The crypto industry has gone through an eventful week, at least when it comes to their prices. After hitting all-time highs, both Bitcoin and Ethereum crashed after Turkey’s central bank announced the upcoming ban on treating cryptos as a method of payment. However, starting today, things have started to turn.
Turkey’s crypto ban may have positive consequences after all
The ban on using crypto as a payment method in a country whose economy is getting worse with each new day is nothing positive, of course. However, following the announcement, the searches for Bitcoin (BTC) in Turkey skyrocketed, with the potential to overtake the ATH in searches previously made in February.
Meanwhile, Elon Musk dropped another crypto hint simply by publishing a tweet that said “What does the future Hodl?,” once again causing people to turn to crypto and choose to HODL instead of selling.
As a result, the crypto prices start recovering following the end of this weekend. Ethereum also saw some positive development, such as the reduction of gas fees, and it broke away from the dropping market. As things are now, it seems that the following days might lead to another bull run, although it is likely that it will take a bit longer to start than many might want, given the past behavior after bearish waves.
Bitcoin and Ethereum recover from a drop
CEX.IO charts are showing a clear picture for BTC and ETH alike. BTC dropped around April 22nd, only to trade sideways for a few days and then recover earlier today.
Ethereum also saw a similar performance, and while it did not make a full recovery as of yet, it seems to be performing better than BTC, going up by 11% in the last 7 days, while BTC had gone up only by 1.32% according to the CMC.
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