The cost of bitcoin has collapsed, according to data from the Coinmarketcap portal, which analyzes information from the largest cryptocurrency exchanges. This happened due to the decision of the Turkish authorities to prohibit payments in cryptocurrencies in the country. As of 10:40 am on Friday, April 16, one bitcoin was worth $61.6 thousand, having lost more than 2.5 percent.

The central bank of Turkey has banned the use of cryptocurrency for the purchase of goods and services since April 30. The regulator explained that crypto assets have big risks and are not regulated in any way. Additionally, the bank indicated that their market value is excessively volatile, they are anonymous and can be used for illegal activities. “Cryptocurrencies cannot be used in payments directly or indirectly. Such services cannot be offered,” the Central Bank of Turkey ruled.

On Tuesday, April 13, the value of bitcoin hit a historical maximum and crossed the mark of 62.7 thousand dollars per coin. At the end of March, Bitcoin was predicted to grow to $400 thousand per coin by the end of the year. Then analyst Mike McGlone compared the situation in the market with the situation in 2013 and 2017, when the rate of the most popular cryptocurrency peaked.