Crypto Prices Add Collapse, Here's the Cause

Crypto prices throughout today's trading continued to fall. Its value fell by up to 20 percent.
As Bitcoin has fallen more than 8 percent in the last 24 hours, and is trading at USD 35,479.

The price of Ethereum, fell more than 12 percent in the last 24 hours, and is trading at around USD 2,400 per coin.
The reason is that the central bank of Russia proposed a ban on the use and mining of cryptocurrencies in the country.

The move is the latest in a crackdown on global cryptocurrencies as governments from Asia to the United States are concerned about the digital asset.
The reason is, crypto prices are very volatile which can damage their control of the financial and monetary system.

Russia has debated for years against cryptocurrencies because they can be used to launder money or to finance terrorism.
The country finally gave them legal status in 2020 but banned their use as a means of payment.

The central bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies.
Such mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies.
An active cryptocurrency user, Russia has an annual transaction volume of about 5 billion US dollars.

The central bank said it would work with regulators in countries where crypto exchanges are listed to gather information about the operations of Russian clients.
It points to steps being taken in other countries, such as China, to curb cryptocurrency activity.

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