Well, this is crypto market and I assure you that this market is the most uncertain, volatile and risky market you have ever encountered in your life. At one moment, not long ago, crypto market capitalisation has gone up to $860 Billion and now it only holds under $270 Billion. An almost 75% market crash within 3-4 months.
This crash is the outcomes of various controlled and some uncontrolled events all over the World. Since, the market started to fall in January, we had come across many news regarding the potential ban of cryptocurrencies by many countries, including Russia, South Korea, China, Bangladesh and India. In reality, only China and Bangladesh considered cryptocurrencies illegal and rest of the countries have either legalized it or they have a neutral view on cryptocurrencies.
All these manipulations forced investors to withdraw their money from crypto space and pulling down its capitalisation under $270 Billion.
Now, again another country is trying to ban cryptocurrencies trading and mining within its nation and that country is Kazakhstan.
The National Bank of Kazakhstan wants to ban cryptocurrencies trading, mining and holding within their nation as the country views it as a major mode of money laundering.
As per some sources, Kazakhstan Bank is taking very conservative approach regarding the use, trading and mining of cryptocurrencies within their economic borders and now planning to derive some 'extreme restrictive measures' to curb cryptos.
In addition, some sources also revealed the statement by Kazakhstan's National Bank Chairman's statement:
"We minimize the risks related to the national market. However, no central bank has all the instruments to control this market in the cross-border market. Therefore, at least, we must prevent this risk via the national currency."
Now, after this potential ban, let's see how this will affect the crypto space.
In fact, at these times. everything negative is affecting the market very severely. Let's hope a quick and healthy recovery of market.
Thanks for reading ...!!