Monday, December 4, 2023

Market Watch Feb 10: Bitcoin Steadies As Russia Recognizes Cryptos Form Of Currency

Bitcoin seems to have gained momentarily after the Russian government released a document setting principles for crypto regulation. Market analysts believe Russia is poised to recognize cryptocurrencies as a form of currency.

On February 4, BTC was struggling to break through the $38,000 resistance level. Six days later, it has nearly $45,000. According to CoinMarketCap, the world’s most popular cryptocurrency is up by 0.89% in the past 24-hours and is trading at $43,853. Ether is up by 3.19% and is trading at $3,184.

The altcoins are doing good as well. Terra, Avalanche, Polkadot, XRP, Cardano, Dogecoin, Shiba Inu have all gained up to nearly 2% in the past 24-hours. Polygon is the biggest gainer. Solana seems to be the biggest loser as it’s down by 0.35% in the last 24-hours. The crypto market is dominated by altcoins with 42% of market capitalization.

Edward Moya, a senior market analyst at OANDA, said that whenever a bitcoin country embraces cryptos, it’s great news for the cryptoverse. He highlighted that BTC’s price has steadied with many retail traders feeling comfortable by its market capitalization above $50,000.

It should be noted that it was a sensitive Wednesday for the crypto market. Analysts have pointed out the resistance level at $46,800. The market seems bullish by the popular crypto slight fall but overall there is a strong push for the $46,000 mark.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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