Bitcoin Rises As Russia's Rule Allows Retail Investors To Buy

Bitcoin Rises as Russia’s Rule Allows Retail Investors to Buy

Bitcoin (BTC) is on the rise in the crypto market, trading near $80,000 over the last 24 hours, according to data from a crypto exchange.

The market reacted to Russia’s adoption of BTC into its new regulated framework, which allows retail investors to buy Bitcoin and other crypto assets under strict limits and under the Bank of Russia’s oversight.

BTC is hovering around $80k on Sunday, with trading volume having fallen sharply over the last 24 hours. The digital asset had surpassed its current level but was pulled back by sell-offs.

Over the last 24 hours, BTC trading volume fell by 33%, with $20 billion in transaction value. BTC slid below $80,000 after August payrolls came in at 162,000, erasing a rally built on Fed Governor Waller’s signal that he could support holding rates steady.

Nonfarm payrolls rose by 162,000 in August, while the unemployment rate held at 4.1%, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones had expected 53,000, CNBC reported, while a FactSet poll cited by CNN put it at 65,000.

Moscow now allows non-qualified retail investors to buy limited amounts of approved crypto annually via regulated intermediaries, while keeping a ban on domestic crypto payments.