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Bitcoin (BTC) trading around $61,822.06 as of 20:00 UTC (4 p.m. ET). Slipping 2.62% over the previous 24 hours.
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Bitcoin’s 24-hour range: $60,033.53-$63,850.25 (CoinDesk 20)
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BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.
Bitcoin’s slowly recovering from the news of Turkey’s coming cryptocurrency payment ban, which caused the No. 1 cryptocurrency by market capitalization to drop to near $60,000 before U.S. markets opened on Friday. The ban would take effect on April 30.
“Today’s weakness is mostly attributed to accelerated profit taking after news hit that Turkey bans crypto payments,” Edward Moya, senior market analyst at OANDA, told CoinDesk in an email. “The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies.”
The profit-taking behavior was also observed in the trading activity where the daily trading volume on eight spot exchanges tracked by CoinDesk went up from the prior day.
Related: Money Reimagined – April 24, 2021
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