Bitcoin and Ethereum, the world’s two most-traded digital assets, went into another freefall on Wednesday, with smaller coins BNB, Solana, Cardano and XRP also suffering significant losses.
Still in its relative infancy, the cryptocurrency market has faced similar tumultuous periods where large chunks of value disappear overnight. “I think the main reason for this is the market being spooked by the Federal Reserve raising rates this year, but when the stock market sees some relief, I expect a strong squeeze to the upside for bitcoin and the whole market,” analyst at UK-based broker GlobalBlock Marcus Sotiriou wrote this year.
In Russia, life is about to get a lot harder for those deep in the crypto sphere, with the government making serious moves against what has become a $7 billion yearly market in the country of 143 million. Although the bank’s suggestion to clamp down on cryptocurrency is just that — a suggestion — Russia appears to be fast-tracking parliamentary sessions so that a potential ban could come into effect as soon as possible.
Half of that was probably rug pulls 😆😆 rugpulls crypto cryptocurrencies
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