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Russia President Putin Signs Law Recognizing Bitcoin and Crypto as Property, Exempting Them from VAT

Albert Brown
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Russia President Putin Signs Law Recognizing Bitcoin and Crypto as Property, Exempting Them from VAT

Today, Russian President Vladimir Putin approved new legislation establishing a taxation framework for cryptocurrencies, recognizing digital assets like Bitcoin as property.

The announcement was made official by its publication on the Russian legal acts website. The bill had already received approval from the Federation Council.

The bill classifies crypto as property under the Russian Internal Revenue Code, implementing a tax framework for the digital asset industry. Notably, the legislation exempts cryptocurrency mining and sales from value-added tax (VAT), creating a distinctive regulatory approach to digital asset operations.

Bitcoin Mining Income Taxation

The new law introduces tax obligations and reporting requirements for cryptocurrency mining companies. Mining income will be taxed as personal income, with a 13% tax rate. Starting in 2025, this rate will rise to 15% for annual incomes exceeding 2.4 million rubles (approximately $28,800).

Additionally, mining firms will be required to report user data to the authorities, tightening compliance measures. The law’s passage through both houses of parliament marks a significant milestone in Russia’s regulatory efforts. 

Trials for Cross-Border Transactions

In September, Russia launched a trial aimed at testing cryptocurrency use in exchanges and cross-border transactions. According to reports, these trials utilize the National Payment Card System to facilitate exchanges between rubles and cryptocurrencies.

The trials sought to address payment challenges faced by Russian businesses amid heightened international sanctions. These sanctions have increasingly restricted financial transactions, making traditional payment methods difficult for local and international companies.

Legalizing Crypto Mining

Meanwhile, Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in August. Under the law, only Russian legal entities and individual entrepreneurs registered with the government may engage in mining activities.

However, individual miners are exempt from this requirement if their energy consumption remains within government-defined limits.

The legislation also allows foreign digital financial assets to be traded on Russian crypto platforms, with the Bank of Russia retaining the authority to restrict listings if they threaten the nation’s financial stability.

In a government meeting on economic matters, Putin emphasized the urgency of creating a legal framework, building infrastructure, and fostering an environment conducive to circulating cryptocurrencies, highlighting their potential for economic growth.

Hold 10,000 XRP Before 2025 or Risk Missing Out, Expert Warns

Abdulkarim Abdulwahab
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Hold 10,000 XRP Before 2025 or Risk Missing Out, Expert Warns

Market commentator Robert Doyle, widely known as Crypto Sensei, has sent a bold message to crypto investors concerning XRP.

According to him, one needs to own 10,000 XRP before 2025, or they may miss out on what’s expected to come. Doyle believes XRP is poised for massive growth due to its unique position in the future of global finance.

Analysis of XRP Potential in Global Finance

In a recent video, Crypto Sensei discussed how Ripple’s technology is gaining increasing trust from central banks worldwide, which he sees as a critical driver of XRP’s potential future value.

“XRP has been at the forefront of innovation for the last 10 years,” he explained, “central banks trust Ripple, and that trust is crucial as digital currencies and CBDCs begin to reshape the financial landscape.”

He also made an important distinction between stablecoins and the role XRP could play in global trade, saying:

“Stablecoins aren’t the answer here. The goal is to have a cryptocurrency that the central bank decides to use to settle transactions instantaneously.”

He believes the XRP Ledger is ideally suited for this purpose, which, in his view, could lead to XRP becoming a central hub for cross-border transactions.

Furthermore, Doyle emphasized that as the world increasingly shifts toward tokenization of assets and digital currencies, XRP is well-positioned to capture a significant portion of global trade flows.

“If XRP becomes the hub for a lot of the world’s trade, you’re talking about an XRP value in the high three to four digits,” he predicted, “That’s how significant the impact could be.”

Will Holding 10,000 XRP Make One a Millionaire?

Notably, XRP is worth $1.62 today after seeing a surge of 10.35%. Essentially, Crypto Sensei is projecting a future price range for XRP between $100 and $9,999, based on its role in the global money market.

