Bitcoin (BTC) Price Jumps 7.63% to $61,285 After Russia Legalizes Mining

The crypto market, after witnessing a slump recently, is jumping back to recovery as indicated by the crypto charts on Friday, August 9.

Cryptocurrency prices rose on Friday, with Bitcoin and Ether both notching gains of over 7 percent, as legalisation of BTC mining in Russia spurred demand for digital tokens.

Bitcoin rose 7.63 percent in the last 24 hours to trade at $61,285 (roughly Rs. 51.4 lakh) at 11:08am IST, according to data from CoinMarketCap. The world's largest cryptocurrency had fallen below the key level of $60,000 (roughly Rs. 50.1 lakh) earlier this week.

On Indian exchanges, Bitcoin was trading at a premium, with prices on CoinDCX reaching $65,545 (roughly Rs. 55 lakh). This premium comes amid a clampdown on crypto exchanges by the Enforcement Directorate (ED).

The legalisation of BTC mining in Russia is the most recent development that has spiked crypto prices overnight.

“Bitcoin has breached through key resistance levels and has invalidated last weekend's decline. News that Russia has legalised Bitcoin mining plus anticipation of US interest rate cuts may have contributed to this shift,” Giottus CEO Vikram Subburaj told Gadgets 360.

Ether rose 8.17 percent to trade at $2,527 (roughly Rs. 2.12 lakh), showed the crypto price tracker by Gadgets 360. With this price gain, Ether has managed to break its downtrend against Bitcoin.

“For ETH, it's crucial to gain above $2,800 (roughly Rs. 2.35 lakh) to maintain its momentum,” the CoinDCX research team told Gadgets 360.

Tether, Solana, Dogecoin, Cardano, Tron, Avalanche, Polkadot, and Chainlink recorded profits alongside BTC and ETH on Friday.

Leo, Litecoin, Polygon, Stellar, Cronos, and Cosmos also made profits.

“This uptick is driven by renewed investor confidence and optimism, particularly in response to recent regulatory developments that have eased market tensions. However, analysts warn that this recovery could be marked by volatility, with price swings likely as the market contends with external influences and shifting dynamics,” the CoinSwitch Markets Desk told Gadgets 360.

The overall crypto market cap rose 6.64 percent in the last 24 hours, reaching $2.15 trillion (roughly Rs. 1,80,41,649 crore), according to CoinMarketCap.

Shiba Inu, Near Protocol, Uniswap, and Aave were among the cryptocurrencies that recorded losses on Friday.

“The recent announcement of Morgan Stanley's plan to offer Bitcoin ETFs to its wealthy clients further fuels optimism in the market. The positive momentum in the crypto market is expected to continue with a surge in prices as the market recovers from the recent downturn,” BuyUcoin CEO Shivam Thakral told Gadgets 360.

The above is the detailed content of Bitcoin (BTC) Price Jumps 7.63% to $61,285 After Russia Legalizes Mining. For more information, please follow other related articles on the PHP Chinese website!