The cryptocurrency market nosedived in the last 24 hours after Russia’s central bank proposed a ban on the use and mining of cryptocurrencies on its territory.

Crypto users in Russia have an annual transaction volume of $5 billion, the bank said, and it does not expect to outlaw ownership of digital currencies.

However it is considering a ban on crypto exchanges and preventing financial institutions from carrying out any operations with cryptocurrencies.

It said digital currencies threaten financial stability, citizens’ wellbeing and its monetary policy sovereignty.

The overall market cap of the more than 17,000 coins is at $1.83 trillion (7.30am UK), down 8% in the last 24 hours.

Binance Coin (BNB) dropped 11% to $426, which puts it 12% down on last Friday morning.

Avalanche (AVAX) fell below $76 thanks to a 10% dive and is down 17% on a week ago.

Ethereum (ETH), the world’s second most valuable coin, shed 9% to around $2,850 yet is 13% down in a week.

Polkadot (DOT) and Solana (SOL) also each fell 9%, to $22.24 and $125 respectively, and are 18% and 16% down over seven days.


An 8% fall dropped Ripple (XRP) below 69 cents, 13% down in a week, while Cardano (ADA) is at $1.24 following a 9% dive which puts it 5% down over seven days.

Market leader Bitcoin (BTC) is below $39,000 following a 7% fall and is 9% down on last Friday morning.

Terra (LUNA) fell 6% to $77 with a seven-day price of -4%.

Meme coin Dogecoin (DOGE) and its Ethereum-based spinoff SHIBA INU (SHIB) each shed 7%. DOGE is heading towards 15c and down 25% in a week, while SHIB is down 20%.


To see how the valuations of the biggest movers and shakers – and main coins – have changed in the last few days, click here.

For valuations of the top 250 coins by market cap (updated every 15 minutes), their market cap plus 24-hour price change and volume traded, see below.

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