Headlines
▌ Russia Legalizes Cryptocurrency for Cross-Border Trade Starting Today
Russia's State Duma approved a new law on July 30 allowing Bitcoin and other cryptocurrencies like Ethereum (ETH) and USDT for international transactions under an experimental legal framework (ЭПР). This marks a significant policy shift, positioning Russia as a testing ground for digital currency applications in global trade.
▌ Analyst Warning: Bitcoin Prices May Face Prolonged Pressure from Oversupply
Cryptocurrency markets could experience volatility as major Bitcoin holders—including defunct exchanges and government entities—may liquidate assets. Key factors driving the sell-off:
- Mt. Gox redistributions: 46,000 BTC (~$2B) being returned to creditors.
- Government holdings: The U.S. and other nations hold billions in Bitcoin reserves.
- Market sentiment: Demand slowdown and potential large-scale government liquidations threaten price stability.
Market Snapshot (Latest Data via Coingecko)
- BTC: $58,936.2 (-0.5%)
- ETH: $2,509.16 (-0.6%)
- BNB: $529.95 (-1.3%)
- SOL: $135.38 (-2.2%)
👉 Track real-time crypto prices
Policy Updates
▌ Nigeria Grants Licenses to Two Crypto Exchanges
Nigeria’s Blockchain Industry Association highlights this move as a step toward regulatory clarity, aiming to dispel negative perceptions post-Binance executive detentions.
Blockchain & Crypto Developments
▌ UniSat Launches FairPool on Fractal Testnet
A new public mining pool designed to enhance Fractal Network’s infrastructure and long-term development.
▌ Yuga Labs Forms "Workshop" Team for ApeChain Innovation
CEO Garge.eth reveals a dedicated team building experimental products for the upcoming ApeChain mainnet.
▌ Stablecoin Market Grows 0.08% Weekly
Total market cap reaches $169.7B, with USDT dominating at 69.65% share.
▌ Ethereum’s Inflationary Phase
Low gas fees (avg. $0.743/tx) have pushed ETH issuance into inflation at 0.734% annually.
Key Economic Trends
▌ ECB Signals September Rate Cut
European Central Bank’s François Villeroy de Galhau cites slowing inflation (2.2% in August) as justification for a "reasonable and wise" reduction.
▌ Fed Rate Cut Probabilities (CME Data)
- 70% chance of 25bps cut in September.
- 30% chance of 50bps cut.
FAQ
Q: Why is Russia allowing crypto for international trade now?
A: To bypass sanctions and test digital currencies' viability in global commerce under controlled conditions.
Q: How might Mt. Gox repayments impact Bitcoin’s price?
A: Potential sell-offs by creditors could inject $8.2B+ in selling pressure, exacerbating market downturns.
Q: What’s the significance of Nigeria’s exchange approvals?
A: Signals progressive regulation in Africa’s largest crypto market, boosting investor confidence post-regulatory clashes.
👉 Explore crypto regulations worldwide
Disclaimer: This content is informational only and not investment advice. Conduct independent research before making financial decisions.