Bitcoin at 5 month low as Russia proposes Bitcoin ban

[C.Grigg]

Bitcoin's (BTC-USD) latest crash has wiped billions off the crypto market as it plunged to a five-month low to below $40,000 (£29,484) on Friday. The steep decline of more than 7% comes as Russia proposed a crypto ban and investors grow pessimistic over riskier assets. The global stock market sell off has also weighed heavily on crypto prices.

What do you think about Russia trying to ban Bitcoin? Do you think this is just FUD?

 

[Heatman]

I wouldn't be surprised if other countries after Russia follows suit. They have all been fighting cryptocurrencies for years now and they seem to be having their justification to do so with the ban.

 

[Lens]

It's no longer new that crypto ban would have negative effect on cryptocurrency. The positive news will make the price upswing mostly if it's from the tier1 nations.

 

[Flower]

The government of Russia has made a repentant statement that it will not ban cryptocurrency. Rather,it will integrate cryptocurrency regulation.

 

[Efelexy]

It's no longer new that crypto ban would have negative effect on cryptocurrency. The positive news will make the price upswing mostly if it's from the tier1 nations.

After all the ban threats washes away, cryptocurrencies will be ready for a bull wave definitely, so I see all those ban news as mere speculation because bitcoin especially can not be ban as it is impossible to ban what can not be controlled.

 

[Yugocean]

Russia is supporting Bitcoin, the old January news was not implemented, and Bitcoin is still struggling.
This is clear that countries banning or adopting isn't effecting BTC much. Market is suffering after Luna loss.

 

[Nomad]

Bitcoin almost rock-bottomed at $15k (I said almost). Chinese crackdown on miners, Russia's proposed ban, the war in Ukraine and the global recession, FTX collaspe, everything contributed to the loss in the crypto market.

 

[Flower]

The thread is old because I know that Russia will never do such again and they are even trying to use bitcoin as cross-border transactions.

 

[Yugocean]

Now the real update is Russia i proposing to legalize Bitcoin, the ban was perhaps hoax.

 

[Imran_Noori]

It's no longer new that crypto ban would have negative effect on cryptocurrency. The positive news will make the price upswing mostly if it's from the tier1 nations.

You are right, news have direct effect on Bitcoin's price, if it is positive then it will go higher in price.

 

[Flower]

Now the real update is Russia i proposing to legalize Bitcoin, the ban was perhaps hoax.

They have made regulations and bitcoin is not used for cross-border transactions in Russia which is a very drastic action they took.

 

[Lens]

They have made regulations and bitcoin is not used for cross-border transactions in Russia which is a very drastic action they took.

Bitcoin is utilsed for cross-border transactions in Russia presently and even planning to use bitcoin as legal tender.

 

[Flower]

Bitcoin is utilsed for cross-border transactions in Russia presently and even planning to use bitcoin as legal tender.

If bitcoin is used as a legal tender, it is going to be a very good development but it is really advisable for the country not to do that right now most especially when the crypto market isn't stable.

 

[Bisolami]

It's no longer new that crypto ban would have negative effect on cryptocurrency. The positive news will make the price upswing mostly if it's from the tier1 nations.

It will have a negative effect and a lot of people like us will get affected. I hope it does not happen

 

[Inem]

Bitcoin being used a legal tender would compromise the sovereignty of a country. That's the major fear of governments allover the world..

 

[Bisolami]

Bitcoin being used a legal tender would compromise the sovereignty of a country. That's the major fear of governments allover the world..

But it may not be possible.
Bitcoin is volatile and it may not be nice to use a volatile currency and your legal tender.

 

[Inem]

If they would want to use it, they would surely regulate it. They would find a sure way to decentralize it. The challenge then become which country would control it?

 

[Bisolami]

If they would want to use it, they would surely regulate it. They would find a sure way to decentralize it. The challenge then become which country would control it?

A lot of countries may want to control it and this may cause some kind of rift

 

[Henrywrites]

It's no longer new that crypto ban would have negative effect on cryptocurrency. The positive news will make the price upswing mostly if it's from the tier1 nations.

I am still worrried on why most of these countries are placing ban on crypto coins. What exactly is the reason for them doing so?