Bitcoin falls at a five -month low because investors emit risk systems

Bitcoin and his competitors crashed on Friday when a sale started with speculative assets and after the Russian central bank proposed to ban all cryptocurrency operations in the country.

The price for Bitcoin fell by up to $ 7.4 percent to $ 38,261 during the Asian trade on Friday. Other important cryptocurrencies also crashed, with Ether accusing almost 9 percent.

The losses of some of the world's largest cryptocurrencies deleted their combined market capitalization by about $ 140 billion.

The crypto currency crisis comes, as investors have repelled stocks from technology companies and pushed the NASDAQ into the correction area on Thursday, as the US Federal Reserve is expected to contain the loose pandemic monitoring policy to combat inflation.

The sale of Bitcoin began to accelerate the late New York trading day on Thursday after the video streaming giant Netflix had warned before the subscriber growth. The company's shares fell by around 20 percent on Friday in pre -exchanging trading on Nasdaq.

Andrew Sullivan, Managing Director at Outset Global in Hong Kong, said that Asia saw "huge volumes in a number of markets on Friday, since investors switch to cash", since technology shares in the region of Wall Street add.

The strong sale of digital assets was also given a day after the Russian central bank had announced drafts by suggestions that aim to ban all trade in cryptocurrencies and mining. The proposed regulations would also block cryptocurrency investments by banks and for any exchange of cryptocurrency for traditional currencies in Russia, one of the world's largest centers for crypto mining.

The central bank said in its 36-page report that the rapidly increasing value of cryptocurrencies "primarily defined by speculative demand for future growth," what blisters are generated ", and added that they also have aspects of financial pyramids because their price growth is largely supported by new market participants."

The announcement initially had little influence on Bitcoin, which increased by up to 3.7 percent compared to the dollar on Thursday. But by Friday afternoon, the cryptocurrency in Asia had fallen by more than 10 percent compared to the highest from the previous day and reached the lowest level since August.

"The Russian supervisory authorities were frustrated [with the cryptocurrency industry] for several years and none of their warnings have been observed," said Vince Turcotte, sales manager for the Asian-Pacific area at Eventus Systems.

he added that the Russian proposal was "relatively tougher", but only the youngest in a number of announcements of supervisory authorities around the world to cryptocurrencies, which mainly focused on the protection of small investors.

Turcotte compared the situation in Russia to that in China before Beijing began with a harder approach to industry. "Nobody listened [Chinese Officials] until they actually struck," he said. Last year China explained that all crypto activities were illegal.