major cryptocurrencies are trading higher thursday morning despite the central bank of russia’s proposed a ban on the use issuance and mining of all cryptocurrencies cryptocurrencies have posted threats to russian citizens’ wellbeing and the country’s financial stability the central bank said in a report thursday russia is among a list of countries that seeks or already implemented a blanket ban on cryptocurrencies other countries such as the united states are increasing regulatory oversight bitcoin btcusd is trading at around 43169 up 17 over the past 24 hours ether ethusd traded up 3 to around 3238 xrp xrpusd logged a 18 gain over the past 24 hours at around 076 solana solusd advanced 3 to about 143 while terra’s luna rallied 48 to 844 meme token dogecoin dogeusd went up 15 to 168 while fellow dogthemed token shiba inu shibusd rose 23 to 0000029 russia’s central bank said that the growth in crypto’s market value is driven primarily by speculative demand while cryptocurrencies have the characteristics of “financial pyramids” according to the report meanwhile the bank cited the high energy consumption of crypto mining in the report as reasons to ban such activities despite the proposed ban on cryptocurrencies russia is rolling out its digital ruble a central bank digital currency the country plans to launch a prototype of the platform in early 2022 on thursday investors are also eyeing a hearing hosted by us congress about the energy consumption of crypto mining the hearing entitled “cleaning up cryptocurrency the energy impacts of blockchains” will start at 1030 am eastern time