Crypto market shrugs off potential Russian ban | Forexlive
The Russian central bank proposed banning the use and mining of cryptocurrencies in Russian territory today but it had no effect on the price. Bitcoin is up 3% today and ethereum up 4%.
This isn’t the first ban as China and several other countries have banned crypto for reasons spanning from energy use to financial stability.
The market has learned to live with the risk and this one comes as less-surprising given that Russia had banned crypto as a means of payment last year.
Russia’s central bank said speculative demand showed characteristics of a financial pyramid, and warned that it threatened citizens. The proposal would block financial institutions from carrying out any operations with cryptocurrencies. However individuals owning cryptocurrencies won’t be banned.
Bitcoin mining could be under attack with Russia said to be home to the third largest mining fleet behind the US and Kazakhstan. The latter is also a high risk to continue to operate.
In terms of price, bitcoin has shrugged off this news but remains vulnerable to a fall through the September lows.