Bitcoin price drops after Turkey bans cryptocurrencies

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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