Bitcoin Google Searches in Turkey Hit Record High, as Government Proposes Industry Regulation

Bitcoin Google Searches in Turkey Hit Record High, as Government Proposes Industry Regulation

Bitcoin (BTC) has become increasingly popular in Turkey over the past few weeks, as the number of Google searches for the benchmark cryptocurrency in the country soars. According to Google Trends, the number of searches for the benchmark cryptocurrency has been steadily increasing in recent months.

This adoption increase comes as the Turkish government seeks out ways to ban cryptocurrency use as payment tools.

Previously, the spike in Bitcoin searches occurred in February, following President Erdogan’s removal of the central bank governor. However, the reason for the surge in Google searches this time finds its root in the government’s crypto ban proposition.

Meanwhile, the number of retail investors buying the primary cryptocurrency recently reached a peak as well, as the “buy Bitcoin” Google searches recorded a new all-time high a few weeks ago.

The newly-appointed governor of the Turkish central bank, Şahap Kavcıoğlu, recently confirmed that regulations for the crypto space in Turkey are in the works.

The head of research at Deniz Investment commented on the matter, saying:

“This market looks like a bottomless pit, and regulation is needed. Risks may trigger new risks. People may close positions elsewhere to counter their crypto losses.”

Key BTC Levels to Watch — April 27
Bitcoin has staged a decent recovery from the $47k area and now contends with the $55k resistance level. That said, the cryptocurrency is currently consolidating below the $55,000 level as bulls try to muster more bullish momentum.

BTCUSD – Hourly Chart

We expect to see the sideways movement persist for a while in the coming hours and possibly drop to the $53,000 area, where dip-buyers could come on board.

Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $54,000, $53,000, and $52,500.

Total Market Capitalization: $2.08 trillion

Bitcoin Market Capitalization: $1.02 trillion

Bitcoin Dominance: 49.5%

Market Rank: #1

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.