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In a recent study published in the scientific journal Frontiers in Psychology, researchers provide evidence that cryptocurrency technology, specifically its current adopters in the United States, tends to align more closely with conservative moral values rather than liberal ones.

The world of cryptocurrency, often associated with decentralized financial systems, has surged in popularity in recent years. While many view it as a tool for financial freedom, its underlying motivations have remained relatively unexplored in academic circles. Prior research has examined the financial and technological aspects of cryptocurrencies but has largely ignored their sociopolitical implications.

Researchers at the University of Utah and Toronto Metropolitan University ventured into a study to understand the moral foundations of crypto advocates. Given the divisive nature of discussions surrounding cryptocurrency with enthusiasts often promoting it as a solution to many economic woes the study was rooted in understanding societal and political inclinations behind the topic.

In their research, the team analyzed a large set of tweets related to Bitcoin and conducted a controlled survey overall, unpacking information learned across two studies. In the first study, a total of 959,393 tweets regarding crypto were analyzed for their usage of moral-language (such as words like pure, impure, and theft).

In the second study, a total of 500 participants, all based in the United States, were recruited through a study recruiting website called Prolific. 487 passed all attention checks and were included in the analysis, with 297 women and 190 men, averaging 37 years old. All of them answered a series of questions probing interest and attitudes towards cryptocurrency.

Then, researchers compared the alignment of crypto enthusiasts with what are known as binding moral foundations (Authority, Purity, and Loyalty) typically associated with political conservatives to individualizing foundations (Fairness and Care) which are often linked to liberals.

The findings were revealing. Crypto enthusiasts, especially in the U.S., seem to resonate more with the conservative values of Authority, Purity, and Loyalty than the liberal ideals of Fairness and Care. In simpler terms, those with an interest in cryptocurrency, based on tweet analysis and survey results, showed a stronger alignment with the moral values often held by political conservatives. This suggests that the appeal of cryptocurrencies might be deeply rooted in these moral principles, potentially influencing adoption decisions.

The researchers concluded that our findings document convergent evidence indicating that crypto is best understood as right-wing tech more closely aligned with conservative moral foundations at the current stage of adoption. Our analyses of a large set of Bitcoin tweets and a controlled survey indicate that binding moral foundations (Authority, Purity, and Loyalty) that are more closely associated with political conservatives better reflect ones interest in cryptocurrency than individualizing foundations (Fairness and Care).

However, its essential to understand the scope of these findings. While the research provides a novel insight into the moral alignments of cryptocurrency users, its mainly correlational. This means while theres a noticeable link between conservative values and crypto interest, it doesnt necessarily imply a direct causation. Also, this study primarily focused on crypto advocates within the U.S., so extrapolating these findings to a global audience might not be entirely accurate.

Furthermore, the research centered more on understanding the majority those investing and showing interest in cryptocurrency. It didnt dive deeply into the actions of a minority, like fraudulent businesses trying to scam investors. And while cryptocurrencys decentralized and open-record nature might seem a deterrent for dishonest activities, it doesnt mean dishonesty is entirely absent.

Sachin Banker of University of Utah, alongside Joowon Park and Eugene Chan of Toronto Metropolitan University, authored this study titled The moral foundations of cryptocurrency: evidence from Twitter and survey research.

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Cryptocurrency's popularity in the U.S. tied to conservative moral foundations - PsyPost

[1/2]Representations of cryptocurrency Bitcoin and U.S. dollar are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights

NEW YORK, Oct 24 (Reuters) - The dollar climbed against a basket of currencies on Tuesday as a slew of fresh economic data highlighted the strength of the U.S. economy relative to the United Kingdom and the European Union.

U.S. business output ticked higher in October as the manufacturing sector pulled out of a five-month contraction on a pickup in new orders, and services activity accelerated modestly amid signs of easing inflationary pressures, S&P Global said on Tuesday.

It was the latest sign the U.S. economy is withstanding the surge in interest rates, spurred by the Federal Reserve's campaign to beat back inflation.

The dollar index , which measures the currency's strength against a basket of six rivals, was 0.6% higher at 106.19. The index had slipped to a one-month low of 105.35 earlier in the session.

