Bitcoin price today.. records another decline (35.8 thousand dollars) after the Russian proposal to ban cryptocurrency trading
The total market value of cryptocurrencies decreased today, Saturday, January 22, 2022, by $1.83 trillion, as the price of the most famous cryptocurrency “Bitcoin” recorded a decline in today’s trading to less than $36,000, which is the lowest bitcoin trade since the end of last November, as the exchange rate reached at that time to more than $69,000.
Other currencies, such as Ethereum, BNB and Solana, recorded another drop in market value, by 45% over the past few weeks.
The reasons for the decline in the market value of cryptocurrencies, especially Bitcoin
The drop came after the Russian Central Bank proposed on Thursday a ban on the use and mining of cryptocurrencies, as Russia is considered one of the most bitcoin-mining countries in the world.
It is reported that earlier, some central banks around the world had warned against the use and trading of digital currencies, as the Chinese Central Bank announced last September that all transfers using digital currencies will be illegal, which means that all digital currencies are prohibited.
Also, the wave of protests that Kazakhstan witnessed in the last period and the consequent interruption in Internet service, negatively affected the mining of cryptocurrencies, including Bitcoin, as Kazakhstan is considered one of the countries where cryptocurrencies are mined.
Earlier, the US Federal Reserve announced an increase in interest rates, which negatively affected the cryptocurrency investment market.
The proposal made by the Russian Central Bank to impose a ban on cryptocurrency mining and trading has negatively affected the investment market for cryptocurrencies, as Russia is one of the most important countries where cryptocurrency mining is done, especially Bitcoin.