Campaign Against Private Cryptocurrencies Intensified In Russia; Bitcoin Falls

On Friday, Russia’s central bank intensified its fight against private cryptocurrencies, after Valeriy Lyakh, head of its department for countering market misconduct, said in a video that investment in cryptocurrencies was an “out-and-out swindle”, Reuters reported. Meanwhile, prices of Bitcoin (BTC), Ethereum (ETH), Dogecoin(DOGE) and Shiba Inu (SHIB ) were on the downside at 5:30 pm, on December 17.

The price of Bitcoin (BTC) was down 4.81 per cent in the last 24 hours and was trading at $47,022.35 at 5:30 pm. Bitcoin’s dominance in the crypto market is currently at 40.91 per cent, up 0.14 in the last 24 hours, according to coinmarketcap.com.

Ethereum (ETH) was trading at $3,823.65 and fell 6.17 per cent in the last 24 hours, while Binance Coin (BNB) was down 3.88 per cent over the same period and was trading at $525.09. Solana (SOL) fell by a steep 5.72 per cent to $175.22,Cardano (ADA) fell by 7.13 per cent to $1.23.

Meme Coins

North and South America-based, VR World – the virtual reality experience centre has embraced cryptocurrency by accepting Shiba Inu. Meanwhile, Dogecoin (DOGE) witnessed a fall of 7.20 per cent and was trading at $0.1698 at 5:30 pm. Rival Shiba Inu was down by 6.46 per cent and was trading at $0.00003199, Dogelon Mars (ELON) fell by 5.04 per cent and was trading at $0.000001116, while Samoyedcoin (SAMO) was trading at $0.04248 and recorded a fall of 0.70 per cent.

Overall Scenario

The global crypto market cap was $2.18 trillion, registering a decrease of 3.87 per cent in the last 24 hours, while the total crypto market volume was $92.42 billion, down by 19.65 per cent.

onLEXpa (onLEXpa) became the biggest gainer, recording a rise of 50435.97 per cent; it was trading at $0.009439 at 5:30 pm. On the other hand, DOFI (Doo) witnessed maximum loss, falling 97.49 per cent; it was trading at $$0.0002656.

Latest Update

Russia is fighting against private cryptocurrencies, as Valeriy Lyakh, head of its department for countering market misconduct says, “The market was volatile and had no regulation, adding that nobody investigated manipulation in it”, Reuters reported.

Russia opposed private cryptocurrencies for years, saying they could be used in money laundering or to finance terrorism.

“We have a negative attitude towards cryptocurrencies. We definitely do not support any circulation of it in our country,” Reuters cited Lyakh cited from a video.