This week crypto investors have faced serious losses as all the cryptocurrencies have crashed this week. BTC has touched ₹ 28 Lakh which was once ₹58 Lakhs. The crash has wiped $1.5 trillion off the crypto market. ETH had touched ₹1.91 Lakhs which was once ₹3.40 Lakhs. This crash has been a serious disaster for many people all over the world.
The crash happened because the Central Bank of Russia proposed a ban on all Crypto trading and mining. Russia is the third-largest Crypto mining hub after USA and Kazakhstan. The market severely dropped after the news came out. Not only that but the market also crashed because US Federal Reserve raised the possibility of boosting interest rates as soon as March and withdrawing stimulus from the market.
There are reports that the proposal of the ban will not be granted as they believe that the crypto ban would ‘ destroy several sectors of the high tech economy. Leonid Volkov said that banning crypto is ‘ impossible’. He believes that even if the government bans crypto they can’t stop people from using them. He says that it’s impossible to stop Russians from trading Crypto.
Yesterday, the market was up as BTC and ETH showed a positive approach. All other coins were positive yesterday but today again the crash continues. The market is in a very unstable condition. In India, there were reports of banning cryptocurrencies but there was nothing official yet.