Bears finally took over the cryptomarket and pulled the price for BTC down.
Crypto assets jump
On Wednesday, key crypto assets managed to rebound in Asia having lost ground for the first two trading days this week. Meanwhile, Russia caught investors’ attention due toe the fact that the Russian parliament adopted a bill to get closer to crafting national crypto legislation.
The most popular digital coin, Bitcoin rebounded from $3,700, demonstrating an outcome of $3,840.9, soaring by up to 3.10%.
As for other crypto assets, they rallied too. Ethereum managed to ascend by up to 7.27% trading at $136.26. As for XRP, it leapt by about 2.92% ending up with $0.31277. Besides this, Litecoin rallied by 12.64% being worth $52.425 for the last 24 hours.
On Wednesday, the cryptocurrency market capitalization regained to $131 billion compared to yesterday’s reading of $126 billion.
Russia once again became the object of interest of crypto investors due to the fact that this country is rapidly progressing towards national regulations on digital currencies because the previous week Vladimir Putin issued a corresponding direct order.
On Tuesday, Russia’s key legislative body, the State Duma had the bill «On Digital Financial Assets» adopted. The given bill comes with amendments to the Civil Code of the Russian Federation on digital rights. Moreover, it offers a regulatory framework, which targets the digital economy.
It showed up after Russia’s leader called for the adoption of the regulation by July this year. What’s more, Russia considers issuing its own oil-backed crypto asset.
In addition to this, there were new developments regarding the case of Quadriga, a problematic Canadian crypto exchange. Well, this crypto exchange is generally known for missing approximately CA$180 million dollars in digital coins after the unexpected death of its creator Gerry Cotten, who turned out to be the only one having access to the company’s cold wallet.
On Monday, it was informed by Fortune that the FBI is currently probing Quadriga’s missing money.
On Tuesday, Bitcoin managed to rally more than 10% testing $8,000 in Asia, while other key crypto assets also demonstrated substantial profits against the backdrop of bullish sentiment…
On Friday, versus all odds, Bitcoin proceeded with its surge in Asia and the cryptocurrency market generally stayed in the red…
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