Bitcoin’s Upsurge Takes A “Jolt” After Turkey’s Cryptocurrency Ban

Rallying around the $60,000 mark for over a week, on Friday, Bitcoin prices took a hit after Turkey’s central bank announced a ban on cryptocurrency usage.

The new legislation published in the “Official Gazette” prohibits using tokens based on the distributed ledger technology (DLT) for making payments.

Turkey’s top banking authority, the Central Bank reiterated that cryptocurrencies’ usage could be detrimental to the already struggling economy.