Bitcoin (BTC) is close to $ 60,000 today, April 16, 2021. The bears are doped by the Turkish Central Bank. The bulls do not let this happen and manage to defend the essential.
Bitcoin and Turkey: opening of hostilities
Bitcoin came down to $ 60,223 on Bitfinex today. The BTC then rebounded and is trading at $ 61,725 at the time of writing.
It is currently recording a daily loss of 1.35%, a daily decline of $ 845.
Today’s fall follows the announcement of the Central Bank of Turkey regarding the use of cryptocurrencies to pay for purchases.
The central bank justifies its decision by citing risks of “irreparable” damage relating to crypto payments.
Bitcoin has experienced a sharp increase in recent months in the country; it is considered there as a hedging instrument against double-digit inflation and the devaluation of the Turkish lira.
According to data from Chainalysis, the volume of transactions BTC in Turkey amounted to 218 billion pounds, or about 22.6 billion euros, between the beginning of February 2021 and March 24, 2021.
According to data from Glassnode, the hashrate of Bitcoin has just passed the 200 pe / s bar, thus reaching a new historical record.
The miners are therefore investing in their equipment to deliver more hash power. The increase in hashrate in a bullish context is historically seen as a harbinger of further historical increases.
“Price follows the hashrate”: this theory will undergo a major validity test over the next few days, given the new high current price of BTC, and fears of a peak for this bull cycle by some analysts.
The $ 60,000 shook but held today, amid regulatory turbulence for Bitcoin and cryptocurrencies in general. Turkey has taken a firm decision against crypto payments. In the United States, the federal authorities are reluctant for the moment to ban cryptocurrencies, but a decision in this direction would certainly be catastrophic without being a surprise. The surge above the $ 60,000 that allowed BTC to hit an ATH to the $ 64,710 level, is it solid? The Bulls manage to defend the $ 60,000 despite the Turkish regulatory cannonball. The last word: hit but not sunk.
Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which appear to be far too technical.
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.