{"id":634172,"date":"2024-08-09T09:00:01","date_gmt":"2024-08-09T09:00:01","guid":{"rendered":"https:\/\/ktsl888.com\/?p=634172"},"modified":"2024-08-08T20:20:50","modified_gmt":"2024-08-08T20:20:50","slug":"bitcoin-nears-60000-as-putin-signs-law-legalizing-crypto-mining-in-russia","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-nears-60000-as-putin-signs-law-legalizing-crypto-mining-in-russia\/","title":{"rendered":"Bitcoin Nears $60,000 As Putin Signs Law Legalizing Crypto Mining In Russia"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In a significant boost for the largest cryptocurrency on the market, Bitcoin (BTC) has surged nearly 9% in the last 24 hours, inching closer to the coveted $60,000 milestone. This price rally comes after BTC hit a <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/crypto-liquidations-1-billion-bitcoin-crashes-52000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">7-month low<\/span><\/a><span style=\"font-weight: 400\"> of $49,000 earlier this week amid broader market uncertainty.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Fueling this crypto resurgence is a significant development in Russia, where President Vladimir Putin has officially signed a law legalizing cryptocurrency mining in the country.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Russia Formalizes Crypto Mining Rules<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to a <\/span><a href=\"https:\/\/tass.com\/economy\/1826725\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">local media report<\/span><\/a><span style=\"font-weight: 400\">, the 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 who organizes mining pool activities.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 <\/span><span style=\"margin: 0px;padding: 0px\">crypto<a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/\" target=\"_blank\" rel=\"noopener \">-mining<\/a><\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">\u00a0ecosystem<\/span><\/a><span style=\"font-weight: 400\"> in Russia.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/xrp-news\/crypto-analyst-xrp-price-path-post-sec-lawsuit\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Forecasts XRP Price Path Post-SEC Lawsuit Resolution<\/a><\/div>\n<p><span style=\"font-weight: 400\">Under the new law, only Russian legal entities and individual entrepreneurs in a special register will have the right to mine cryptocurrencies. However, individuals who do not exceed the government-set energy consumption limits can engage in mining without being part of the register.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The legislation also allows for the trading of foreign digital financial assets on Russian blockchain platforms while granting the Central Bank of Russia the authority to ban the placement of individual <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/trump-floats-bitcoin-payments-as-solution-to-35-trillion-us-debt-crisis\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">digital currency issues<\/span><\/a><span style=\"font-weight: 400\"> if they pose a threat to the country&#8217;s financial stability.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The move by the Russian government aligns with President Putin&#8217;s previous statements, where he acknowledged the promising economic potential of digital currencies and the importance of Russia &#8220;seizing the moment&#8221; to create the necessary legal framework and infrastructure for the circulation of digital assets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The new law is set to come into force 10 days after its official publication, with some provisions subject to different effective dates.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Price Targets In Focus<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In an <\/span><a href=\"https:\/\/x.com\/CryptoCon_\/status\/00179619\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">analysis <\/span><\/a><span style=\"font-weight: 400\">of the recent price action, technical analyst Crypto Con claims that Bitcoin has recently bounced off the &#8220;Level 2&#8221; of the Magic Bands at $55,444 and is maintaining its trajectory toward the Level 3 target, which now stands at $94,302.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 &#8220;grow much more&#8221; as the price conquers new <\/span><a href=\"https:\/\/ktsl888.com\/altcoin\/mid-cap-altcoin-surge-1100\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">all-time highs<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/polkadot-dot\/polkadot-dot-bulls-push-toward-4-8-resistance-breakout-ahead\/\" target=\"_blank\" rel=\"noopener \">Polkadot (DOT) Bulls Push Toward $4.8 Resistance, Breakout Ahead?<\/a><\/div>\n<p><span style=\"font-weight: 400\">In a parallel analysis, analyst Rekt Capital has weighed in on Bitcoin&#8217;s current price dynamics, <\/span><a href=\"https:\/\/x.com\/rektcapital\/status\/07872843\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">noting <\/span><\/a><span style=\"font-weight: 400\">the cryptocurrency&#8217;s continued upward momentum as it consolidates around the $59,000 mark.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Rekt&#8217;s analysis, regaining $60,600 as a support level is crucial for the Bitcoin price to solidify its current bullish trend further and potentially climb to the $65,000 threshold.\u00a0<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/sw2vPHE4\/\" alt=\"Bitcoin\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows BTC&#8217;s price surge in the past few days. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a significant boost for the largest cryptocurrency on the market, Bitcoin (BTC) has surged nearly 9% in the last 24 hours, inching closer to the coveted $60,000 milestone. This price rally comes after BTC hit a 7-month low of $49,000 earlier this week amid broader market uncertainty. Fueling this crypto resurgence is a significant development in Russia, where President Vladimir Putin has officially signed a law legalizing cryptocurrency mining in the country.\u00a0 Russia Formalizes Crypto Mining Rules According to a local media report, the 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 who organizes 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 crypto-mining\u00a0ecosystem in Russia. Related Reading: Crypto Analyst Forecasts XRP Price Path Post-SEC Lawsuit Resolution Under the new law, only Russian legal entities and individual entrepreneurs in a special register will have the right to mine cryptocurrencies. However, individuals who do not exceed the government-set energy consumption limits can engage in mining without being part of the register. The legislation also allows for the trading of foreign digital financial assets on Russian blockchain platforms while granting the Central Bank of Russia the authority to ban the placement of individual digital currency issues if they pose a threat to the country&#8217;s financial stability. The move by the Russian government aligns with President Putin&#8217;s previous statements, where he acknowledged the promising economic potential of digital currencies and the importance of Russia &#8220;seizing the moment&#8221; to create the necessary legal framework and infrastructure for the circulation of digital assets. The new law is set to come into force 10 days after its official publication, with some provisions subject to different effective dates.\u00a0 Bitcoin Price Targets In Focus In an analysis of the recent price action, technical analyst Crypto Con claims that Bitcoin has recently bounced off the &#8220;Level 2&#8221; of the Magic Bands at $55,444 and is maintaining its trajectory toward the Level 3 target, which now stands at $94,302.\u00a0 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 &#8220;grow much more&#8221; as the price conquers new all-time highs. Related Reading: Polkadot (DOT) Bulls Push Toward $4.8 Resistance, Breakout Ahead? In a parallel analysis, analyst Rekt Capital has weighed in on Bitcoin&#8217;s current price dynamics, noting the cryptocurrency&#8217;s continued upward momentum as it consolidates around the $59,000 mark.\u00a0 According to Rekt&#8217;s analysis, regaining $60,600 as a support level is crucial for the Bitcoin price to solidify its current bullish trend further and potentially climb to the $65,000 threshold.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":627683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,89453,656,679,755,1119,1144,8390,78790,6664,11450,14690,89241],"class_list":["post-634172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-mining-news","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-mining","tag-crypto-news","tag-mining-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Nears $60,000 As Putin Signs Law Legalizing Crypto Mining In Russia<\/title>\n<meta name=\"description\" content=\"Bitcoin has surged nearly 9% in the last 24 hours, inching closer to the 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