First Mover: Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis

PLUS: Bitcoin Recedes From All-Time High; Approaching Support

Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets April 16, 2021 Sponsored by     Bitcoin (BTC) -3.2%  $60,271 Ether (ETH)  -2.8% $2,351 (Price data as of April 16 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning. Here's what we're writing about: Market Moves: Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis Technician's Take: Bitcoin Recedes From All-Time High; Approaching Support   Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests: Dante Disparte, Circle Chief Strategy Officer & Head of Global Policy  Joel Edgerton, bitFlyer Chief Operating Officer Gil Hildebrand, Gilded Founder & CEO Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Gainers: Ethereum Classic (ETC): +31.2% Tezos (XTZ): +8.8% BItcoin Cash (BCH): +8.5%   Losers:  XRP (XRP): -9.5% 0x (ZRX): -5.4% Cardano (ADA): -4.9% Stellar (XLM): -4.1% Cosmos (ATOM): -3.4%   The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. Market Moves by Omkar Godbole Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis   Turkey announced a ban on cryptocurrencies as a means of payment early Friday, souring the mood in the bitcoin (BTC) market. The ban is to take effect April 30.   Bitcoin has come under pressure in the past few hours, falling from $63,000 to $60,700 to trade 3% lower on a 24-hour basis. The weakness is almost certainly due to Turkey's decision as it could set a bad precedent for other crisis-riddled countries struggling to protect their currencies. Morocco has already enacted such a ban and India is expected to introduce one shortly. Bitcoin prices, April 15 - 16, 2021 ET (Source: CoinDesk) 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 lira has depreciated by 10% this year, having dropped by 24% in 2020. The country sold almost 11.7 million tons of gold in February, as reported by Arab news.   The latest ban does not stop Turkish citizens from trading cryptocurrencies. They can still buy bitcoin as a hedge against inflation. However, exchanges could face some complications due to the payments ban.   "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."   "Users will still be able to deposit/withdraw Turkish Lira through banks in Turkey. Trading will not be affected," Gözüpek added.   Read the original story here: Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis A message from Nexo Your digital assets deserve a savings account in their BEST INTEREST. Leading crypto lender Nexo treats you, your crypto and your fiat to industry-best Crypto & Fiat services, featuring:    * Up to 12% interest on digital assets, paid out daily! * Yields available on BTC, ETH, LTC, BCH, XRP, XLM, EOS, TRX, LINK, BNB, PAXG, USDT, USDC, TUSD, PAX, DAI, HUSD, GBP and EUR. * No minimum or maximum limits on funds deposited, offering infinite opportunities to earn. * #ZeroFees on all transactions. * Military-grade wallet security and top-tier insurance on all custodial assets with SOC 2 Type 2 certified crypto custodian BitGo. Get started at nexo.io Technician's Take by Damanick Dantes Bitcoin Recedes From All-Time High; Approaching Support Bitcoin (BTC) sellers remain active from the April 14 all-time high just below $65,000. The largest cryptocurrency was trading around $60,300 at press time as it re-tests support around the 200-period moving average on the four-hour chart. Four-hour BTC chart shows support zone and RSI (Source: TradingView) The April 13 breakout above $61,000 provides an initial support zone for BTC, which could stabilize the current selloff. BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback that was limited to the 200-period moving average on the four-hour chart. The relative strength index (RSI) is approaching oversold territory on the four-hour chart, which typically precedes buying strength. BTC must hold above $60,000 to confirm the breakout, which could override slowing momentum on longer term charts. For now, buyers continue to take profit on rallies. Original story found here: Bitcoin Recedes From All-Time High; Approaching Support A message from FBG Capital FBG is a leading digital asset manager and investment firm focused on blockchain and cryptocurrency. Founded in 2017, FBG has supported hundreds of innovative global blockchain projects and is one of the largest liquidity providers on major Crypto exchanges in Asia/World. BOLO Be on the look out for these upcoming events:  11:00 - 13:30 UTC (7:00 - 9:30 a.m. ET): Bank and financial institutions earnings: Bank of New York Mellon (BK): EPS est.: $0.87 State Street Corp. (STT): EPS est.: $1.35 PNC Financial Services (PNC): EPS est.: $2.75 Morgan Stanley (MS): EPS est.: $1.70 A message from CoinDesk CoinDesk's Quarterly Review Webinar Series   The suits are here to stay, but retail isn't going away. While Q1 saw the emergence of retail investors as a market driver, crypto caught explosive interest through non-fungible tokens from investors, celebrities and the general public.   