Bitcoin tumbles 5% from record highs amid Turkey’s crypto-payments ban starting April 30

Bitcoin tumbles 5% from record highs amid Turkey’s crypto-payments ban starting April 30

Bitcoin slipped as much as 5% from record highs on Friday after amid reports that Turkey's central bank will bar the use of cryptocurrencies as a method of payment starting April 30. The move stoked fears that other nations may follow suit.

Bitcoin tumbled 5.3%, to $60,062.71, at intraday lows. Altcoins such as ether and XRP also slipped as they typically move in lockstep with the world's biggest cryptocurrency.

Turkey's central bank on Friday said crypto assets entail significant risks, citing four reasons: lack of regulatory oversight, volatility of market valuation, possible use for illegal transactions, and the fact that these transactions are irrevocable.

"It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors," the bank said in a statement. "And they include elements that may undermine the confidence in methods and instruments used currently in payments."

David Wachsman, founder and CEO of Wachsman - a global strategy firm that specializes in cryptocurrency and blockchain - said Turkey's move to ban crypto payments impacts bitcoin primarily from a macroeconomic investment perspective.

"It implies that other countries might follow suit if they see bitcoin or other cryptocurrencies as a threat," he said. "Moreover,