🗞 Daily Crypto News, March, 23rd💰

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Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

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🗞 Bitcoin Breaks Below Short-Term Uptrend, Lower Support Around $50K

Sellers were active during Asia hours, pushing bitcoin (BTC) below intraday trend support. The broader uptrend continues to slow, with lower support around $50,000 and then $42,000.

  • BTC is roughly 15% below its March high after failing to sustain moves above $61,000.
  • Sideways trading over the past few days resulted in a 10% decline from trend line support on the four-hour chart.
  • The relative strength index (RSI) is now oversold on the four-hour chart, which could encourage minor short covering at current levels.
  • Resistance around $58,000 could limit short-term recoveries, especially as the longer-term trend continues to slow, as CoinDesk has reported.

🗞 Will Grayscale Convert GBTC to a Bitcoin ETF?

  • Grayscale Bitcoin Trust's premium has stayed negative for a month, which could impact on the wider cryptocurrency space.
  • One solution would be to introduce a Grayscale Bitcoin ETF, if the SEC allows it: but how would the firm choose to do so?

The Grayscale Bitcoin Trust (GBTC), a popular way for investors to get exposure to Bitcoin in the form of shares, has now had a negative premium for an entire month. This means the price of each share remains below the corresponding amount of Bitcoin it represents.

BlockFi itself has purchased significant portions of GBTC shares in the past, but now the new negative premium not only eliminates the arbitrage opportunity, it makes the shares themselves a shaky investment, especially in light of Grayscale charging an annual 2% fee to obtain and package the underlying Bitcoin.

🗞 Bitcoin Mining Piles Pressure on Struggling Chip Industry

  • The global semiconductor industry is facing shortages due to soaring demand for consumer electronics amid the COVID-19 pandemic.
  • Fuelled by the current crypto bull run, crypto miners are exacerbating chip shortages as they snap up mining hardware.

A global shortage of semiconductors is being exacerbated by growing demand from cryptocurrency miners. The added demand from crypto miners is piling pressure on a chip industry that's dealing with multiple crises, "from supply constraints to a structural shortage of high-end chips,” CW Chung, head of research at Nomura in Seoul, told the Financial Times.

🗞 🔥 Turkish Lira crumbling is the perfect case study on why people need Bitcoin !

Bitcoin Google Searches at ATH

Since the resignation of Naci Agbal, the previous Head of the Turkish Central Bank and the appointment of Sahap Kavcioglu, a former banker and loyal politician to Erdogan; the Turkish Lira plunged by 15 %.

Why? And Why now?

There are a few reasons:

  1. Naci Agbal did quite a good job since November to stabilize the inflation by hiking interest rates and was seen as at least a little independent from Erdogan (as much as one can be I guess)
  1. The newly appointed Sahap Kavcioglu is a loyal supporter of Erdogan (Bye Bye Independence) and has been vocal that he will allow more monetary expansion. By doing so, investors are worried of further LIRA devaluation and are asking themselves if Turkey will even pay back all its debt.
  1. Rumors and hints from the Turkish Central Bank might put in place some capital restrictions and therefore preventing its citizens to move assets out of Turkey. Anticipating those, a lot of Turkish are looking into Bitcoin

...

🗞 Daily Crypto Calendar, March, 23rd💰

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  • Orchid Protocol (OXT)

"The summit will feature keynotes from the privacy war, with Edward Snowden."

  • Verasity (VRA)

"Patent number filed for System and Method for Proof of View via Blockchain is 10956931 expected to be issued on 03/23/2021"

  • Siacoin (SC)

"Dweb Meetup March 2021 — The Latest in the DWeb Ecosystem"

  • DeFi of Thrones (DOTX)

After we apply some final touches, we will be heading to the Polygon Mainnet on the 23rd March, 2021 at 8pm UTC.

  • Butterfly Protocol (BFLY)

BFLY holders will be able to claim their subBFLY airdrops on the 17th, 19th and 22nd due to the end of some auctions!

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