Market Wrap: Bitcoin Near $62K, Recovers Slowly From Turkey Crypto Payment Ban; Dogecoin Jumps

Saturday 17 April 2021, 7:20 AM AEST - 3 weeks ago

Bitcoin trading on Coinbase.

Bitcoins slowly recovering from the news of Turkeys coming cryptocurrency payment ban, which caused the No. 1 cryptocurrency by market capitalization to drop to near $60,000 before U.S. markets opened on Friday. The ban would take effect on April 30.

Todays weakness is mostly attributed to accelerated profit taking after news hit that Turkey bans crypto payments, Edward Moya, senior market analyst at OANDA, told CoinDesk in an email. The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies.

The profit-taking behavior was also observed in the trading activity where the daily trading volume on eight spot exchanges tracked by CoinDesk went up from the prior day.

Source: CryptoCompare

The situation in Turkey is rather unique given the government is doing everything in their power to stabilize their currency, Moya said. Many on Wall Street believe that the lira is poised to fall over 10% in the short term, and that is forcing Turkey to impose capital controls and now also slow down liras going into bitcoin.

Speaking on CoinDesk TVs First Mover show on Friday, CoinDesk Global Macro Editor Emily Parker said: Crypto cannot really be stopped. You can make it a lot harder to access, but no government has been able to successfully shut down crypto entirely.

Ether trading on Kraken.

Ether was moving in tandem with bitcoin Friday after logging a new record-high price above $2,500 a day ago in the wake of the Berlin hard fork upgrade implementation.

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