As Turkey banned cryptocurrency trading, bitcoin was traded in the $61,000 range, a sharp drop of about 3%.
As of 9 a.m. (Korean time) on the 17th, Bitcoin recorded $61,514, down 2.97% from 24 hours ago in the US coin market cap. Bitcoin fell to $6389, a drop of more than 4% a few hours ago.
This is because Turkey has banned cryptocurrency trading. Cryptocurrency transactions in Turkey have recently surged.
Turkey’s inflation (inflation) recorded 16% last month, and as inflation worsened and the lira weakened, Turkish investors invested heavily in cryptocurrency to hedge (hedging) inflation and lira devaluation. .
Therefore, the Turkish authorities considered excessive investment in cryptocurrency and banned cryptocurrency trading. Bitcoin plunged by more than 4% right after Turkey’s announcement of a ban on cryptocurrency trading
In addition to Bitcoin, major cryptocurrencies such as Ethereum, the second-largest market cap, and Binance Coin, the third-largest market cap, plummeted by 6-12%.
In a statement, the Turkish central bank said, “Cryptocurrency is an asset that is not supervised by the central bank.”
Comments
Post a Comment