Committee on Financial Markets. Last year, a survey conducted by the World Gold Council also shed some light on Russia’s Bitcoin adoption levels, discovering that Bitcoin ranked fifth in investment vehicles’ popularity. The rising adoption and popularity of Bitcoin by the Russian people contrast the stance taken by their government, which has been following a European trend of totalitarian views.

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Survey finds 77% of Russian investors prefer Bitcoin to gold and forex

by Cointelegraph

Cryptocurrencies like Bitcoin (BTC) are getting increasingly popular with Russian investors, apparently displacing traditional investment products, according to a new survey.

Russia’s Association of Forex Dealers (AFD), a local self-regulatory organization focused on the foreign exchange market, polled 502 Russian investors to find out the local investor sentiment regarding cryptocurrencies. Released on Aug. 31, the survey was conducted from Aug. 4 to Aug. 24, 2021.

In the survey, nearly 77% of respondents said that cryptocurrencies like Bitcoin, Ether (ETH), and Litecoin (LTC) are the “most forward-looking” investment. Only 8.8% of respondents indicated that they view gold as the best investment, while 14% preferred “familiar national currencies.”

The survey also found that just 23% of respondents have never used digital currencies. Out of those, more than 77% were considering investing in crypto in the near future, while only 7.6% were strongly opposed to getting involved in this type of investment. The remaining 15% said that they have not yet made a final decision about whether to invest in crypto.

AFD head Evgeny Masharov said that the survey has clearly demonstrated that Russian investors now consider digital financial assets as an investment rather than just a “hype product.” Last year, a survey by the World Gold Council suggested that cryptocurrencies like Bitcoin were the fifth-most popular investment tool in Russia after savings accounts, foreign currencies, real estate and life insurance.

The organization will send the survey results to the Bank of Russia and the State Duma Committee on Financial Markets, the AFD said.

Related: Buying Bitcoin is like entering a minefield, Bank of Russia exec says

Despite Russian investors increasingly betting on cryptocurrencies, the country’s central bank continues to maintain a tough stance on crypto. In June, the Bank of Russia’s governor Elvira Nabiullina called crypto one of the most dangerous investment tools that currently exist.

While skeptical about private cryptocurrencies, the Russian central bank is currently focused on developing the digital ruble, the Bank of Russia’s central bank digital currency project that is expected to enter trials in 2022.