His recommendation for enthusiasts to accumulate 10,000 tokens before 2025 suggests the average investor should commit $16,200 to XRP. However, critics have lamented that this amount is out of reach for many, especially retail investors.

Meanwhile, given his bold projection for XRP, he theoretically suggests that holders of this large number of tokens could make between $1 million and $100 million in the hypothetical future when XRP surpasses $100. For those seeking the XRP latest news and insights, it’s essential to consider that this projection remains highly speculative, as many other analysts have dismissed the possibility of XRP reaching anywhere close to between $100 and $9,999 in the near future.

Algorand (ALGO) 225% Rally Now Targets $1.17 and $2 Prices

Albert Brown
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Algorand (ALGO) 225% Rally Now Targets $1.17 and $2 Prices

Will Algorand (ALGO) surpass the $1 psychological milestone as the recovery run extends for the fourth week?

Algorand is gaining traction in the cryptocurrency market, inching closer to a $3 billion market valuation. After being an underperformer, the optimistic outlook for ALGO is beginning to take shape under the new Donald Trump administration.

But will the recovery rally in Algorand prices continue after four consecutive positive weeks? Let’s take a closer look.

Algorand Price Analysis

The Algorand price action showcases a bullish breakout of a long-coming resistance trend line in the weekly chart. The current recovery run started with a bullish engulfing candle formed in the early week of November. 

Algorand Price Chart
Algorand Price Chart

This accounted for a 32% surge, creating the first bullish engulfing candle in this recovery rally’s weekly chart. Since then, Algorand’s price action has formed four consecutive bullish candles and has surpassed the $0.35 mark. 

Starting from the $0.10 psychological mark, the bull run now accounts for a 225% surge. The breakout rally is challenging the 200-week EMA line, slightly below the 50% Fibonacci level. 

Following the bullish crossover of the 100-week EMA line, the upward movement in the 50-week EMA line increases the likelihood of another bullish crossover. With the ongoing recovery, the merged MACD and signal lines have significantly diverged in a bullish alignment, and the positive histograms have surged.

As a result, the technical indicators maintain a positive outlook for the upcoming Algorand price trend. The current rally is testing a long-standing resistance level that has capped the Algorand price since late 2022.

Algorand Price Targets

Along with the Fibonacci level, a high-supply resistance zone extending from $0.36 to $0.39 presents the immediate bearish obstacle.

A bullish breakout above this level would signal a change in market character and could propel the price toward the 78.60% Fibonacci level. The key Fibonacci level stands at $1.17, followed by the next price target at $2.37.

On the other hand, if the bullish momentum fails, the price may retest the 100-week EMA at $0.2278, with the next support level at $0.1711.

Hedera (HBAR) 250% Bull Run Continues, Eyes $0.20 Target with Flag Pattern

Albert Brown
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Hedera (HBAR) 250% Bull Run Continues, Eyes $0.20 Target with Flag Pattern

Will the parabolic rally in Hedera (HBAR) continue to surpass the $0.20 psychological mark? 

With the Bitcoin price back in action and surpassing the $96,000 mark, altcoins are heating up again. One of the top-performing altcoins is Hedera, which surged in price by 7.12% in 24 hours.

It has risen nearly 15% for the past week and is inching closer to the $6 billion market cap. Will Hedera witness a parabolic recovery run as it moves to surpass the $0.15 psychological mark? Let’s take a closer look.

Hedera Price Analysis

In the weekly chart, the HBAR price trend showcases a sudden bullish reversal. Three consecutive bullish candles account for a price jump of more than 250% from the bottom of $0.041 to the current market price of $0.15. 

Hedera Price Chart
Hedera Price Chart

Based on the Fibonacci levels in the weekly chart, Hedera has surpassed the 50% Fibonacci level and has broken a long-coming resistance trend line. The MACD indicators have given a positive crossover and have skyrocketed with skyscraping bullish histograms. 

Furthermore, the 50- and 100-week EMAs are ready for a positive crossover, reflecting a trend reversal. 