Every Monday at 11:30 a.m. ET, crypto analysts Noelle Acheson and Christine Kim will discuss the performance and milestones of bitcoin and ether compared to macro and other crypto assets, along with important developments in the emerging DeFi and NFT sectors. Each episode in this four-part series will reference key findings from the latest CoinDesk Quarterly Review report and a live Q&A.   Sign up for CoinDesk's Quarterly Review Webinar Series, every Monday from April 12. ICYMI In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:   Coinbase Stock Day 2, Will Ether Reach Another All-Time High?, Gensler New SEC Chair After a wild first day of trading on Nasdaq, the Coinbase (COIN) share price closed within an expected range; We check the Coinbase numbers ahead of the first full day of COIN trading. OKCoin Chief Operating Officer Jason Lau joins our markets discussion and a closer look at the altcoin markets; Tezos Co-Founder Kathleen Breitman on what's driving interest the alts, including Tezos. Plus, CoinDesk's Nikhilesh De with the latest SEC news following Gary Gensler's confirmation as the agency's new leader. A message from CoinDesk Investor Momentum to NFT Boom: CoinDesk Research's Quarterly Review   Introducing CoinDesk Research's quarterly review, covering the main developments over the first three months of 2021 in Bitcoin, Ethereum, DeFi, stablecoins and – of course – NFTs.   The report presents over 100 insights on how retail investors are picking up market momentum, how Ethereum activity is not being driven by NFTs as much as one might think, how stablecoins have responded to increased activity, how DeFi is for now the realm of decentralized exchanges and more.   Download the CoinDesk Quarterly Review, First Quarter 2021. Latest Headlines   Rothschild Investment Buys $4.75M Initial Stake in Grayscale Ethereum Trust The asset manager disclosed Thursday its shares in the Ethereum trust were worth $4.75 million as of March 31. SushiSwap Makes $50K Crypto Donation to No Kid Hungry No Kid Hungry currently accepts donations in bitcoin, ether and a variety of other coins, according to The Giving Block. Tech Consortium to Spend $1.3B to Build Filecoin Mining Facility in China Upon its completion, the facility will be the largest Filecoin distributed storage infrastructure project in China. Major Australian 'Buy Now Pay Later' Firm May Offer Crypto Trading: Report Zip's co-founder did not specify when the offering would launch or whether services for stocks would be released before cryptocurrency. Turkey to Ban the Use of Crypto for Payments; Bitcoin Falls The measure, which is to go into effect April 30, comes as the use of crypto had risen due to a plunge in the price of the lira. Ark Investment Boosts Coinbase Holdings While Cutting Stake in Square The purchases come a day after the Ark bought $246 million of the crypto exchange's shares during their Nasdaq debut. Robinhood Resolves Issues With Crypto Trading Amid Dogecoin Rally The company's Twitter post cited "unprecedented demand" leading to traders being unable to complete orders. Riksbank Says Sweden Could Have a Digital Central Bank Currency in 5 Years: Report Riksbank Governor Ingves revealed a timeline on Thursday, for the adoption of a CBDC, the e-krona, explaining the country is entering a post cash era. Introducing Unlocked 101 at Consensus by CoinDesk 2021 New to crypto? Here's a crash course. Unlocked 101 is a free educational series of sessions designed to give you the tools to navigate crypto. Sessions will be hosted May 4–20 to prepare you for Consensus by CoinDesk 2021, our virtual big-tent event. Register for Unlocked 101 this May.   Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. 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