Russia’s central bank proposes ban on cryptocurrency mining and trading; Bitcoin fell to $ 38,500

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Tonight, cryptocurrencies experienced another flood. Bitcoin as the leader, fell by about 8% in just one hour, and other currencies followed, each by a percentage generally proportional to market capitalization.

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Thus, the price of Bitcoin today in the morning was about $ 38,500, which is a decrease of 80% compared to November, when it reached the highest price in history – $ 69,000.

The reasons for the previous crashes were certainly the overblown derivatives market at all exchange offices, while the latest one can be blamed on the Russian Central Bank, which proposed a ban on all cryptocurrency-related activities, including trading and mining. The latter is the key item, as Russia is currently the third country in the world in terms of the share of Bitcoin mining, and the reason for that is certainly cheap energy.

It is unknown at this time whether lawmakers will actually listen to Russia’s central bank or perhaps reach a compromise solution. In any case, the final decision should, according to some sources, be made in a few months.

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It is not at all questionable that the price of Bitcoin and cryptocurrencies will rise again, but given all the circumstances, this year already has the characteristics of a bear market, which means that a quick recovery should not be expected in the coming months.





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