(Asian News Hub) – Cryptocurrency prices, falling ever since Russia’s central bank proposed a ban on crypto trading on Thursday, touched a new low on Saturday with Bitcoin tumbling to $36,000 level, a drop of over 17% compared to last week’s trading, the new indian express reported.
In the past 24 hours alone, Bitcoin has shed over 8.5%.
Ethereum, the second-largest crypocurrency after Bitcoin, dropped over 12% in 24 hours. Other altcoins from BNB, ADA, and SOL also tanked. In all, the cryptocurrency market cap has shrunk by over $1.3 trillion.
Russia’s central bank called for a ban on cryptos citing threats of citizens’ wellbeing and financial stability. As Russia, one of the largest crypto adopters in the world, announced its plans for a blanket ban on crypto, the digital asset market plunged back into the reds. While this may be a cause for concern for investors, fact remains that the crypto industry has weathered multiple bans, restrictions and regulatory scrutiny in the past, as per the new indian express.
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According to CoinDCX, India’s largest cryptocurrency exchange, this will not impact on crypto’s performance.
