Bitcoin Past $51,000; Turkey Readies Regulation


Investors in bitcoin are seeing a two-week high, with the popular coin hitting $51,144.62 on Dec. 26, a report says.

This comes after a difficult few weeks where the coin saw a 33% drop. That came after bitcoin hit an all-time record on Nov. 10, surging to $69,000.

The coin has seen some strife since then, dropping to around $45,000 to $48,000, a cutting-out of around $23,000 of its value.

The end of this year has seen the coin rallying, though – it’s up 4% in the last two days and 8% in the last week.

These developments have also been good for other cryptos, with the Coin Market Cap top 10-listed digital assets mostly trading well, including ether up 1% in the past 24 hours, and cardano up 4% in the day and 16% for the week. In addition, Ripple XRP had gotten a 1.3% boost for the day and 11.4% for the last week.

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

The report says bitcoin’s current $51,000 is above price levels that analysts have said could’ve sent the coin’s value plummeting.

Meanwhile, Binance has been fined 8 million lira, or $750,000, in Turkey, for reportedly not complying with regulations there.

Reports say President Recep Tayyip Erdogan seems to be looking at regulations as a way forward.

The president said the country was ready to regulate bitcoin and could send the law “without delay” to parliament.

Cryptocurrency was banned in Turkey as a means of paying for goods and services in March 2021, with an eye towards making it so that payment service providers couldn’t make business models related to crypto being used for payment services.



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