The entire network plummeted: Türkiye banned cryptocurrencies, and the founding team of Coinbase sold off

Wu said blockchain learned that the cryptocurrency market ushered in a big drop on the morning of April 18th, Beijing time, with Bitcoin falling 13% and Ethereum falling 17% in 24 hours. The biggest declines include old projects that have seen a surge in recent times, such as ETC, THETA, BSV, and BCH. The data of various market websites are disordered, and exchanges generally begin to freeze and crash. It is expected to be related to Turkey's ban on cryptocurrencies and the selling of Coinbase executives. Turkey recently announced a ban on cryptocurrencies as a means of payment. The ban does not prohibit the purchase of Bitcoin, but there may be obstacles to depositing funds through the country's banks. The ban will take effect on April 30. Coindesk expects that India and Morocco will also introduce similar policies. Recently, due to the inflation of the Turkish currency, the domestic demand for cryptocurrencies such as Bitcoin has increased dramatically, and even directly increased the traffic of many exchanges. In addition, shortly after the listing, Coinbase CEO, CFO, early investors, etc. sold nearly $5 billion of company stocks.