Bitcoin Continues To Freefall As Russian Central Bank Aims For New Regulations

News, Opinion, Regulation | March 19, 2020 By:

There are many things happening in the world right now, but something that many might not have seen coming is the current situation of Bitcoin and crypto in general. As the novel coronavirus spreads further, there are many different fields being affected by it. Some people, however, thought that bitcoin could have had the same run in this situation as, for example, gold had. 

After all, maybe the world still needs a little more development for the bitcoin to fully shine. There are many reasons why bitcoin’s price continues to go down, and it is hard to say that only certain things caused today’s situation, but it is very clear that coronavirus is one of the biggest reasons why bitcoin’s price started to lower. 

Coronavirus has managed to affect most of the fields. The world faces a huge challenge and there is not much that can be done other than waiting, and in situations like this, waiting seems to be the hardest thing. 

In the last week, over $50 billion has been wiped off Bitcoin’s market and taking into consideration the coronavirus situation, there might be some time to wait until the currency is able to bounce back. 

Nobody knows how much time will it take for Bitcoin to get back on track, but some seem to still be optimistic. There are many analysts who have said that this kind of situation will bring more curious people to crypto. Buying a bitcoin at such a lower price can be intimidating for many. The more people are interested in crypto, the more chance it has to further develop. So, if you think that everything good is long gone, you are very wrong. 

Because of the new coronavirus, many fields are getting affected. It’s not just the crypto, but the whole financial sector of the world is standing against a huge threat. And, in this kind of situation, Russia is coming up with new ideas to further confuse us. 

Crypto regulations in Russia 

As if it was not already confusing enough, the Russian Central Bank representatives stated that they are planning to further regulate the crypto industry. According to them, there will be new regulations regarding the issuance and circulation of crypto. 

Regulations are very important in many fields. But sadly, many countries are using these regulations as a way to control people and the financial sector. While there are countries like Switzerland and Australia, that are working very hard to further develop this field, we also have countries like Russia where almost everything is done to prevent the further development of crypto. 

There are many reasons against Russia’s attitude towards crypto, but perhaps the main problem for Russia is the fact that the currency is not dependent on the government. Many governments are afraid of having a market they won’t be able to control. And in the case of crypto, are they not only unable to control the market, but they do not even have the ability to see transactions. 

This makes many authorities think twice about crypto. The thing about crypto is that it is being actively used in the field of gambling. There are many reasons behind this, including the fact that the government is not able to track your records. 

Because of this reason, many countries are working very hard to tighten the laws about crypto. At the same time, online casinos are constantly coming up with new ideas to make crypto usage in the gambling world more popular. There are many different promotions offered for those who decide to play by using crypto. 

As the Financial Director of Playamo said, in gambling, being free from government interference is very important. This is why they are offering different kinds of promotions, diverse payment methods, and bonuses to their users. Playamo free spins no deposit for crypto users was a huge step forward in the fight to make crypto more popular around the world. 

But sadly, countries like Russia seem to be afraid of crypto. This results in many problems that the field has right now. 

Regulations in other countries 

There are many countries that work very hard to regulate crypto so that it becomes one of the most popular ways of payment. These countries include Switzerland, Australia, and many more. Australia has one of the most client-friendly regulations on the market, while Switzerland works very hard to integrate crypto in the everyday lives of its people. 

By doing so, these countries are ensuring that the currency can have a big and bright future. It seems to be a little hard to say, especially after the thing that had been happening over the past few weeks. But everything’s not lost yet, we have seen Bitcoin lose a lot and then get double in just a few hours. So everything is still about to happen. 

History of bitcoin prices 

The first boom in the crypto world happened back in 2017 when its price went over $20,000. Soon after, it started to decline but managed to be stable at between 7,000-10,000 for several years. 

This year, however, bitcoin has been very unstable, and it seems to be a little strange even for bitcoin. There are many reasons why this happened this year, but most of the people think that everything that is happening about crypto is the fault of the coronavirus. 

The novel coronavirus, which spread from the Wuhan region of China, was already able to infect more than 175,000 people and to spread in more than 125 countries. It is very hard to say what the future can bring for crypto, but if we consider the past, it is easy to say that bitcoin has nowhere to go.