A massive sell-off in cryptocurrencies wiped over $200 billion of wealth from the market in just 24 hours, according to estimates from price-tracking website CoinMarketCap.

A U.S. digital currency could be on the horizon.

The platform said the addresses were related to Russian individuals or entities it believed to have engaged in illicit activity.

Lawmakers on both sides of the aisle are worried about the potential of cryptocurrency to serve as an escape hatch for sanctioned Russian money, with some saying the risk hastens the need for legislation.

President Joe Biden will sign an executive order this week to task federal agencies with assessing the risks and opportunities that Bitcoin and cryptocurrencies bring to the U.S. and outline the government’s strategy for the market’s regulation, reported Bloomberg.

The US has joined Canada, the EU and UK in barring some Russians from the international money transfer system, SWIFT. The move is the most serious round of sanctions yet from Western nations over Russia’s actions in Ukraine, with Ross Delston, a U.S. lawyer and former banking regulator, calling it “the closest thing to a declaration of war from a financial perspective.”

The Russian government published a document on Tuesday night outlining principles for regulating bitcoin and cryptocurrency in the country.

Some members of the Federal Reserve are continuing to explore the launch of its own digital dollar, as the Federal Reserve Bank of Boston on Thursday unveiled its first attempt at designing an electronic form of cash.

RUSSIA is set to issue a complete ban on all cryptocurrency trading and mining - essentially freezing $92billion worth of digital assets.

A brutal bout of selling that wiped billions of dollars from profitless growth companies, IPO stocks and SPACs has now caught up with Bitcoin, further stressing risk tolerances and brokerage balances among small-time traders.

Former democratic presidential candidate Hillary Clinton spoke about Bitcoin and crypto’s ability to weaken governments during a video panel discussion at the Bloomberg New Economy Forum in Singapore on Friday.