Bitcoin is increasingly gaining traction as a tool for international trade in Russia. Finance Minister Anton Siluanov revealed that the country is using Bitcoin and digital financial assets (DFAs) under an experimental legal framework.
These developments come as Russia looks to mitigate reliance on traditional currencies amid geopolitical shifts. Siluanov emphasized Bitcoin’s role in “creative settlements,” positioning it as a viable alternative to the US dollar.
This adoption follows Russia’s plans to expand domestic Bitcoin mining and increase its use in sovereign-level transactions throughout 2024.
While Siluanov cautioned against cryptocurrency investments due to their speculative nature, the integration of Bitcoin into international trade bolsters its utility and demand. This strategic move is expected to positively influence Bitcoin prices, particularly as geopolitical uncertainties persist.
MicroStrategy Fuels Bitcoin Rally with Aggressive Accumulation
MicroStrategy, already renowned as a key institutional player in Bitcoin investment, announced plans to issue additional shares to expand its cryptocurrency holdings. This follows its purchase of $561 million worth of Bitcoin, marking its seventh consecutive acquisition week.
Currently trading at $98,117, Bitcoin saw a slight bump of 0.32% following the announcement, showcasing the market’s bullish sentiment.
MicroStrategy’s total Bitcoin holdings reinforce institutional confidence in digital assets, providing a layer of stability amid market volatility.
With Bitcoin’s annual growth surpassing 135%, outperforming traditional assets like gold and global equities, institutional purchases like these are likely to sustain long-term price momentum.
Ripple’s RLUSD Stablecoin Promotes Blockchain Adoption
Ripple introduced the RLUSD stablecoin on Singapore’s Independent Reserve exchange, marking its debut in the region. The stablecoin, pegged 1:1 to the US dollar, aims to streamline cross-border transactions and enhance decentralized finance (DeFi) applications.
Supported by USD reserves under strict New York financial regulations, RLUSD integrates with Ethereum and XRP Ledger networks.
While primarily focused on stablecoins, Ripple’s innovation indirectly boosts the broader cryptocurrency ecosystem, including Bitcoin, by fostering institutional and retail interest in blockchain-based financial solutions.
Bitcoin Technical Outlook: Consolidation with Bullish Potential
Bitcoin is stabilizing after completing a 50% Fibonacci retracement from its recent low of $92,126 to its high of $108,400. Trading at $98,117, Bitcoin faces immediate resistance at $102,207. A breakout could target subsequent resistance levels at $104,954 and $108,400.
Conversely, failure to hold the $100,293 pivot may lead to a pullback toward $95,717, with further downside risk at $92,139.
Technical indicators suggest neutral to bullish momentum. The Relative Strength Index (RSI) at 57.39 signals moderate buying interest, while the 50-day Exponential Moving Average (EMA) at $97,427 offers robust support. Traders should watch for a decisive move above $102,207 to confirm an upward trend.
Key Takeaways:
Russia’s Bitcoin adoption for trade highlights its growing utility in global transactions.
MicroStrategy’s continued accumulation reinforces institutional confidence and long-term price support.
Ripple’s RLUSD stablecoin launch expands blockchain adoption, indirectly supporting Bitcoin’s ecosystem.
Bitcoin’s broader integration across trade, institutional holdings, and blockchain innovations underscores its position as a transformative global asset.
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Bitcoin Stays Steady, but SOLX Presale Catches Attention
While Bitcoin’s price has remained relatively stable, there’s an emerging opportunity that has captured the attention of investors. Solaxy’s native token, $SOLX, has seen a remarkable presale success, raising over $5.34 million in a short period. This layer-two solution for the Solana blockchain promises to solve scalability issues by providing zero congestion, errors, and delays — addressing the ongoing congestion Solana has faced.
As interest grows in meme coins and the Solana ecosystem, Solaxy’s innovative solution could offer the scalability needed for the network’s future growth. With the presale ending soon, the strong capital raise suggests substantial demand for $SOLX once it hits decentralized exchanges (DEXs).
n addition to the excitement around the presale, the early success of Solaxy could also lead to potential listings on major centralized exchanges (CEXs), further boosting its prospects.
To purchase $SOLX, simply visit the Solaxy website, connect your wallet, and make a purchase using ETH, USDT, or BNB. Alternatively, you can pay with a bank card.
The post Bitcoin Price Holds Steady Near $98,000 as Russia Embraces BTC for Trade and MicroStrategy Expands Holdings appeared first on Cryptonews.
