Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) 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.
Read Next: Dogecoin Refuses To Budge But Here's Why There's Increased Clamor For McDonald's Acceptance Today
