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Turkey Bans Crypto, Bitcoin Value Drops

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Bitcoin fell 4.32% in early trading Friday after Turkey banned the use of “excessively volatile” cryptocurrencies in commerce. Turkey’s central bank said Bitcoin and other cryptocurrencies are unregulated and could be used to fund illicit activities.

“Their use in payments may cause non-recoverable losses for the parties to the transactions and include elements that may undermine the confidence in methods and instruments used currently in payments,” Turkey’s central bank said.

James P. Gorman, CEO, Morgan Stanley
Owen Hoffmann / Getty Images

Initial jobless claims fell to 576,000 last week from 769,000 a week earlier, the U.S. Bureau of Labor Statistics said.

Higher consumer spending was driven by a continued reduction in unemployment and billions of dollars in government stimulus funds sent to individuals. The current unemployment rate is 6%, the U.S. Bureau of Labor Statistics said. New York investment bank Goldman Sachs expects it to drop to 4.1% by the end of the year.

The Dow Jones Industrial Average, a measure of 30 major stocks, climbed above 34,000 Thursday as companies continued to report strong earnings.

The U.S. Federal Reserve, the nation’s central bank, said factory output grew 2.7% in March after falling 3.7% in February.

Auto sales increased 15.1% and clothing sales jumped 18.3%.

Production has been hampered by a shortage of semiconductors and supply chain kinks, including blockage of the Suez Canal by an out-of-control ship.

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