Turkish Lira Collapse Drives Interest in Crypto, Swiss Bank to Accept Cryptocurrency, Bitcoin Dominance Rate at 50%
Turkish Lira Collapse Drives Interest in Crypto
The Turkish Lira collapse has made Bitcoin volatility seem tame. “The 10-day swings in the lira relative to the U.S. dollar now exceed those for Bitcoin amid Turkey’s escalating currency crisis,” Bloomberg reports. According to Google Trends, interest in Bitcoin has increased in Turkey. This flight to alternative currencies from tumbling fiat is reminiscent of the Greek debt crises that helped to establish Bitcoin as a store of value.
Swiss Bank to Accept Cryptocurrency
As reported by International Investment, private bank Maerki Baumann will become the second Swiss bank to accept cryptocurrency assets. In response to market demands, the bank will accept crypto assets from service payments and from crypto mining. Earlier this summer, the Hypothekarbank Lenzburg became the first bank in Switzerland to provide company accounts for blockchain and crypto-related fintech companies.
Bitcoin Dominance Rate at 50%
Bitcoin now comprises 50 percent of the cryptocurrency market capitalization. On August 11, the CoinMarketCap bitcoin dominance rate reached 50 percent for the first time since December 19th, 2017. A rising bitcoin dominance indicates greater demand for bitcoin compared to altcoins. The increase in dominance comes despite Bitcoin price declines in recent weeks as investors move towards the most well known crypto asset.
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