The man who declared “war” on cryptocurrency in September drove a rapid surge overnight.

Bitcoin (BTC) rebounded more than 5% on December 21, as a significant change in the Turkish lira fortune boosted investor confidence.

I wish feelings would change

Data from Cointelegraph Marketplaces Professional and TradingView shows that BTC / USD is recovering overnight as the lira rose up to 40% against the US dollar.

The move comes when Turkey’s President Recep Tayyip Erdogan announced comprehensive measures to protect consumers and attract lira investors. USD / Try previously hit an all-time high of nearly 19, half of that in the past two months.

Ironically, it was Erdogan who took a stand against crypto in September, stating that Turkey was “at war” with industry.

That transition has boosted bitcoin and altcoins alike, with a 5% rise reflected in major crypto charts on Tuesday.

Cointelegraph employee Michaël van de Poppe is one of the analysts pointing out the correlation.

#Bitcoin came back well today.# Ether come back even better today.

Real reason?

The Turkish lira rebounded sharply.

– Michaël van de Poppe (@CryptoMichNL) December 20, 2021

“We probably fixed it,” he said more in one of the various posts on Twitter about the intraday spot price campaign.

“The longer we stay here, the faster our feelings turn upside down.”

If one looks at a popular sentiment measuring device, the Crypto Fear & Greed Index reflects a slight upward decline, the mood rises by two points to 27/100 or from “extreme fear” to … fear “.

Analysts keep an eye on unrealized gains

Meanwhile, data, including Hodler behavior, points to an impending tipping point that repeats itself when it comes to Bitcoin’s profitability.

Related: Don’t Expect The Retail Sell Out To Bring Bitcoin Price Down – Analyst

Released by the custodian Whalemap, it shows that BTC losses will soon surpass BTC in custody with unrealized gains. Historically, the opposite trend continues when such a crossover occurs.

There are about 4 million #Bitcoin at prices above $ 50,000. That’s roughly 20% of its total market cap of $ 870 billion. All of these coins are currently at a loss. pic.twitter.com/n4dx7NHG8RED

– Whale map (@whale_map) December 20, 2021