Bitcoin falls below $40,000 again, Ethereum falls below $3,000

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For the second time in a month, BTC returned above $40,000, while ETH fell below $3,000. One of the reasons for the market drop may be the possible tightening of the CBR policy towards cryptocurrencies.

Today, Bitcoin continued its downtrend, falling from $43,500 to $38,220, while Ethereum fell to $2,810. Other major cryptocurrencies did not stand aside: ADA fell to $1.2, XRP to $0.68, DOT is trading at $21.87, DOGE fell to $0.1484 , LTC up to $121.9 and BNB up to $418.5. The total capitalization of the cryptocurrency market has again fallen below $2 trillion, and now stands at $1.8 trillion.

The cryptocurrency market follows the decline in stock indices. For example, the S&P500 has been falling for the third week in a row. US Treasury yields also rose sharply earlier in the week, so rising interest rates forced investors to abandon their positions in riskier assets. An increase in interest rates can lead to a reduction in the amount of international liquidity, to which bitcoin can react very painfully.

“Fuel to the fire” was added by yesterday’s statements by the Bank of Russia about a possible ban on the issuance, exchange, trading and mining of cryptocurrencies in the territory of the Russian Federation. Considering that the Russian central bank proposes to establish responsibility for the use of cryptocurrencies, some users are in a hurry to sell and withdraw their crypto assets. By data service Whale Alert, an unknown user withdrew 83,826,621 USDT from the Binance trading platform in the amount of more than 6.3 billion rubles.

This is not the first time that Bitcoin has shown increased sensitivity to statements from regulators. In the fall, BTC jumped $4,500 in a few hours after Fed Chairman Jerome Powell announced that the US would not impose a ban on cryptocurrencies.

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