Saturday, August 11, 2018
⏰ 48 HOURS LEFT (On Zombie Battleground)
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Turkish Crypto Exchange Volumes Surge as Lira Weakens
| August 11, 2018 | Read in Browser |
 QUOTE OF THE DAY  |
| “The safest way to double your money is to fold it over and put it in your pocket.” - Kin Hubbard |
Happy Saturday! Today we implemented "Poll of the Day". Vote anonymously below and see how you compare to other Blockchain Brew subscribers!
Cheers,
Blockchain Brew Team
| POLL OF THE DAY |
Choose one of the following to describe your involvment in crypto:
Retail Investor
Institutional Investor
Startup or Developer
Enthusiast
The results will be compiled anonymously and published so you can see how you compare to other Blockchain Brew readers!
| MARKET |
| COIN | PRICE | 24H |
| | ||
| BTC | $6,148.910054 | -5.39% |
| | ||
| ETH | $309.314306 | -14.76% |
| | ||
| XRP | $0.294726 | -13.09% |
| | ||
| BCH | $551.631847 | -8.52% |
| | ||
| EOS | $4.941915 | -12.0% |
| | ||
*Information as of 9:30 AM EST
| NEWS |
Turkish Crypto Exchange Volumes Surge as Lira Weakens
LIRA'S NOSEDIVE
- Over the past year, the Turkish Lira has weakened against the U.S. dollar by falling over 40% in value
- Yesterday, the currency had its largest one-day decline since Turkey's 2001 financial crisis after it dropped 16% against the U.S. dollar
- Investors blamed worsening trade relations and economic uncertainty as the reason for the Lira's dive
CRYPTO VOLUME SURGES
- To hedge against further losses, it seems some Turkish citizens are looking to crypto as a reserve currency
- According to CoinMarketCap, Turkish exchanges such as Btcturk, Paribu, and Koinim all saw a volume increase of over 100% within 24 hours
Bitmov, an anonymous Bitcoin user in Istanbul, told CoinDesk why he finds safety in cryptocurrencies:
"I started personally trading crypto 1.5 years ago because of the weakness of the Turkish lira, and fear of the political, and financial, status of the Turkish government. Cryptocurrency makes me feel much safer."
LOSING TRUST
- Bitmov, like many other Turkish citizens, is scared of the hardships that Turkey's centralized currency is causing because of its decline
- Staple expenses such as rent, food, and fuel are skyrocketing making citizens pay more with less
With low trust in government and banks, Bitmov suggests becoming your own bank through cryptocurrencies:
"If your national currency is falling like this ... or you don't trust centralized currencies and banks, what can you do? You should be your own bank, and I'm sure people all around the world will realize that soon."
| NEWS |
FinCEN Receives More Than 1,500 Suspicious Crypto Reports Each Month
FINCEN
- FinCEN is a U.S. regulatory body that investigates financial crimes to combat money laundering, terrorist financing, and fraud
- In 2011, FinCEN changed a rule so that it could recognize cryptocurrencies and investigate crimes that use cryptocurrencies
- In addition, FinCEN has been working closely with regulators like the SEC and the CFTC to improve "policy developments and regulatory approaches"
1,500 REPORTS
- Now, Kenneth Blanco, a top official at FinCEN, opened up about cryptocurrencies and stated that the agency receives more than 1,500 suspicious activity reports regarding cryptocurrencies each month
- These reports come from traditional financial institutions and crypto exchanges
Blanco commented on the strength of the information FinCEN has received through the suspicious activity reports:
"This information included beneficial ownership information, additional activity attributed to the exchange of which we were previously unaware, jurisdictional information, and additional financial institutions we could contact for new leads. All of this was obtained through SARs and the supporting documents filed by financial institutions."
| EXCHANGE |
Binance Demos Its Upcoming DEX
Binance released a video demoing it’s upcoming decentralized exchange
AHEAD OF SCHEDULE
- Binance CEO, Changpeng ‘CZ’ Zhao revealed that the project is already months ahead of schedule but did emphasize that it is a “rough, pre-alpha”
CZ gave this update on the project:
“There’s still a ton of work to be done to turn it into a final product. Nevertheless, I think this is a major milestone for Binance Chain.”
BINANCE DEX
- Binance has plans to launch its decentralized exchange later this year and says it will be accessible to everybody
- Unlike with centralized exchanges, Binance will have very little to no control over what cryptocurrencies are exchanged on its platform
In a recent interview, CZ explained this concept:
“On the decentralized exchange we’ll have less control. More likely anybody can list any coin. That’s the philosophy of the decentralized exchange, it’s freedom of choice, freedom of investments. But with freedom there will be people who are scammers. That’s not something we can control.”
| RESEARCH |
Report Finds That Search Trends Can Predict Crypto Prices
INTERNET ATTENTION
- A new study published by the National Bureau of Economic Research finds that cryptocurrency prices can be predicted by the amount of attention they receive in internet chatter
- This is unique to crypto, traditional financial assets have no correlation to search trends
- Yale University economists Yukun Liu and Aleh Tsyvinski, who wrote the paper, commented on cryptocurrencies uniqueness writing, "the markets do not view cryptocurrencies similarly to standard asset classes"
- The paper used internet search data from Google and Twitter and analyzed Bitcoin, Ethereum, and Ripple
- Interestingly, cryptocurrencies have much more of a correlation with search trends than they do with fiat currencies and commodities
CORRELATION
- According to the report, on average:
- A single standard deviation increase in the keyword search results in a 2.75 percent price increase
- A single standard deviation increase in the keyword search results in a 2.75 percent price increase
| MORE BREWING |
- Crypto Unicorn Bitmain Weighs $18 Billion IPO, One of World's Largest
- Report: Facebook Denies Partnership With Stellar
- UK: $2.5 Million Losses in Crypto-Related Scams Reported This Summer
| TODAY IN CRYPTO |
Aion (AION)
MOAR AION in Circulation! The 9th Release (monthly) of 6.25% of AION Tokens for those who participated in AION's Token Release Schedule.
Today in Crypto is powered by coinmarketcal.com
| COIN OF THE DAY |
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| Telcoin (TEL) |
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| Telcoin is focused on connecting with mobile networks globally, enabling easy conversion between telecom mobile money, prepaid credit and postpaid billing platforms. |
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