Bitcoin value tanks 11% due to fallout from Turkey ban

After hitting record highs last week, Bitcoin on Sunday tumbled more than 11% marking its lowest level since March 2021. Down from $62,000 to $55,000, Bitcoin began its journey downhill on Friday after Turkey banned the use of cryptocurrency. 

Newcomers to the world of cryptocurrency may suffer heavy losses from risky investments in crypto assets like “meme coin” dogecoin, reported the Guardian. 

After Turkey’s central bank halted the use of cryptocurrencies and the purchase of crypto assets over risks of possible “irreparable” losses, a blackout was reported by data site CoinMarketCap in the Xinjiang region of China. The region powers high levels of bitcoin mining reported the Guardian. 

Also Read: Coinbase makes market debut amid cryptocurrency frenzy

Several unconfirmed reports said that US Treasury could be planning a crackdown on money laundering executed through digital assets, said Bloomberg. Even though there was a slump, Bitcoin was five times higher as compared to last October, still over 90% for the year. 

Charlie Bilello, founder of Compound Capital Advisors pointed out in a tweet that there about 100 crypto assets with a combined value of over $1 billion. 

Also Read: Bitcoin hits record high above $62,000

“Meme coin” dogecoin also fell after a striking surge this year. It has gained more than 6,000% going from $0.0046 to about $0.30 on Sunday, reported the Guardian.