Bitcoin fell below the $40,000 price level after the crypto market plunged in the wake of the Russian central bank’s proposal to ban cryptocurrencies in the country
BTC is down by 8% trading at the price level of $35,600 at press time, as the month continues to see cryptocurrencies struggle to give any green indexes
Keeping stablecoins aside, all the biggest 100 cryptocurrencies are trading in the red with some tokens are down as much as 30 percent. Etherium is trading at $2,478
The main cause behind the massive drop is believed to be the proposal presented by the Russian Central Bank to ban cryptocurrency.
Why is crypto down today?
As per reports, this move has been triggered due to the risks that hover around cryptocurrencies financial stability, the sovereignty of monetary policy as well as the financial safety of its citizens
Russia has been resistant to the use of crypto for years citing threats of terror financing but the country had still granted cryptocurrencies legal status in 2020
While the UK Government announced on Tuesday that they are planning to legislate to address a rise in misleading crypto-asset adverts