While countries around the world are diversifying their attitudes towards cryptocurrencies, many have either embraced them or remained cautious or even banned them. El Salvador is known for its progressive stance, and the US has also shown a shift in attitude. Recently, Russia has taken significant steps in commercial agreements, and it seems the country is not stopping there.
Putin Signs New Law
According to the latest information from Russia, President Vladimir Putin has approved a law that gives the green light to cryptocurrency mining, creating a significant impact on the crypto market. During the same period, BTC price exceeded $58,000.
Russia was known for its cautious and conservative stance on cryptocurrencies in the past, but recent planning indicates that different steps might be taken. Recently, El Salvador announced that commercial agreements with Russia could be Bitcoin-focused.
Today, the approval of the cryptocurrency mining law is seen as a step to contribute to the country’s economy and to keep up with the US’s recent Bitcoin stance and China’s presence.
What is Bitcoin’s Price?
About two weeks ago, BTC rose to $70,000, and despite the ATH talks, it experienced a sharp drop on Monday, falling to $48,800. It has since recovered and is approaching $60,000. As of the time of writing, BTC continues its positive trend.
BTC recently rose above $58,000 but pulled back slightly. This price movement shows a 1.18% increase in the last 24 hours, with the price calculated at $57,887. The 7-day price performance shows a 10.62% decrease.
BTC’s market cap has risen to $1.142 trillion, while its trading volume has dropped to $40 billion, suggesting that investors selling out of fear may have exhausted. Whether Bitcoin will move towards the $60,000 target in the coming days remains to be seen by market participants.
