Turkey Bans Crypto Payments, Bitcoin Price Dip
The Turkish government has implemented a new regulation that bans the use of cryptocurrencies like BTC (bitcoin) as payment. This has caused the price of the digital asset to drop today.
In an official notice on its Official Gazette, Turkey Central Bank stated that cryptocurrencies will no longer be used as payment directly or indirectly.
“Payment service providers cannot develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and cannot provide any services related to such business models.”
The Turkish government cited risks associated with crypto assets which include volatility, susceptibility to thieves, lack of regulation, and irrevocable transactions which result in losses.
The ban has resulted in the recent BTC (bitcoin) dip along with other digital assets. In recent data by Crypto.co, BTC (Bitcoin) is now at $61,373.83, ETH (Ether) at $2,411.68, and BNB (Binance Coin) at $512.11. Most crypto assets in the crypto market have suffered a remarkable drop in their prices.
DOGE Price Skyrocketed After Elon Musk Tweet
On Wednesday, Musk tweeted an artwork with the caption “Doge Barking at the Moon” hinting at a rise in its price. The price of DOGE (dogecoin) at that time is only $0.09. On Thursday, its price jumped to $0.14 and has already increased by 55.55%. Today, its price tremendously increased at $0.386052 and recorded a new all-time high.
DOGE (dogecoin) is now accepted as payment by several businesses worldwide. Nissan Daytona was the first company that accepted it as payment. NBA team Dallas Mavericks and Kessler Collection, a high-end hotel have both included the altcoin as payment for their merchandise and services.
DOGE (dogecoin) is now ranked the fourth cryptocurrency with a total market cap of $ 49,759,684,443.
Ethereum Bug Due to Berlin Upgrade Malfunction, Exchanges Temporarily Halt ETH Withdrawals
On Thursday, the Ethereum blockchain has undergone a network upgrade but encountered a bug.
A consensus issue with the OpenEthereum client disrupted block production a few hours after today’s Berlin hard fork. OpenEthereum and nodes weren’t syncing to the blockchain. In reports made to Github by users, the OpenEthereum client has been stuck on block 12,244,294, or just 294 blocks, after the upgrade was executed.
According to reports, the bug was related to a transaction referring to a smart contract that doesn’t yet exist but is planned for a future upgrade.
In a recent update, the bug was already fixed by Ethereum devs as stated in a tweet by Martin Köppelmann:
“the fix is confirmed – now about to publish the release.
After installing the updates OE nodes should be able to resync without any issues (e.g. no resync from genesis or manual deletion of a block necessary)”
Bitcoin Now Accepted as Payment for London’s Most Expensive Properties
The seller of the most expensive property reportedly accepts BTC (bitcoin) and ETH (ether) as payment. The property is located in London’s prestigious Knightsbridge district. It has five huge bedrooms, a cocktail bar, a private gym and spa, a wine room, and other luxurious features.
If this is your dream house, with BTC (bitcoin) now down to $61,373, you need 3,910 BTC. If you prefer to pay it in ETH (ether), you need to prepare 99,543 ETH based on its current price at $2,411. It’s best to buy when the prices of cryptocurrencies are high. For sure you know that too.
In 2017, a mansion located near Portobello Road in the upmarket Notting Hill district of London went on sale for $24 million or 4,000 BTC. Lev Loginov, the co-founder of property investment company London Wall, the owner only accepts bitcoin as payment. In an interview with CNBC, Loginov stated:
“In 10 years from now, cryptocurrencies will take over. It will be in wide use just like debit cards and credit cards.”
But since cryptocurrencies have long been associated with criminal activities, he hired business intelligence firm Quintel and barrister James Ramsden QC to ensure that the money is coming from legitimate sources.
With BTC (bitcoin) current price, the value of the property was priced at a whopping $245 million.
The adoption of BTC (bitcoin) as payment has become a fast-growing trend amongst businesses worldwide. Rick Caruso, the landlord of Elon Musk now accepts BTC (bitcoin) as payment for residential and retail properties under his real estate firm.