In a significant increase for the largest cryptocurrency on the market, Bitcoin (BTC) is up nearly 9% in the last 24 hours, moving closer to the coveted $60,000 milestone. This price increase comes after BTC posted a 7-month low of $49,000 earlier this week amid general market uncertainty.
This crypto boom is fueled by a significant development in Russia: President Vladimir Putin has officially signed a law legalizing cryptocurrency mining in the country.
Russia formalizes rules for crypto mining
According to a Local media reportThe new law introduces several legal concepts related to the crypto 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 part of the digital currency turnover and not as the issuance of the currency itself, paving the way for a regulated and controlled Crypto mining Ecosystem in Russia.
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According to the new law, only Russian legal entities and individual entrepreneurs will be allowed to mine cryptocurrencies in a special registry. However, individuals who do not exceed the energy consumption limits set by the government will also be able to mine without being part of the registry.
The law also allows trading in foreign digital financial assets on Russian blockchain platforms and gives the Russian Central Bank the authority to regulate the placement of individual Problems with the digital currency if they pose a threat to the country’s financial stability.
The Russian government’s move is in line with previous statements by President Putin, who acknowledged the promising economic potential of digital currencies and stressed the importance of Russia “seizing the moment” to create the necessary legal framework and infrastructure for the circulation of digital assets.
The new law is expected to come into force ten days after its official publication, although some provisions will have different effective dates.
Bitcoin price targets in focus
In a analysis Regarding the recent price action, technical analyst Crypto Con claims that Bitcoin recently bounced off “Level 2” of the Magic Bands at $55,444 and is maintaining its course towards the Level 3 target, which currently stands at $94,302.
Crypto Con further notes that this also means that the cycle top band has risen to the $128,000 mark, with the analyst also claiming that this top will “grow a lot more” as the price hits new All-time highs.
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In a parallel analysis, analyst Rekt Capital evaluated the current price dynamics of Bitcoin. notes the cryptocurrency’s continued bullish momentum as it consolidates around the $59,000 mark.
According to Rekt’s analysis, reclaiming the $60,600 support level is crucial for Bitcoin price to further consolidate its current uptrend and potentially reach the $65,000 mark.
Featured image of DALL-E, chart from TradingView.com
