The bitcoin exchange rate fell by 10% and fell below $38,000.

Posted 21 January, 2022

On Friday, January 21, the bitcoin rate fell by 10% compared to yesterday, dropping to $37.7 thousand at the moment. As of 15:47 Moscow time, the first cryptocurrency is trading at $38.2 thousand.

The price of bitcoin began to decline sharply on the evening of January 20 after its rate exceeded $43.5 thousand. The cryptocurrency has updated at a minimum since August 5, 2021.

Altcoins have been hit even harder. For example, the price of Ethereum over the past 24 hours has fallen by 12% to $2.7 thousand, the rate of Binance Coin has fallen by 11% to $413, and the cost of Solana has fallen by 15% to $116.

The total capitalization of the crypto market decreased by 10% over the day, to $1.9 trillion. Traders lost over $900 million as a result of the forced closing of margin positions. In total, 237.5 thousand users of crypto exchanges suffered a loss, according to Coinglass.

Yesterday's decline in the cryptocurrency market could have begun after the decline in the S&P 500 index, which, following the results of the trading session, fell by 1%. Earlier, the analytical company Arcane Research reported that the correlation between the Bitcoin exchange rate and the S&P 500 index reached a record high since October 2020.

On Thursday, January 20, the Bank of Russia released a report for public discussion, in which it proposed to ban the issuance, circulation, and exchange of cryptocurrencies in the country, as well as the organization of these operations. The regulator also considers it necessary to ban the mining of digital assets and start monitoring Russian investments in cryptocurrency on foreign trading platforms.

Before the publication of the report of the Central Bank, Bloomberg, citing two informed sources, reported that the head of the Bank of Russia, Elvira Nabiullina, agreed to support a complete ban on cryptocurrencies in the country under the influence of the Federal Security Service. According to sources, the FSB is pushing for a total ban on cryptocurrencies in Russia in order to exclude the possibility of accepting donations by undesirable organizations and media that have been included in the register of foreign agents. The Central Bank denied this statement and reported that the regulator initially took a skeptical position regarding cryptocurrencies.



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