In the 4-hour chart, the Hedera recovery rally creates a rising channel after a parabolic recovery, creating an extremely bullish pattern. Using trend-based Fibonacci levels, the rising trend is approaching the 23.6% level and is heading towards the immediate price resistance at $0.16237.

Hedera 4-hour Price Chart
Hedera 4-hour Price Chart

Moreover, Hedera has been consistently supported by the 50, 100, and 200 EMAs on the 4-hour chart, all of which maintain a positive alignment. The MACD and signal lines have also given a new positive crossover as Hedera’s price bounces off the support trendline.

HBAR Targets $0.20 Breakout 

Based on the current price trend, the bull run is preparing a channel breakout to target the $0.197 and $0.230 levels. Hence, the Hedera price trend shows massive upside potential. 

Conversely, a bullish turnaround from the 23.60% Fibonacci level will keep the bull run under check. Further, it might potentially retest the $0.1186.

5 Key Indicators Show Bitcoin Still Far from Cycle Top: Details

Albert Brown
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5 Key Indicators Show Bitcoin Still Far from Cycle Top: Details

Experts highlight key indicators suggesting Bitcoin still has significant room to grow before reaching its market cycle top.

Bitcoin has seen a significant price rebound after a brief dip below $91,000 on November 26. Following this drop, bullish momentum reignited, propelling Bitcoin to a high of $97,300 within the past day. 

As of today, the crypto is trading at $96,268.02, reflecting a 0.81% increase in the last 24 hours but a -2.57% decline over the past seven days. Analysts suggest the crypto may still have room for further growth, with investor sentiment and market trends supporting a potential rally continuation.

Insights from Public Search Interest on Bitcoin

Recent Google Trends data, which reflects retail investor interest, shows that search interest for Bitcoin has spiked this month. However, the overall levels remain below the euphoric highs of 2021.

According to analyst Ali Martinez, the present statistics point to subdued retail participation and highlight the potential for Bitcoin to grow further before reaching a new market top.

Market sentiment also supports this view. An analyst using the Pi Cycle Top Indicator notes that Bitcoin’s market cycle peaks have historically been marked by the 111-day moving average (MA111) crossing above twice the 350-day moving average (MA350×2).

Currently, the gap between these two moving averages is narrowing, signaling the possibility of an impending parabolic rally.

This pattern mirrors trends observed in 2020, which preceded Bitcoin’s bull market peak in 2021, lending weight to the argument for further upward momentum. The analyst also stated on X that this approach has consistently proven accurate.

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Technical Indicators Highlight Bullish Momentum

Technical indicators further bolster the bullish outlook. Bitcoin recently broke above the upper Bollinger Band in mid-November, signaling strong upward momentum. Following this rally, Bitcoin has consolidated near the middle band and is now moving toward the upper band again, suggesting the trend is likely to continue rather than reverse.

BTCUSDT 1-day Chart
BTCUSDT 1-day Chart

The Relative Strength Index (RSI), currently at 67.22, also supports this analysis. Since it remains below the overbought threshold of 70, it indicates that Bitcoin is still in a strong bullish trend but has not yet reached extreme overbought conditions, leaving room for further price increases.

On-Chain Data Supports Positive Sentiment

On-chain data also paints a promising picture for Bitcoin. More than 80% of Bitcoin addresses purchased their holdings at a price lower than the current market value, indicating that most holders are still in profit.

BTC IOMAP IntoTheBlock
BTC IOMAP IntoTheBlock

Resistance levels, notably in the $96,225 to $98,490 range, are not heavily concentrated, leaving ample space for further price growth. With minimal activity around the current price and a clear upward trajectory, market conditions appear favorable for continued bullish momentum.

Swiss Parliament Approves Bitcoin Mining Study to Balance Grid and Use Surplus Energy

Albert Brown
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Swiss Parliament Approves Bitcoin Mining Study to Balance Grid and Use Surplus Energy

The Canton of Bern in Switzerland has made a significant move toward exploring Bitcoin mining, with its Parliament passing a bill by a vote of 85 in favor to 46 against.

