Stay updated with breaking news from Ilker bas. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Turkey probes second crypto exchange Erdogan’s govt tightens regulations after deciding to ban digital currency Afp April 25, 2021 ISTANBUL: Turkey on Saturday detained the chief of one of the country’s biggest cryptocurrency firms after launching a manhunt for the founder of another exchange who fled to Albania. The Turkish crypto boom threatens to go bust quickly as companies fold and President Recep Tayyip Erdogan’s government prepares to rein in the unregulated digital currency market. The volume of crypto purchases in the nation of 84 million people rose 10-fold between November and March as Turks sought ways to preserve their savings during a steep drop in the value of the lira currency. ....
This week’s rout marks the worst period for Bitcoin since it tumbled amid a wider slump in risk assets at the end of February and analysts have warned of further losses. Even digital currencies that managed to eke out gains over the past few days, like Ether and Dogecoin, tumbled on Friday. Vebitcoin’s collapse comes days after Thodex halted operations and its 27-year-old founder fled the country. Thodex had about 390,000 users according to a lawyer for the victims and losses could be as high as $2 billion, according to Turkey’s Haberturk newspaper. The two exchanges were part of the cryptocurrency boom that has drawn in legions of Turks seeking to protect their savings from rampant inflation and an unstable currency. Inflation hit 16.2 per cent in March, more than three times the central bank’s target, and the lira has weakened more than 10 per cent against the dollar this year - its ninth consecutive year of losses. ....
This week’s rout marks the worst period for Bitcoin since it tumbled amid a wider slump in risk assets at the end of February and analysts have warned of further losses. Even digital currencies that managed to eke out gains over the past few days, like Ether and Dogecoin, tumbled on Friday. Vebitcoin’s collapse comes days after Thodex halted operations and its 27-year-old founder fled the country. Thodex had about 390,000 users according to a lawyer for the victims and losses could be as high as $2 billion, according to Turkey’s Haberturk newspaper. The two exchanges were part of the cryptocurrency boom that has drawn in legions of Turks seeking to protect their savings from rampant inflation and an unstable currency. Inflation hit 16.2 per cent in March, more than three times the central bank’s target, and the lira has weakened more than 10 per cent against the dollar this year - its ninth consecutive year of losses. ....
Bitcoin falls 1.8 per cent; Turkey probes firm gulftoday.ae - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulftoday.ae Daily Mail and Mail on Sunday newspapers.