Cryptocurrencies oscillate between the US blockade and the Russian embargo

Cryptocurrencies oscillate between the US blockade and the Russian embargo
Cryptocurrencies oscillate between the US blockade and the Russian embargo
It looks like 2022 will be a difficult year for cryptocurrencies, as Bitcoin has lost nearly half of its value since its peak in November, with a wave of blockades triggered by decisions from America, Russia and finally India.

The losses come at a time when major economies are looking to curb the growing popularity of digital currencies, according to CNN.

And it wasn’t just Bitcoin that suffered major losses, as cryptocurrencies in general have had a bad start to the year.

Bitcoin is down more than 8% and today it is trading at $35.497K, the world’s most valuable cryptocurrency has fallen by more than 20% since the beginning of the year.

Bitcoin hit its record high in November when it reached $68.99 thousand.

American blockade

The price of Bitcoin fell at the beginning of January after the minutes of the latest meeting of the US Federal Reserve showed its inclination towards a more hawkish policy, which limited investors’ appetite for riskier assets.

Bitcoin hit a record high of $69,000 in November.

The performance of its peers was not the best. Ethereum, the second most valuable cryptocurrency in the world, fell by more than 12%, trading at around $2,400, which represents a drop of almost 30% since the beginning of the new year.

Investors have been wary of digital currencies and other riskier assets since the US Federal Reserve has indicated that it may remove economic stimulus more aggressively than expected.

Russian decision

This comes at a time when governments are taking drastic measures. The Russian Central Bank proposed a ban on the use of cryptocurrencies and mining.

Russia is one of the world’s largest mining countries, but its central bank said digital currencies could pose a threat to the country’s financial stability.

The Russian proposal comes just a few months after China launched a massive crackdown on cryptocurrencies, banning both trading and mining.

Other countries intend to ban cryptocurrency. In November, India said it was preparing to introduce a bill that would regulate digital currencies, although much remains unknown about the proposal. Earlier this week, Indian Prime Minister Narendra Modi said global cooperation is necessary to tackle the problems posed by cold currencies.

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