Bitcoin, Ethereum and other digital currencies instantly collapsed against the backdrop of a possible ban on mining and the circulation of cryptocurrency in Russia

The cryptocurrency market has crashed again. This time, the reason was a possible ban on mining and the circulation of virtual assets on the territory of the Russian Federation.

This idea was put forward by the Central Bank of Russia. Immediately after the news, investors withdrew more than $80,000,000 from the Binance exchange. All key cryptocurrencies, except for stablecoins, instantly fell in price, barely having time to recover from the previous fall associated with the suspension of mining companies in Kazakhstan.

Bitcoin is once again under $39,000, the lowest since mid-summer last year. The Ethereum price dropped below $2,900, where it was last at the end of the third quarter of 2021. The fall in the value of BNB to $425 sent the Binance exchange cryptocurrency from third to fourth place in terms of capitalization. Now the Tether stablecoin is in the top three.

The second stablecoin, USDC, came in at number five as Solana and Cardano lost 9% and 10% overnight, respectively. The meme cryptocurrency Dogecoin has fallen in price by only 7.75%, but over the past week it has already lost about a quarter of its value. The same goes for Shiba Inu.

In general, the cryptocurrency market decreased by 7.45% per day. The total capitalization is approximately $1,830,000,000.

Source: CoinMarketCap