Bitcoin Daily: Turkish investors are turning to crypto


Demand for Bitcoin put options appears to be waning ahead of a US inflation report, which could argue for a faster withdrawal of liquidity by the Federal Reserve, CoinDesk reported. Wednesday January 12.

This could show that investors are not as inclined to seek protection against the decline of the crypto. The one-week put-call bias, measuring the cost of puts, or bearish bets, versus calls, has fallen from 17% to nearly 0% since Monday (January 10).

Patrick Chu, director of institutional sales and trading at over-the-counter technology platform Paradigm, said the year started quietly and open interest in options has risen sharply since December. However, volumes increased with many large short-term options trading overnight.

Meanwhile, the Turkish lira has become volatile enough that people in the country are turning to cryptocurrencies instead, The Wall Street Journal wrote on Wednesday.

The lira plummeted against the dollar starting in the last quarter of 2021. Crypto trading using the lira surged to around $1.8 billion per day on average across three exchanges, according to Chainalysis.

Turkish citizens use the stablecoin, the value of which is pegged to the dollar. The lira is now the most traded government-issued currency against tether since this fall.

Elsewhere, Salvadoran President Nayib Bukele lost money because he allegedly used public funds to exchange bitcoins with his phone, Bloomberg reported on Wednesday.

The process was in secret. The country bought at least 1,391 bitcoins, according to Bukele’s statements on Twitter.

Bukele’s apparent purchases would have cost the country around $71 million, if the average acquisition price was $51,056 per token, based on the timing of his tweets.

Finally, the Northwest Arkansas Council announced on Wednesday (January 12th) that it is offering $10,000 in bitcoins to tech professionals and other entrepreneurs who want to set up shop there.

The initiative will combine the need for talent in the region’s tech sector, especially blockchain technology.

“Northwest Arkansas is one of the fastest growing regions in the country, and we are now seeing more explosive growth in our tech sector,” said Nelson Peacock, president and CEO of the Northwest Arkansas Council. “This expanded incentive offering – bitcoin and a bicycle – not only embraces the growing trend of employers using cryptocurrency as a payment option, but also helps grow our talent pool for the benefit of tech employers, startups, cities, local businesses and the region as a whole.



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