Peskov argued that putting cryptocurrencies like Bitcoin in line with traditional financial instruments would bring nothing but damage to the country’s financial and economic systems. These comments were in line with the Russian government’s long-running skeptical approach to Bitcoin.

Russia has officially banned cryptocurrency payments in the country since January 2021, as part of the country’s major crypto law on digital financial assets. The law does not ban the trading or purchasing of cryptocurrencies, but only payments in cryptocurrencies.

On the other hand, the CEO of Galaxy Digital, Mike Novogratz, maintained its bullish stance towards cryptocurrency, despite the recent flash crash in BTC prices. He said that the recent institutional flow still dominated the scene in terms of Bitcoin and other cryptocurrencies moving into areas like VISA and Amazon.

People became more interested in cryptocurrencies after realizing that crypto was more than just buying Bitcoin as a hedge against bad monetary and fiscal policy; it was also a Web 3.0 – the internet of value transfer. Novogratz said that investors got too excited by the latest increased adoption of cryptocurrencies, causing the price to drop on Tuesday, which showed that a little air had escaped from the balloon.

According to CoinShares, the leading cryptocurrency, Bitcoin, was facing higher institutional inflows than outflows for the first time after eight consecutive weeks. Since the price of Bitcoin has started to climb back up, outflows have dominated the space, but the latest flash crash in bitcoin showed that the declining prices of BTC had attracted many investors who were waiting for its price to come down before entering the market.

It has also been reported that several leading crypto exchanges buckled under the pressure and prevented retail investors from buying the dip. Amid the recent flash crash, the price of several top cryptocurrencies fell sharply on Tuesday, and Bitcoin lost more than 9% in a single day.

In the heat of the sell-off, the traffic to exchanges saw a surge, as some were liquidating their positions and others were buying the dip. It caused degraded performance across many exchanges, and they were forced to delay transactions, or even cancel them, to avoid the elevated risks.

Bitcoin was holding above a trading level of 45,933 on Thursday, trading with a neutral bias. After hitting the support mark of 42,985 on many occasions, Bitcoin has launched a bullish bounce. Bitcoin is currently gaining solid support at the 45,933 level, with the following resistance level at the 47,462 level.

Bitcoin prices are heading towards the next resistance mark of 48,842, after a positive break-out at the 47,462 level. At the same time, if the 48,884 level is broken, Bitcoin prices will most likely be exposed to the next resistance mark, which is at the 50,413 level.