Is crypto market in for long winter after latest bout of selling?

economictimes.indiatimes.com:

The latest bout of selling ensued after Russia's central bank called for a crackdown on cryptos. Its central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty. The move is the most recent in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.

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The announcement by Russia, one of the largest crypto adopters in the world, soured the market mood and the digital asset market plunged into the red. While this may be a cause for concern, the crypto industry has weathered through multiple bans, restrictions and regulatory scrutiny over the years but have stood the test of time, said CoinDCX Research Team. «Looking back at how the sector bounced back shortly after China’s crypto ban, we can expect the sell-off to have a little long-term impact on crypto’s performance besides this brief initial dip,» it added. Other factors including sluggish macroeconomic conditions, rise in oil prices and tapering cues from the Federal Reserve, rising inflation and slump in the technology market are adding to investors' woes.Bitcoin has breached the $39,000 level, dropping more than 11 per cent from its peak. Its counterpart Ethereum tanked 14 per cent to test $2,800 levels. The pain in altcoins has been more severe as BNB, Cardano, Polkadot have tanked up to 18 per