"The big picture still clearly remains intact, especially when you compare U.S. PMI to the concurrent releases out of the UK and the euro zone this morning," Helen Given, FX trader at Monex USA, said.

"While all three PMI readings for the U.S. (manufacturing, services, and composite) were positive, both the UK and the euro zone showed contractions, re-emphasizing the continuing resilience of the larger U.S. economy in comparison to its peers around the world," she said.

Earlier on Tuesday, survey data showed that euro zone business activity took a surprise turn for the worst this month in a broad-based downturn across the region, suggesting the bloc may slip into recession.

The euro reversed course and was last 0.7% lower at $1.05975.

German data was particularly glum. The purchasing managers' index survey showed that the service sector joined the manufacturing sector in contractionary territory.

Global financial markets have been gripped by a surge in U.S. bond yields, which on Monday pushed the all-important 10-year Treasury yield above 5% to its highest since July 2007. The rise in yields drove the dollar index to an almost one-year high earlier this month.

The yield then dropped sharply later on Monday. Analysts said one catalyst was a social media message by prominent hedge fund investor Bill Ackman, saying he had closed out his bet against longer-dated bonds and that geopolitical worries were a factor. Yields rise as prices fall and vice versa.

The dollar was last up 0.1% at 149.875 yen , keeping traders nervous about possible government intervention to prop up the Japanese currency.

The British pound was last down 0.59% at $1.21765. Britain's businesses reported another decline in activity this month and cost pressures cooled further, surveys showed on Tuesday, underlining the risk of recession.

The Bank of England is due to set interest rates on Thursday next week, after the Federal Reserve's decision on Wednesday. The European Central Bank's meeting ends this Thursday, with traders expecting all three central banks to hold rates steady.

In cryptocurrency markets, bitcoin extended its rise, helped by speculation that an exchange-traded bitcoin fund is imminent. The world's largest cryptocurrency by market cap was last up 4.1% at $34,423.

Reporting by Saqib Iqbal Ahmed; Additional reporting by Harry Robertson in London and Brigid Riley in TokyoEditing by Emelia Sithole-Matarise, Mark Potter and Sharon Singleton

Our Standards: The Thomson Reuters Trust Principles.

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Dollar higher as US business activity ticks up in October - Reuters

In recent years, cryptocurrencies have evolved from a niche technology to a mainstream asset class with far-reaching implications for businesses of all sizes. Cryptocurrencies like Bitcoin and Ethereum have shown the world that blockchain technology is not just a fad, but a transformative force. Businesses that embrace cryptocurrencies can enjoy numerous advantages, making them more efficient, secure, and competitive. Here are ten key advantages of using cryptocurrency in business:

Global Accessibility: Cryptocurrencies operate on a decentralized network that is accessible from anywhere in the world. This means that businesses can reach a global customer base without dealing with currency exchange rates and international transaction fees.

Lower Transaction Costs: Traditional financial systems often involve intermediaries like banks and payment processors, which charge fees for their services. Cryptocurrencies can significantly reduce these transaction costs, making it more affordable for businesses to send and receive payments.

Faster Transactions: Cryptocurrency transactions are processed on blockchain networks, enabling near-instantaneous transfers. This is especially beneficial for international business transactions that may take days using traditional banking systems.

Security and Transparency: Blockchain technology offers a high level of security, and transactions are recorded in an immutable ledger, making them transparent and less susceptible to fraud.

Financial Inclusion: Cryptocurrencies can provide financial services to unbanked or underbanked populations, broadening the customer base for businesses and expanding financial inclusion.

Ownership and Control: Cryptocurrency users have full ownership and control over their digital assets. This eliminates the need for third-party intermediaries and reduces the risk of funds being frozen or seized.

Smart Contracts: Smart contracts are self-executing agreements with the terms of the contract written directly into code. They automate complex business processes, reducing the risk of disputes and the need for intermediaries.

Micropayments: Cryptocurrencies enable businesses to process tiny transactions cost-effectively. This opens up new opportunities for revenue streams in areas like content monetization and the Internet of Things (IoT).

Decentralization: The decentralized nature of cryptocurrencies eliminates the risk of a single point of failure. This makes businesses more resilient to outages or disruptions in traditional systems.

