In a significant boost for the market’s largest cryptocurrency, bitcoin (btc) has surged by nearly 9% over the past 24 hours, inching ever closer to the coveted $60,000 milestone. This price rally comes after btc hit an all-time high of $100,000. Minimum of 7 months from $49,000 earlier this week amid broader market uncertainty.
This resurgence of cryptocurrencies is fueled by a significant development in Russia, where President Vladimir Putin has officially signed a law legalizing cryptocurrency mining in the country.
Russia formalizes rules for cryptocurrency mining
According to a Local media reportThe new law introduces several legal concepts related to the cryptocurrency mining industry, including digital currency mining, mining pool, mining infrastructure operator, address identifier, and the person organizing mining pool activities.
In particular, the law recognizes mining as a component of digital currency turnover rather than the issuance of the currency itself, paving the way for a regulated and controlled system. cryptocurrency mining ecosystem In Russia.
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According to the new law, only Russian legal entities and individual entrepreneurs registered in a special register will be entitled to mine cryptocurrencies. However, individuals who do not exceed the energy consumption limits set by the government will be able to engage in mining without being registered.
The legislation also allows trading of foreign digital financial assets on Russian blockchain platforms, while giving the Central Bank of Russia the authority to ban the placement of individual assets. Problems with digital currencies if they represent a threat to the country's financial stability.
The Russian government’s move is in line with President Putin’s previous statements, where he acknowledged the promising economic potential of digital currencies and the importance of Russia “seizing the moment” to create the legal framework and infrastructure necessary for the circulation of digital assets.
The new law is expected to come into force 10 days after its official publication, although some provisions will be subject to different entry into force dates.
bitcoin price targets in focus
In a x.com/CryptoCon_/status/1821597893100179619″ target=”_blank” rel=”nofollow”>analysis As for the recent price action, technical analyst crypto Con claims that bitcoin has recently bounced off “Level 2” of the Magic Bands at $55,444 and is maintaining its trajectory towards the Level 3 target, which now sits at $94,302.
crypto Con further notes that this also means that the upper band of the cycle has risen to the $128,000 mark, with the analyst also stating that this top will “grow much higher” as the price conquers new All-time highs.
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In a parallel analysis, analyst Rekt Capital has given his opinion on the current dynamics of the bitcoin price, x.com/rektcapital/status/1821572862307872843″ target=”_blank” rel=”nofollow”>taking note The cryptocurrency’s continued upward momentum as it consolidates around the $59,000 mark.
According to Rekt analysis, reclaiming the $60,600 support level is crucial for bitcoin price to further consolidate its current uptrend and potentially climb towards the $65,000 threshold.
Featured image of DALL-E, chart from TradingView.com
