Cryptocurrency Market Down Today
Bitcoin’s value dipped below $40,000 this week as crypto market prices plummeted in response to the Russian central bank’s proposal to prohibit digital currencies in the country.
On Friday, January 21, Bitcoin was trading at approximately 8%, as the month continues to witness digital forms of money, no matter how you look at it, struggle to return to more extravagant cost edges in 2022, despite global market sensitivity over crypto risks.
Bitcoin’s price was oscillating about $38,283.21 (£28,201.60) at 1.37pm on January 21, 2022, an almost 10% drop in the previous 24 hours.
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On Friday, Ethereum, Solana, and other main digital currency standards and picture currencies were trading down, with Coinbase estimating that digital currency market costs were down 11.4 percent in the previous 24 hours as of 6.08pm.
Concerns about the dangers of cryptographic money to consumers and markets prompted Russia’s central bank to propose a ban on digital currencies and crypto trades, while the UK government announced on Tuesday (January 18) that it intends to enact legislation to combat an increase in misdirected cryptoasset advertisements.
The downward trend in crypto prices suggests that the accident that pushed prices down in early January, when Kosovo clamped down on mining and Kazakhstan’s crypto mining industry took a hit due to political unrest, may be poised to continue.
Here’s why Bitcoin, Ethereum, Solana, Cardano, XRP, Shiba Inu coin, and Dogecoin are all down today, as well as what prompted the most recent cryptographic money market downturn.
Cryptographic types of money also targeted by regulators. China has outright banned all crypto-related activities, while US regulators are clamping down on key segments of the business. The Scotsman Report is in agreement.
“Value Action” does not imply crypto, according to Paxos CEO.
In a Thursday note, Oanda’s Moya predicted that bitcoin would fall below $40,000 after Russia’s central bank proposed a ban on the use and mining of cryptographic forms of money on Russian territory, claiming that the advanced money poses a threat to “monetary stability and financial arrangement sway.”
He mentioned that Russia is one of the top three countries for bitcoin mining. Ryan Browne of CNBC contributed to this story.
Frequently Asked Question: Will the Crypto Down Market Affect Gambling as Well?
Ans: Yes, when the crypto market is down, casino activity suffers as well. The majority of gamblers use cryptocurrency to pay. The gambling industry was the first to accept cryptocurrency as payment. After that, almost every gambler began trading in cryptocurrency. If the crypto market falls, no gambler will invest in crypto coins at a lower price than when they were purchased.
