No, Turkey’s Bitcoin Ban is Not Crashing Prices

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Bitcoin prices dropped on Friday, inching towards $60,000 in the latest sell-off that many said took place due to a crypto ban in Turkey. Turkish central bank decided to ban all kinds of cryptocurrencies and their use in an overnight decision Thursday. The decision appeared as cryptocurrency volumes in the country surged 3,000 percent in the previous 12 months, primarily in the wake of the Turkish Lira’s decline against the US dollar and inflation rate topping at 16 percent last month. Bitcoin Against Inflation Speculators treat Bitcoin as a hedge against inflation and currency devaluation. It is typically because of the cryptocurrency’s limited supply cap of 21 million tokens — and its ability to operate independently as a payment settlement system, away from central banks’ and governments’ jurisdictions. The renewed interest in the cryptocurrency came after Turkey’s President Recep Tayyip Erdogan sacked the central bank leader Naci Agbal, who had…

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