Bitcoin Steadies, Doge Finds Support, Turkey Closes Crypto Exchanges

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Last Updated on 25 April 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin steadies around the $50k mark while other smaller coins in the top ten keep losing small percentages. Looks like the market is waiting to see how Wall Street, Asian and European investors will react as stock markets open again on Monday. Some analysts believe the recent pullback is healthy.

Meanwhile Dogecoin was able to find support near the 27 cents mark and Turkey is closing crypto exchanges.

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Bitcoin healthy pullback

Although many were screaming and running for the exit with Bitcoin falling some 20% since it’s recent newest all time high of $63,000, attained just before the IPO of Coinbase, other analysts believe that the pullback is quite normal and even good for the best known cryptocurrency.

Fundstrat analyst David Grider claimed that this time around it did not feel like the 2017 top (which, as those who’ve been around long enough in the crypto market know it proceeded an 80% collapse). Mr Grider explained that:

We don’t see this necessarily as something that’s taking us to … a 2017-type market top. But more so as something where the market needs to have a healthy cooling off period before the market can continue forward.

Doge finds support

Many analysts and known crypto celebrities had been calling for the implosion of Dogecoin for days now. When the memecoin tumbled from 44 to 18 cents it looked like they almost got their wish. However, over the past 24 hours or so, Dogecoin seems to have found support round the 27 cents mark. Looks like there are still willing buyers out there who believe that the coin has a future.

Too late to call it a collapse we believe.

Turkey closes exchanges

Turks had been buying crypto in great numbers as of late when their own Lira plummeted due to President Erdogan replacing his central banker on numerous occasions.

By now, as Bitcoin is competing with gold as a store of safe haven for Turks eager to keep the value of their savings, the Turkish government threatens to ban crypto altogether in the country.

Several Turkish crypto exchanges have now come under investigation. In the Vebitcoin exchange, which is shrouded in scandal, 4 employees were arrested for fraud.

Depositphotos.com / d_odin