When it comes to cryptocurrency adoption, Russia has been at the forefront of the regulatory debate, with predictions showing that the country could benefit greatly from taxing digital currency transactions. The regulatory uncertainty that the country has entered, especially in the last 2 months, has naturally affected the Bitcoin investments of the citizens.
According to Kommersant data, about 60 percent of Russian investors' crypto wallets are in a dormant state. This shows that citizens are not in a hurry to play in the market, as citizens prefer to hold Bitcoin (BTC) by the company.
Uncertainty also seems to prevail in the studies on Russia's crypto money regulation. The Russian government and the Central Bank of Russia are working on a law regulating the circulation of digital currencies in the country. In addition, the Ministry of Finance continues to work on the taxation of income from crypto money transactions.
According to MEXC estimates, over 80 percent of Russian accounts have had no activity for four months or more. At the same time, this does not mean that they lose their inactivity passwords, as 68 percent of such users log into their accounts at least three times a year.
Bitcoin Is Priced At Unsafe Levels!
Bitcoin (BTC) continued its bearish habit again as it entered the weekend. The fact that the Russia-Ukraine war is at the door is shown as one of the biggest factors. With the pullback in the global markets on Friday, BTC fell to the level of $ 42,000. As of the first hours of the weekend, on the Binance exchange, BTC pinned the level of $ 41, 688. In altcoins, the situation is more dire and it is seen that there are losses of more than 10%. At the time of writing, BTC is being bought and sold at $ 42,400.
A correction to the $41,000 to $42,000 range was already expected in BTC. From here, the direction of the next price movement should be watched very carefully. Because, if BTC bounces off the current level above $45,000, it could confirm a bull market. However, a bearish break below the $39,600-40,000 support level, which is the latest to watch, indicates that the bears will take control. For this reason, investors should follow the basic support levels carefully.