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Bitcoin Past $51,000; Turkey Readies Regulation

Bitcoin Past $51,000; Turkey Readies Regulation
Written by publisher team

Bitcoin investors are seeing a two-week high, with the popular coin hitting $5,144.62 on December 26, according to a report.

This comes after a tough few weeks as the coin saw a 33% drop. This came after bitcoin hit an all-time high on November 10, rising to $69,000.

The coin has had some conflict since then, dropping to around $45,000 to $48,000, a cut of about $23,000 from its value.

The end of this year has seen the coin rally, although it is up 4% in the past two days and 8% in the last week.

These developments have also been good for other cryptocurrencies, with the 10 digital assets listed on Coin Market Cap trading mostly well, including ether up 1% in the last 24 hours, Cardano up 4% on the day and 16 % during the week. . Additionally, XRP has gained 1.3% for the day and 11.4% for the past week.

The news prompted a Bloomberg report to say that if the currency gains a bit more, there could be significant gains. The study said that the $53,000 to $55,000 mark was important because it would give the currency a way to test its strength. That could lead to another rally.

The report says that the current $51,000 for bitcoin is above the price levels that analysts said caused the currency to drop in value.

Meanwhile, Binance has been fined 8 million lira, or $750,000, in Turkey, reportedly for failing to comply with regulations there.

Reports indicate that President Recep Tayyip Erdogan appears to view the regulations as a way forward.

The president said the country is ready to regulate bitcoin and can send the bill “without delay” to Parliament.

Cryptocurrency was banned in Turkey as a means of payment for goods and services in March 2021, with a focus on making it so that payment service providers cannot make business models related to cryptocurrencies used in payment services.


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