The cryptocurrency market was splashed with green early Thursday morning as top tokens, including Bitcoin and Ethereum, saw a price surge. The global market cap was up 0.91% at $2.01 trillion as of 1.43 a.m. ET. News that Russia plans to regulate cryptos instead of banning them seems to have helped the surge.
Russian reports said Wednesday that the country may recognize cryptos as a form of currency as the central bank and the government reached an agreement to regulate the digital assets.
Bitcoin rose 0.59% to $43,955. Competitor Ether surged 2.83% to $3,185, CoinMarketCap data showed.
Barring a slight downward shift in USD Coin price, all top cryptos were trading higher. Meme cryptos Shiba Inu and Dogecoin rose too.
The market turned bullish after the news of the Russian government’s decision broke. “The“unexpected” move can be viewed as a positive for the industry, demonstrating that regulators and policymakers are also starting to realise the potential crypto has, and its likelihood of continued proliferation across the globe,” Indian exchange CoinDCX Research Team told International Business Times.
“With the presence of regulatory clarity, institutions such as pensions, endowments and family offices, can now take exposure to crypto with greater ease, essentially opening the floodgates for mainstream adoption in Russia.”
In other news, the world’s largest asset manager BlackRock is reportedly planning to offer a Bitcoin trading service to its clients. The firm would let its clients get access to loans by putting up cryptocurrency as collateral. Morgan Stanley released a 20-page primer on Ethereum that detailed how the top coin is a better bet than Bitcoin.
The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.
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