‘A De Facto Ban’—Serious Bitcoin Warning Issued As Price Crash Hits Ethereum, BNB, XRP, Luna, Solana, Cardano And Avalanche

Bitcoin

BTC
, ethereum and other major cryptocurrencies have fallen sharply this week as a broad asset price crash tanks markets (despite the CEO of Coinbase making a huge crypto prediction).

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The bitcoin price has lost around 10% over the last few days, crashing to levels not seen since January. Ethereum and its biggest rivals BNB

BNB
, solana, cardano and avalanche have plunged, with Ripple’s XRP

XRP
and Terra’s luna also falling—wiping over $100 billion from the combined crypto market.

Ahead of the bitcoin and crypto price crash, the chief strategy officer of $5 billion crypto asset manager CoinShares, Meltem Demirors, warned that governments are going to try to ban bitcoin and other cryptocurrencies.

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MORE FROM FORBESHuge 2022 Ethereum Price Prediction Comes With A Serious BNB, Solana, Cardano, Avalanche And Polkadot WarningBy Billy Bambrough

“What we’re seeing around the world, which is really concerning to me, is using the attack on proof-of-work, and in particular, bitcoin’s energy usage, as a way to implement a de facto ban on bitcoin without saying it,” said Demirors, speaking during the Crypto Bahamas conference it was reported by Insider.

Proof-of-work is the name for bitcoin’s decentralized consensus mechanism that lets so-called bitcoin miners secure the network and validate transactions in return for new coins. Some newer cryptocurrencies, such as ethereum rivals solana and cardano, have adopted a…