Cryptos Tumble to 6-Month Low on Russia Proposal to Ban Mining

Cryptocurrencies tumbled for the second time in less than a month, triggered by the Russian Central Bank’s proposal to ban the use and mining of cryptocurrencies, even as the overhang of tighter monetary policy by central banks continued to push the markets into bear territory.

On Thursday night, Bitcoin plunged to $38,242 – its lowest price in the last six months.

At 5 PM on Friday, the world’s largest crypto by market cap was trading at $39,023 on Coinbase, down by over 15 percent since the beginning of the year.

The major alt coins have also fallen sharply, with at least an 8% drop in the last 24 hours: Ethereum was trading at $2878 (-8.71%), Solana was down by 9.15% at $123.71, Binance Coin fell by 8.89 per cent to $ 426 while Cardano dipped by 8.90% to touch $1.23.

Dogecoin slipped 6.62 per cent to 15 cents while the other popular meme coin Shiba Inu slide 7.55% to $.00002570. According to Coinbase, the overall market was down 6.92 per cent.

Crypto experts say that talk about interest rate hikes by key central banks, especially the US Federal Reserve, is denting the appeal of digital assets as cautious investors have started looking for safe havens and care cutting downs on their exposure to the volatile asset class.

Unlike other dips, when Indian buyers are inclined to buy, there was caution amongst crypto investors and traders, and the intensity of buying was lower compared to previous dips, according to Indian crypto players.

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