Russia Lends Support To Crypto As Currency; Crypto Market Volume More Than Double

Russia’s government and central bank have reached an agreement to draft legislation or amend existing laws to recognize crypto as a form of currency, according to a statement released on Tuesday, February 8.  

This is different from the stance that Bank of Russia had taken earlier. Last month, the central bank had proposed banning mining and several other crypto operations over concerns that they were endangering the country’s financial system. 

Payment processing company PayPal has formed an advisory council to support crypto-related products and help guide the company in creating a digital financial system, said Jose Fernandez da Ponte, a senior vice president for blockchain, crypto and digital currencies at PayPal. The move is to “better understand the industry's most compelling opportunities and complex challenges,” he said.  

Crypto Volumes Shoot Up 

The global total crypto market volume rose to $416.79 billion in 24 hours, a leap of 275.44 per cent, according to Coinmarketcap.com. Volumes have been rising for a few days. It was up 44.24 per cent on January 8, to reach $109.92 billion. On February 7, the volume had climbed 9.52 per cent to reach $64.94 billion. 

The crypto market cap was at $2.00 trillion, registering an increase of 0.49 per cent in the last 24 hours. 

Crypto Coin Price Change  

BoleToken (BOLE) became the biggest gainer, recording a rise of 1,082.76 per cent. It was trading at $0.0009859 at 5:45 pm. Colligo (COTK) witnessed the maximum loss, falling 92.95 per cent. It was trading at $0.0001419, according to Coinmarketcap. 

Meanwhile, the price of Bitcoin was up by 0.87 per cent. The oldest cryptocurrency was trading at $43,740.62 at 5:45 pm, according to Coinmarketcap.com. However, its dominance in the crypto market was 41.44 per cent, down by 0.27 per cent in the last 24 hours.   

Ethereum (ETH) was trading at $3,153.36, with a rise of 1.89 per cent in the last 24 hours, while Binance Coin (BNB) was down by 1.13 per cent over the same period and was trading at $419.78. Solana (SOL) up by 0.05 per cent to $113.63 and Cardano (ADA) was up by 0.70 per cent to $1.20. 

Meme Coins   

All major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have shown minimal change in the last 24 hours.  

Dogecoin was down by 0.75 per cent while trading at $0.1578 at 4:15 pm. Rival Shiba Inu was down by 2.74 per cent and was trading at $0.0000319, Dogelon Mars up by 2.36 per cent and was trading at $0.000001117, while Samoyedcoin was trading at $0.02718 and recorded a fall of 1.02 per cent.