Bitcoin Lower After Turkey Bans Cryptos

The world’s largest cryptocurrency, fell from an all-time high on Friday, after Turkey’s Central Bank announced a ban on crypto payments.

The CBRT released a statement that it would ban all payments in cryptocurrencies by the end of the month. The reasons it gave were the lack of “supervision mechanisms” and “central authority regulation” for crypto assets.

It also cited excessive volatility of crypto markets and security concerns as digital wallets can be stolen or used unlawfully.

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Bitcoin fell by 4% to $60,902, after reaching an all-time high of above $64,000 ahead of the initial offering of a crypto-exchange company Coinbase.

Ethereum, the second-biggest cryptocurrency fell by 6.51% but, has since received to down just 2%. Dogecoin, meanwhile, is bucking the trend — up 100% — amid a positive tweet from Tesla founder Elon Musk.

Turkey isn’t the only country taking tough measures against crypto technology and digital assets. India is reportedly set to propose a law making trading or even holding cryptocurrencies punishable by a fine. Numerous regulators have recently raised the alarm on cryptos.

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