Bitcoin price drops after Turkey bans cryptocurrencies

search April 16, 2021 Yahoo News Leave a comment 33 Views

PARIS, FRANCE - APRIL 14: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display on April 14, 2021 in Paris, France. The value of Bitcoin (BTC) has exceeded the threshold of 64,000 dollars for the first time in history. The Cryptocurrency overtakes the British Pound to become the 6th largest currency in the world. The total bitcoin market now represents $ 1.2 trillion, while that of all cryptocurrencies stands at $ 2251 billion. (Photo illustration by Chesnot/Getty Images)

Demand for cryptocurrencies in the country has been driven up recently by inflation pressures and a weaker Turkish Lira. The country’s annual inflation rose above 16% in March. Photo: Chesnot/Getty Images

The price of bitcoin (BTC-USD) descended from record highs on Friday following a decision by Turkey’s central bank to ban cryptocurrencies for payments. 

The Central Bank of the Republic of Turkey (CBRT) said the use of cryptocurrencies and other crypto assets based on distributed ledger…


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