First Mover: Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis

Everything you need to make sense of the crypto markets and beyond

By the CoinDesk Markets Team

Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets

April 16, 2021

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Market Moves

by Omkar Godbole

Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis

Turkey announced a ban on cryptocurrencies as a means of payment early Friday, souring the mood in the bitcoin (BTC) market. The ban is to take effect April 30.

Bitcoin has come under pressure in the past few hours, falling from $63,000 to $60,700 to trade 3% lower on a 24-hour basis. The weakness is almost certainly due to Turkey’s decision as it could set a bad precedent for other crisis-riddled countries struggling to protect their currencies. Morocco has already enacted such a ban and India is expected to introduce one shortly.

Bitcoin prices, April 15 - 16, 2021 ET (Source: CoinDesk)

Citizens of countries facing high inflation and fiat currency crises, such as Turkey, have turned to bitcoin in the past few years, raising hopes of widespread adoption across the globe.

Turkey’s inflation topped 16% last week, and its currency lira has depreciated by 10% this year, having dropped by 24% in 2020. The country sold almost 11.7 million tons of gold in February, as reported by Arab news.

The latest ban does not stop Turkish citizens from trading cryptocurrencies. They can still buy bitcoin as a hedge against inflation. However, exchanges could face some complications due to the payments ban.

“Local exchanges and some global ones are using regulated payment providers like Papara and Ininal to deposit/withdraw Turkish Lira,” Onur Gözüpek, cryptocurrency consultant at crypto exchange BtcTurk Pro, told Coindesk in an email. “After April 30, these providers will not be able to send/receive payments between cryptocurrency exchanges.”

“Users will still be able to deposit/withdraw Turkish Lira through banks in Turkey. Trading will not be affected,” Gözüpek added.

Read the original story here:

Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis

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Technician's Take

by Damanick Dantes

Bitcoin Recedes From All-Time High; Approaching Support

Bitcoin (BTC) sellers remain active from the April 14 all-time high just below $65,000. The largest cryptocurrency was trading around $60,300 at press time as it re-tests support around the 200-period moving average on the four-hour chart.

Four-hour BTC chart shows support zone and RSI (Source: TradingView)

Original story found here:

Bitcoin Recedes From All-Time High; Approaching Support

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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