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Bitcoin climbs to $ 49,000


 

Ironically, the Turkish president declared "war" on crypto in September. Now it has grown overnight.


Bitcoin ( BTC ) rebounded over 5 percent on December 21. A dramatic turnaround in the Turkish lira has boosted investor confidence again.


Desired change of mood

Data from Cointelegraph Markets Pro and TradingView show the BTC / USD pair rebounded overnight as the lira rose as much as 40 percent against the US dollar.


Shortly before, the Turkish President Recep Tayyip Erdogan had announced far-reaching measures to protect consumers and as an incentive for lira investors. USD / TRY had previously hit an all-time high of nearly 19. Half of this development happened in the last two months.


Ironically, Erdogan criticized cryptocurrencies in September , stating that Turkey was "at war" with this industry.


This turnaround has given Bitcoin and Altcoins a boost. The largest crypto currencies recorded growth of up to 5 percent on Tuesday.



The Cointelegraph employee Michaël van de Poppe and other analysts immediately noticed this connection.


"Chances are that we have the correction behind us," he said in a Twitter post about the price trend on the spot market that day added .


"The longer we stay here, the faster the mood changes."


The Crypto Fear & Greed Index measures investor sentiment and reflects relief. The index rose two points to 27/100 from "extreme fear" to "fear".


Analysts: Unrealized profits are dwindling

Meanwhile, data on Hodler behavior points to an impending tipping point in terms of Bitcoin profitability.



The monitoring resource Whalemap shows that there should soon be more BTC with losses than bitcoins held with unrealized gains. Historically, upside resumes when such crossovers occur.


"We're not quite there yet, but it looks promising," said the Whalemap team on Telegram. In a comment to Cointelegraph, the team also said, "The more unrealized losses, the better."

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