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Bitcoin Prices Dipping Over 7% In Late January: Russia's Blanket Ban On Crypto

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Bitcoin prices are dipping sharply, since Thursday this week. The cryptocurrency fell over 7%, at around $38,5774. Significantly, the largest crypto by market capitalization dropped above 14% (YTD) since the initial phase of this year. Globally, investors are having weak sentiments about the coin. Importantly, not just Bitcoin, but most of the other popular cryptocurrencies are also on the verge of falling. Ether is the 2nd largest cryptocurrency by market capitalization. This coin has also dropped 8%, since yesterday. The coin fell at around $2,809.51, which is a significant drop for Ether.

 
Bitcoin Prices Dipping Over 7% In Late January: Russia's Blanket Ban On Crypto

Wall Street, the Nasdaq, the S&P 500, all of them fell sharply, for three long weeks. This has impacted the crypto-fall. The 10-year US Treasury yield on the other hand gained marginally, this week. Hence, investors are taking shelter under government bonds, with lesser risk. These are the 2 most significant reasons behind the fall of cryptocurrency in the present market. Additionally, Russia's blanket ban on crypto has pushed the crypto market on the edge. The biggest crypto miner country now thinks that digital currency can pose risk to the "financial stability and monetary policy sovereignty," reports mentioned.

According to CoinDCX Research Team, "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. BTC and ETH took sharp dips, dropping 2.54% and 3.62% respectively over the past 24 hours. Other altcoins from BNB, ADA, and SOL also nosedived with yet another economic powerhouse taking a hard stance against crypto. While this may be a cause for concern, the crypto industry has weathered through multiple bans, restrictions and regulatory scrutiny over the years but have stood the test of time. Looking back at how the sector bounced back shortly after China's crypto ban, we can expect the sell-off to have little long-term impact on crypto's performance besides this brief initial dip."

Story first published: Friday, January 21, 2022, 12:15 [IST]
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