Hedging Against Inflation: Cryptocurrencies can serve as a hedge against fiat currency devaluation and inflation. Holding a portion of assets in cryptocurrencies can protect businesses from the loss of purchasing power.

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10 Key Advantages of Using Cryptocurrency in Business - Analytics Insight

The cyclical nature of cryptocurrency trading, often compared to the four seasons, has captured the attention of investors, especially given the recent market shifts. Cryptocurrencies, initially hailed for their stellar performance, are now more often in the spotlight due to lost fortunes, exchange bankruptcies, and business fraud. As the crypto market continues to evolve, examining its historical trading cycles might offer some insight into what the future holds.

A significant part of the crypto narrative revolves around Bitcoin, which makes up about half of the total digital assets by market capitalization. One distinguishing feature of Bitcoin is its "halving" process, aimed at sustaining its value by reducing the supply of new bitcoins. Specifically, every four years, the creation rate of new bitcoins is halved, and this will continue until the total number of bitcoins reaches 21 million, according to Morgan Stanley, by whose published article titled Will Crypto Spring Ever Come? this piece was curated from. This artificial scarcity can, in turn, potentially trigger a bull run in Bitcoin's price. Since its inception in 2011, there have been three such bull runs, each enduring 12 to 18 months post-halving.

The four-year cycle of cryptocurrency prices has been observed to have a pattern similar to the seasonal cycle. The cycle begins with a 'Summer' phase post-halving, where historically, Bitcoin has seen substantial gains, followed by 'Fall,' where prices soar past old highs, attracting increased attention from media and new investors. However, as profits are locked in, a 'Winter' phase ensues, characterized by a bear market decline. This decline lasts until the 'Spring' phase, where prices recover from their lows, although investor interest remains relatively subdued.

As investors seek to optimize their 'crypto growing season,' the quest to identify the onset of 'Crypto Spring' becomes critical. Various factors, including time elapsed since the last peak, the extent of Bitcoin's drawdown, miner capitulation, and the Bitcoin price-to-thermocap multiple can provide cues to whether the market is transitioning from 'Crypto Winter' to 'Crypto Spring'. Other indicators such as exchange issues and price action also offer valuable insights.

Predictions about the exact timing of the next halving, expected around April 2024, are varied. Current data suggests that 'Crypto Winter' might be behind us, with 'Crypto Spring' looming. However, with only three recorded 'Crypto Springs,' there's much to explore and learn.

Cryptocurrency investments come with their share of risks, and while historical data can provide insights, it doesn't guarantee future performance. Various unforeseen factors like software glitches, economic downturns, or coordinated governmental actions could disrupt the anticipated cycle.

Understanding the cyclical tendencies of the crypto market is essential for investors. While its challenging to pinpoint the perfect time for buying or selling cryptocurrency, being informed about market trends and asking the right questions can help investors make well-thought-out decisions in the evolving crypto landscape.

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Anticipating Cryptocurrency's Next Season: An Analysis of Past ... - Hubbis

Bitcoin (BTC-USD) hit its highest level since May last year, crossing the $34,000 mark on Tuesday.

According to data compiled by Coin Metrics, the world's largest cryptocurrency was trading 4.97% higher at $34,596.40 on Tuesday. The surge was driven by optimism around the possibility of a bitcoin exchange-traded fund.

The optimism stemmed from a favorable ruling by a U.S. Court of Appeals, which sided with crypto asset management firm Grayscale in its bid to turn its Grayscale Bitcoin Trust (GBTC) bitcoin fund into an ETF.

In June 2022, Grayscale filed a lawsuit against the U.S. Securities and Exchange Commission after the agency rejected its application to convert GBTC into an ETF. Last week, the SEC declined to appeal that ruling.

The surge in bitcoin (BTC-USD) price is driving pre-market rallies for the following cryptocurrency-focused stocks: Coinbase (COIN) rose +8%, Hut 8 Mining (HUT) +11%, MicroStrategy (MSTR) +9%, Riot Platforms (RIOT) +13%, CleanSpark (CLSK) +13%, Marathon Digital (MARA) grew +14%, Bitfarms (BITF) +9%, and Bit Digital (BTBT) +8%.

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Bitcoin tops $34000 on ETF optimism (Cryptocurrency:BTC-USD) - Seeking Alpha