Russia's Crypto Volatility and Possible Influences from Major Banks

The question about the price of 'Gref-coins' for the public arises. Is there a connection between the head of Sberbank and four VIP financiers to the significant spike in the cryptocurrency market? While the citizens were resting after the New Year holidays, Bitcoin's valuation sharply increased to $42,000 and then, within just two days, decreased to $36,000. Interestingly, this coincided with the implementation of amendments to the Law "On counteracting the legalization of income obtained through criminal activities" in Russia. Recall that Bitcoin experienced rapid growth starting January 1, during the main country's financial institutions' holiday period. After the law came into effect on January 10, the next day, January 11, the cryptocurrency experienced a sudden decline. The Guardian reports that media outlets are attempting to find possible links between Bitcoin's fluctuations and ongoing events in the country. Only major financial institutions, like Sberbank, which are capable of influencing Bitcoin's volatility, are in a position to do so, especially since representatives have expressed positive views on mining.