Cryptocurrency Market News: Putin signs bill on cryptocurrencies while Bitcoin continues soaring

Here is what you need to know on Saturday 1, August

BTC/USD had a small breakout above $11,394, hitting $11,444 for the first time since 2019 and remains trading at around $11,305. 

ETH/USD is doing better with a 3% price increment and hitting a new 2020-high. The next barrier for ETH is located at $366.

XRP/USD is the winner with a 5% move towards $0.256 but remains weaker overall as it is one of the few major coins that hasn’t broken its 2020-high.

Ocean Protocol, one of the best performing altcoins in 2020 has surged again with a 25% price appreciation hitting a new all-time high at $0.211. Ampleforth also bounced getting close to $1, both coins have been rumored to be on Coinbase’s possible next listing options. 

Chart of the day: XRP/USD daily chart

Market

According to Russian media Putin just signed a law on the regulation of cryptocurrencies. From 2021, digital assets can be used as collateral, and exchange of one type of digital asset for another.  

The legislator is the one that defines cryptocurrencies as a means of payment, savings, or investment but is still prohibited to pay for goods and services in Russia, stated Anatoly Aksakov, head of the State Duma Committee on the Financial Market.

At the same time, the Indian Government just confirmed that a crypto bill is currently awaiting approval. India has been fighting against cryptocurrencies for a long time, the bill was created in 2019 but there has been no real progress until now. 

Industry

Celsius Network, a crypto platform providing financial services like staking and savings has announced the offer of 26 different cryptos as loan collaterals. The platform offers amazing returns like the 11.9% APY on Binance’s BUSD. 

Quote of the day

Those who believe in Bitcoin also believe in cleverness.

― Arif Naseem