In the last 24 hours, the global cryptocurrency market has crashed like a bomb. Not only Bitcoin, but other cryptocurrencies such as Solana, Shiba Inu, Dogecoin, Ethereum, etc. have also experienced a significant drop in share price. Many suffered many major losses because of the crash. Experts say that the crypto market crashed because of Russia & the USA. ?
Russia has always kept changing its mind about cryptocurrency. According to the government, the Crypto profits/funds could be used to finance terror projects. The government was always very worried about this. For a long time, crypto was banned in Russia but from 2020 they legalized it. Crypto was legalized only for investment purposes and was not meant for payments. Now on 23rd January 2022, the Russian Central Bank said that it is planning to table a proposal to the government which bans all forms of cryptocurrency in Russia.
They wanted to ban crypto which was legalized in 2020 because a crypto crash can affect the Russian economy and make Russia’s economy unstable. This is why the Central bank is proposing the government implement a ban. Another reason for this is that Joe Biden, President of the USA is planning to release new rules to regulate cryptocurrency. Russia and Biden's plan led to a huge crash in the crypto market. Now we will have to wait for further updates.
