Why Are Bitcoin, Ethereum, Dogecoin Crashing All Of A Sudden?

Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD tumbled sharply at press time.

What Happened: Major cryptocurrencies dropped suddenly late night Thursday. BTC fell 7.75% to $38,696.38 below the psychologically important $40,000 mark over 24 hours.

The fall in ETH was sharper as the second largest coin fell nearly 9% to $2,843.86 over 24 hours. DOGE was down 8.3% at $0.15 in the same period.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: The global cryptocurrency market cap plunged 7.3% to $1.8 trillion. On Thursday, it was reported that Russia’s central bank has called for a ban on cryptocurrencies.

Russia is among the top three countries for Bitcoin mining, according to Edward Moya, a senior market analyst at OANDA.

“​​If this proposal [from the Bank of Russia] passes, Bitcoin could slide below the $40,000 level,” said Moya, in a note seen by Benzinga.

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