Russia’s central bank proposed a ban on the use and mining of crypto in the country, fearing disruption in financial stability. In the proposal, Russian financial institutions would be prohibited from transacting with crypto, including buying and selling crypto for fiat currency. Like Russia, China and many other countries consider cryptocurrency a risky endeavor, causing Bitcoin (BTC), Ethereum (ETH) and EOSIO (EOS) Tokens to plummet.
EOS is a good example of how investing in cryptocurrency can be very risky if you’re not careful. EOS has plunged 24% in the past month and has been falling along with other major cryptocurrencies, such as Bitcoin and Ethereum throughout the first half of 2022.
Anti-Crypto Sentiment in Russia & China Results in 2022 Plunge
Part of the recent unfavorable trend can be attributed to Russia’s plans to fully ban crypto trading and mining. In addition, crypto is completely banned in nine countries, including China. Cryptocurrencies are associated with many risks, including Russia. Before you purchase one, you need to be aware of these risks. Cryptocurrency is a complex field, so make sure you understand what you’re investing in.
In this highly volatile market, you can lose a lot of money very quickly if you aren’t careful. In April 2018, EOS reached a high of $22.89, for instance. You would have lost 89% if you bought the cryptocurrency then and held until now.
EOSIO- Fastest Smart Contracts Based Platform for dApps
In June 2018, EOS launched trading after raising $4.1 billion in an ICO. It was founded by Brenden Blumer and Dan Larimer in 2017. EOS is the crypto token of the EOSIO platform, which allows developers to create decentralized apps. Rather than a single computer, these applications are run on a blockchain or peer-to-peer network of computers.
The aim is to make it as easy as possible for programmers to embrace blockchain technology. While EOS is a smaller rival to Ethereum, it does have one advantage – speed. According to reports, EOS can process roughly 4,000 transactions per second. In comparison, Ethereum and Bitcoin can only handle seven and 30 second per second transactions.
EOS Price Prediction for 2022-2029 After Slump
EOS would need to increase by eight-fold in price to reach $20 again. At the moment, few are bullish about EOS hitting $20 any time soon. EOS will only reach $10.76 by 2029 according to crypto forecasters.
Be aware of the volatility that comes with EOS above all else. Myron Jobson, personal finance campaigner at interactive investor, told The Sun in May: “The asset is notoriously volatile – and for many investors, the price swings have been simply too wild to stomach.”