Russia expected to regulate crypto like foreign currencies: Report
The Russian government and the country’s central bank have reached an agreement on how to regulate Bitcoin and other cryptos. Russia plans to recognize digital assets as a form of currency. “The circulation of such financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors,” reads the document published on the government site. The new legislation would bring cryptocurrencies into the same regulatory framework as foreign currencies.
Crypto prices today: Bitcoin up 0.6%, ETH up 2.8%
Bitcoin is currently trading at $43,971, a 0.6% increase over the previous day. Ethereum is up 2.8% over the last 24 hours to $3,187. Solana rose 0.6% to $112.02, while Cardano is down 0.5% to $1.18. Polygon (MATIC) is up 2.5% to $1.98. The global crypto market cap stands at $2.01 trillion, a 1.47% increase over the previous day.
Wells Fargo report argues its not ‘too late to invest’ in crypto
Banking giant Wells Fargo has published a report that says it is not too late to purchase Bitcoin and other cryptocurrencies. The report, titled “Understanding Cryptocurrency” contends with common investor arguments surrounding Bitcoin and the wider crypto markets. These include claims that investors are “too early” or “too late” to participate, while the report also considers the impact of early technology adoption.
Gucci buys land in Ethereum game The Sandbox to create Metaverse experiences
Designer clothing brand Gucci bought an undisclosed amount of virtual land on the decentralized blockchain game The Sandbox. It will create themed experiences on The Sandbox inspired by its “Gucci Vault” platform, which lists items like Gucci-themed NFTs and vintage bags. Gucci also will be releasing fashion items for Sandbox players to purchase and wear in the game’s virtual reality.
Bitcoin trades more like risk asset than inflation hedge: Bank Of America
While Bitcoin’s supply cap of 21 million could make it perfect to hold as an inflation hedge or store of value, the cryptocurrency has traded increasingly as a risk asset since July, Bank of America said in a research note. The digital asset’s volatility has fallen from the highs seen in 2013, but it remains elevated relative to the S&P 500.