Major Cryptos Log Gains On January 24, 2022; Bitcoin Available At Half Its Record Price

As of writing this copy at around 10:45 am (IST), the largest cryptocurrency by market-cap- Bitcoin traded marginally higher by 0.27% at $35.08K. In the past week, the crypto registered a fall of over 17%- its worst weekly decline since May 2021 when China cracked down on cryptocurrency.

Furthermore, of Coindesk's core group of 20 cryptos that roughly constitute 99% of the market by volume at eight of the largest and most trustworthy exchanges- 6 assets traded in the green, while all others traded with a cut of up to 16 percent as for Solana.

Ethereum, another major crypto, which during the day gained by more than 2 percent was last up by 0.32% at $2431. The token in the last 7 days has shed its price by over 25%.

The latest round of rout in the cryptocurrency market came as a result of Russia demanding a complete ban on cryptocurrency investment. As per Reuters report, the country's central bank on Thursday proposed prohibiting the use as well as mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty.

Also at the same time, traders in the market are discounting that the Fed will quickly tighten its monetary stimulus that has been placed at historically loose levels ever since the Corona outbreak in March 2020.

The Fed's stimulus measures amounting to trillions of dollars is widely held a reason for bitcoin's immense gains in 2020, 2021 and its surge to an all time high price of $69K in November last year.

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