Bitcoin’s Drop Below $33K, FOMC Meeting and Russia’s Crypto Ban Debacle: This Week’s RecapBitcoin’s price tumbled this week, following the developments on the stock market and the latest Fed FOMC meeting.
BTC’s price started going down right from the get-go. Last Saturday, it went from $39K to $36K, but the bears weren’t finished yet. Later in the day, BTC dropped below $35K and, over the next hours, consolidated around that level. On Sunday, the cryptocurrency attempted to recover a bit, but it failed, reaching a high slightly above $36K on Monday morning.
But that wasn’t the only thing causing turmoil on the markets. Russia’s central bank also came out in favor of a blanket ban on cryptocurrencies in the industry. However, Vladimir Putin said that Bitcoin mining could provide Russia with competitive advantages and that they are already well-positioned. Soon after that, the country’s Financial MinistryDid you like this market update?