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Overview of cryptocurrency news: An increase in Bitcoin inquiries | Al Bawaba


Published October 29th, 2023 - 03:21 GMT

ALBAWABA- In this week's crypto news recap, we've seen a whirlwind of events. From Changpeng Zhao's fortune tumble at Binance to a surge in US Bitcoin queries and Turkey's new crypto regulations, it's been a rollercoaster in the crypto world. Let's delve into the highlights.

Turkey plans to launch crypto regulations in 2024

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The 2024 Turkish Presidential Annual Program, recently published, aims to establish clear cryptocurrency regulations by the end of the year. The document outlines plans to define crypto assets and provide legal definitions for crypto exchanges. Notably, it lacks specific details on these regulations. This initiative follows a significant 2023 legal case involving a Turkish crypto exchange CEO. Turkey's interest in cryptocurrencies surged in 2021 amid an inflation crisis, and the country continues to explore digital currency options.

Surge in US Searches: Is Now the Right Time to Buy Bitcoin?

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In the United States, Google Trends data reveals a 250% increase in searches for "should I buy Bitcoin now?" while more specific queries like "can I buy Bitcoin on Fidelity?" spiked by over 3,100% in the past week. On a global scale, the search term "Is it a good time to buy Bitcoin?" saw a 110% rise. 

Notably, interest in the "BlackRock Bitcoin ETF" surged by 250%, indicating a broader curiosity about BlackRock's pending Bitcoin ETF. This heightened interest coincides with Bitcoin's rapid price increase, briefly exceeding $35,000 on Oct. 24. Many believe that the potential approval of a spot Bitcoin ETF will trigger increased institutional buying. Analysts project a 90% probability of approval by Jan. 10, 2024.

Crypto Billionaire Changpeng Zhao's Fortunes Plummet Amid Binance Woes

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The Bloomberg Billionaires Index has cut Binance founder Changpeng Zhao's (CZ) estimated net worth by a staggering $11.9 billion, reducing it to $17.2 billion, following a 38% drop in Binance's earnings due to declining trading volumes. This decline is linked to events involving CZ and Sam Bankman-Fried, who is currently facing a fraud trial. CZ's involvement in a token liquidation related to FTX triggered a wave of withdrawals and FTX's bankruptcy. Binance has also faced regulatory challenges, including legal action by authorities like the SEC and CFTC. As a result, CZ's fortunes have taken a significant hit.

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