Introduced in March by a 23-member multi-party Parliamentary Group, the legislation focuses on leveraging surplus energy for Bitcoin mining while promoting the use of renewable energy sources. The aim is to address energy grid stability and advance the region’s economic goals through technology-driven solutions.

Bern Parliament Explores Bitcoin Mining

Despite opposition from the Government Council, the Bern Parliament approved a proposal to examine Bitcoin mining’s impact on the canton. Dennis Porter, the CEO and Co-Founder of the Satoshi Action Fund, played a key role in drafting the legislation, as noted in his social media announcement on November 28.

Porter previously contributed to Bitcoin rights legislation in Pennsylvania, U.S., and extended his expertise to this initiative in Switzerland.

The proposed study will assess the feasibility of utilizing Bern’s surplus energy for mining operations, emphasizing renewable energy sources to ensure sustainability. The focus aligns with the canton’s efforts to optimize energy usage, stabilize the electricity grid, and promote economic opportunities such as job creation.

Texas Model Inspires Bern’s Energy Strategy

Drawing inspiration from Texas, USA, the Parliamentary Group seeks to replicate its model of integrating Bitcoin mining into energy policies. Local reports highlight the group’s ambition to use Bitcoin mining as a tool to balance the energy grid.

The model emphasizes the dual benefits of energy optimization and economic development, aiming to position Bern as a favorable destination for Bitcoin mining firms.

Notably, Swiss law does not recognize Bitcoin as a legal tender, keeping it outside the regulatory purview of the Swiss National Bank.

Swiss city Honors Bitcoin’s Founder

As Bern takes steps toward Bitcoin mining, another Swiss city, Lugano, has recently made headlines for its tribute to Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

On November 24, Lugano unveiled a statue dedicated to Nakamoto, part of the 2024 Plan B Lugano forum. The initiative was a collaboration between the City of Lugano, Plan B, and Tether.

The monument, located at Lugano’s Villa Ciani, represents Nakamoto’s anonymity. The sculpture features a covered figure holding a personal computer, which transforms into an abstract form when viewed from different angles.

Tether’s CEO noted that the statue commemorates Nakamoto’s influence on global financial systems, underscoring his role in fostering decentralized innovation.

Cardano Short-Term Holders Add 3B+ ADA in a Month: What Does History Tell Us?

Mark Brennan
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Cardano Short-Term Holders Add 3B+ ADA in a Month: What Does History Tell Us?

Cardano short-term holders (STHs) have added over 3 billion ADA to their stash since October, but history suggests this could be concerning.

The broader market recovery has so far benefited Cardano (ADA), as the altcoin leverages the ongoing momentum to recover the pivotal $1 price territory after giving it up days ago.

Cardano STHs Add 3B+ ADA in November

In today’s ADA news now, Amid this upsurge, the Cardano network appears to be welcoming new investors. Data from IntoTheBlock indicates that traders (investors who have held ADA for less than a month) now hold 8.42 billion worth $9 billion at press time, marking an 8-month peak in their balance.

Cardano STHs IntoTheBlock
Cardano STHs | IntoTheBlock

The last time this tier of investors held this much balance was in March when ADA traded for $0.6208. The current 8.42 billion ADA figure suggests that these addresses procured 3.15 billion ADA this month, as their initial holdings stood at 5.27 billion ADA on Nov. 5.

Recall that Nov. 5 marked the decisive moment in the ongoing market uptrend, with pro-crypto Donald Trump’s election victory triggering a bull phase amid large accumulations, including the purchases by short-term ADA holders.

A Bearish Signal

Nonetheless, historical data suggests that a spike in these addresses’ holdings often leads to price corrections or consolidation. For instance, in January 2022, as ADA soared to $1.53, these investors increased their holdings to 11 billion ADA weeks later. 

However, Cardano eventually collapsed to $0.82 shortly after, coinciding with a drop in their balances. Also, earlier in the year, when ADA soared to $0.75 on March 13, the balance of these holders surged to a peak of 8.4 billion ADA nine days later.

