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Bitcoin tumbles 7.7% to $55,408 on Sunday

A representation of virtual currency Bitcoin is seen in front of a stock graph. (Reuters)
A representation of virtual currency Bitcoin is seen in front of a stock graph. (Reuters)
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18 Apr 2021 05:04:53 GMT9
18 Apr 2021 05:04:53 GMT9
  • Turkey central bank banned use of crypto last week
  • Ether also retreats on Sunday

Arab News

DUBAI: Bitcoin fell 7.7 percent to $55,408.08 early Sunday, wiping more than $4,600 from the value of the world’s biggest cryptocurrency.

Ether, the coin linked to the ethereum blockchain network, also dropped by about 6.5 percent to $2,165.91.

Bitcoin took an earlier tumble on Friday, losing 4 percent after Turkey’s central bank banned the use of cryptocurrencies citing risks.

Turkey published the new law in its official gazette in which the central bank said cryptocurrencies and other similar digital assets would not not be used, directly or indirectly, to pay for goods and services.

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