After this surge, ADA witnessed a price correction that saw it drop to $0.45 in mid-April, with these addresses eventually reducing their holdings to 5.49 billion ADA. Now that Cardano has reclaimed the $1 mark, these addresses have again entered the market.

Notably, these investors represent individuals who FOMO into the market following a price surge and then eventually dump their holdings at the first sight of resistance, resulting in further selling pressure and contributing to the price correction.

Cardano Could See Support from Whale Accumulation

However, The Crypto Basic confirmed earlier this week that Cardano whales appear to have also entered the market. If these whales absorb the supply sold by these short-term holders when ADA hits a roadblock, this could help mitigate the chances of a collapse.

Also, the founder of Merit Shillers highlighted a spike in Cardano’s on-chain activity, with over 840,000 transactions and fees reaching 279,000 ADA—the highest since March 2022. 

He noted that, unlike its earlier speculative use, ADA had shown steady growth in holders since July 2022. According to him, this suggests increased confidence in the Cardano blockchain and its ecosystem. At press time, ADA trades for $1.06, up 6.6% over the last 24 hours.

Shiba Inu Lead Distances Himself from This Memecoin Amid Its Partnership with SHIB

Lele Jima
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Shiba Inu Lead Distances Himself from This Memecoin Amid Its Partnership with SHIB

Shiba Inu lead developer, Shytoshi Kusama, denies involvement with Ethereum-based cat-themed memecoin Shiro Neko. 

Shiro Neko and Shiba Inu Partners for Dual-Staking Initiative 

Yesterday, the Shiba Inu ecosystem’s official X handle announced what it described as “crypto’s fiercest collaboration” between its team and Shiro Neko (SHIRO). 

Following the partnership, Shiro Neko will introduce a dual-staking initiative after its highly anticipated launch on December 2. The initiative would be a major win for both SHIRO and SHIB holders, as they can stake their tokens together. Notably, users who stake SHIB will receive SHIRO rewards, while those who lock up SHIRO will be rewarded in SHIB. 

Kusama Reacts as Community Raises Concern About Shiro Neko Legitimacy 

As expected, several Shiba Inu community members celebrated the move, believing the initiative could further drive SHIB’s adoption. However, some users expressed concern about the legitimacy of the Shiro Neko team. 

Widely-followed community figure Danoshi sarcastically suggested to Kusama that the partnership between Shiba Inu and Shiro Neko “is not scammy.” 

However, Kusama cautioned against mentioning his name in the conversation. He explicitly stated that he has no involvement with Shiro Neko, distancing himself from the project. 

Early Engagement Between Shiro Neko and Shiba Inu 

Concerns about Shiro Neko’s legitimacy come a month after Shiba Inu’s community-driven scam channel, Susbarium, issued a warning about the project. 

Shiro Neiko, which initially sought a partnership with Shiba Inu last month, burned 5.58 billion SHIB in one transaction. Following the burn, the team behind SHIRO asked whether it could become friends with Shiba Inu. 

A few minutes later, Susbarium encouraged Shiba Inu community members to be wary of new projects burning SHIB as a promotional strategy for their token. Although it did not label SHIRO a scam, Susbarium urged investors to conduct due diligence before investing in the token. 

Several weeks after the warning, Shiba Inu officially has now partnered with Shiro Neko for its dual-staking launch, raising discussions about its legitimacy.

Top Analyst Says Solana Ready for New ATH

Mark Brennan
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While the Solana (SOL) bull run briefly stalled after hitting a peak, analysts believe a new all-time high is in the works, with some entering long positions ahead of the expected rally.

Six days ago, Solana shattered its 2021 all-time high and established a new peak, coinciding with Bitcoin’s ongoing price discovery phase. However, unlike Bitcoin, Solana’s rally quickly faded after surpassing its previous ATH without venturing far into new price territory, as the token retraced soon after.

Specifically, Solana hit an ATH of $264 last Saturday, while its 2021 peak was $260. Interestingly, SOL’s price has since dropped to $222 after this new top. However, analysts remain optimistic, believing Solana is poised for a new price top.

Solana Ready for New ATH

Today’s SOL crypto news: In an analysis shared on TradingView, market watcher NuriGG suggested that Solana is primed for a new all-time high. Convinced by his technical analysis, NuriGG revealed that he opened a long position in SOL, positioning for the ATH rally.

Notably, he entered the long position on SOL around the $230 level, targeting a price of $294.25. The setup represents a calculated risk with a risk/reward ratio of 5.08, meaning the trader targets a 5X return on the amount he is risking.

The Technical Breakdown

Analyzing the 4-hour chart, NuriGG identified a clear ascending channel pattern, indicating bullish momentum for Solana. With an entry price of $230, the analyst has set a stop-loss at $216.15 to mitigate downside risks. At the same time, he is targeting a potential profit of 28.49% at $294.25.

At the target level, the trade could yield a profit of approximately $2,269.46, based on a position of 19.455 SOL tokens. Conversely, at the stop-loss level, the trader looks at potential losses of $750. Notably, this trader committed around $6,535 to the trade.

Solana Trading View SOL to All time high
Solana: Trading View

Considering that Solana has already surged to $240 since NuriGG opened the position, the trade is currently profitable. It has an unrealized gain of around $252 as the market price has moved favorably since the entry.

Other analysts on TradingView are also targeting around $300 as Solana’s next all-time high. This is expected within the next few days as anticipation of Bitcoin reaching $100K regains momentum. At press time, Bitcoin is hovering above $96,000.

Bitcoin to $100,000? CNBC Confirms Analysts Split Over Psychological Level

Mark Brennan
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Bitcoin to $100,000? CNBC Confirms Analysts Split Over Psychological Level

Bitcoin continues to eye its next target, with analysts now at loggerheads over whether the flagship crypto asset will attain the milestone.

The leading cryptocurrency rallied close to $100,000 last week, with notable crypto participants speculating it would attain the milestone. However, Bitcoin stalled at $99,662 for several reasons.

Reasons Bitcoin Stalled Before $100,000

Notably, a recent analysis has suggested notable impediments to Bitcoin’s push to $100,000. Per a CNBC report, selling pressure from long-term Bitcoin holders (LTHs) was a significant constraint in the asset’s path.

An earlier The Crypto Basic report confirmed this analysis, as LTHs cashed in over $60 billion worth of Bitcoin as the asset neared the psychological price mark. Notably, this figure accounted for 21% of the total LTH’s stash.

The CNBC report also pointed to the debut of the options contract for Bitcoin spot exchange-traded funds (ETFs). The US Options Clearing Corporation (OCC) announced that options of the highly in-demand ETFs could launch, with that of BlackRock debuting on November 19.

Notably, the options contract allows users to bet on price changes of the spot ETFs without actual exposure to the products. Hence, the report believes it would lower the Bitcoin investment vehicle inflows.

Analyst Split on Bitcoin to $100,000

While the asset consolidates above $90,000, analysts are at loggerheads about Bitcoin’s potential rise to $100,000. The report shows commentators have conflicting opinions as to whether the premier asset would attain a six-figure valuation.

For context, David Morrison, the senior market analyst at Trade Nation, stated that $100,000 has become almost insurmountable for Bitcoin. He described the price mark as “a high hurdle” and “a barrier for further gains.”

Furthermore, George Milling-Stanley, a chief gold strategist, shares Morrison’s idea. He gave a pessimistic assessment of Bitcoin, insisting it gave investors a false sense of security.

Meanwhile, the report argues that Bitcoin will surge past $100,000 if US President-elect Donald Trump implements only a fraction of his promises to the crypto sector. Notably, the pro-Bitcoin president promised to facilitate a friendly environment for the industry and create a Bitcoin Treasury reserve.

In the meantime, Bitcoin trades at $95,835, about 4.3% away from the $100,000 price mark.

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