Russia Considers Strategic Bitcoin Reserve to Enhance Financial Independence

News on the Blockchain, December 10th, 2024

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🌍 Daily Crypto Market Overview

Global Stats:

• Cryptocurrencies: 2.4M+

• Exchanges: 762

• Market Cap: $3.48T (-2.93%)

• 24h Volume: $348.16B (+97.32%)

• Bitcoin Dominance: 55.5%

• Ethereum Dominance: 13.0%

• ETH Gas Price: 12.52 Gwei

• Fear & Greed Index: 76 (Greed)

🪙 Top 5 Cryptocurrencies by Market Cap:

💹 Market Highlights:

• Total DeFi Volume: $26.49B (7.61% of total volume)

• Stablecoins Volume: $324.68B (93.26% of total volume)

• Coin with Highest % Change: MAD (+13.60%)

🔥Heat Map:

📈 Preview On Today’s News:

1. - Russia Considers Strategic Bitcoin Reserve to Enhance Financial Independence

2. - Crypto Advocacy Groups Oppose SEC Nominee Amid Expanding Industry Initiatives

3. - Bitmain Expands U.S. Operations Amid Crypto Surge and Trade Tensions

Keep reading for more!

Today’s News:

1)

Russia Considers Strategic Bitcoin Reserve to Enhance Financial Independence

A State Duma Deputy from Russia's New People party, Anton Tkachev, has proposed the establishment of a strategic Bitcoin reserve analogous to traditional currency reserves, aiming to bolster Russia's financial stability amidst international sanctions and limited access to conventional payment systems. The proposal, submitted to Finance Minister Anton Siluanov, highlights Bitcoin as a viable alternative for international trade and cites the Central Bank of Russia's upcoming cryptocurrency cross-border settlement experiments. This initiative aligns with global trends, as countries like the United States, El Salvador, Brazil, and Poland are also exploring strategic Bitcoin reserves. Supporting this move, Russian President Vladimir Putin recently affirmed that Bitcoin use cannot be banned and has legalized cryptocurrency mining within the country, reinforcing Russia's commitment to developing its cryptocurrency infrastructure.

• Proposal for Bitcoin Reserve: State Duma Deputy Anton Tkachev has submitted a proposal to create a strategic Bitcoin reserve in Russia to enhance financial stability and provide an alternative to traditional currency reserves amid international sanctions.

• Global Alignment and Presidential Support: The initiative follows a global trend with countries like the USA and El Salvador considering similar reserves, and is backed by President Vladimir Putin’s recent statements supporting Bitcoin and legalizing cryptocurrency mining in Russia.

2)

Crypto Advocacy Groups Oppose SEC Nominee Amid Expanding Industry Initiatives

Crypto advocacy organizations are actively opposing the renomination of Caroline Crenshaw to the U.S. Securities and Exchange Commission (SEC), arguing that her anti-cryptocurrency stance could negatively impact the industry. Leading groups like the Blockchain Association and DeFi Education Fund are utilizing digital ad campaigns and direct communications with the Senate Banking Committee to highlight Crenshaw's rejection of spot Bitcoin ETPs and her perceived inability to support the needs of American investors. Concurrently, the cryptocurrency landscape is witnessing significant developments, including Bitmain expanding its production to the U.S., increased corporate Bitcoin holdings, and discussions around establishing government Bitcoin reserves, with the incoming Trump administration expressing strong support for digital assets to enhance America's global competitiveness.

• Opposition to SEC Nominee: Crypto advocacy groups are launching digital ad campaigns and sending letters to the Senate Banking Committee to block Caroline Crenshaw’s SEC renomination, citing her anti-crypto actions and potential harm to the industry.

• Industry Growth and Support: The cryptocurrency sector is expanding through initiatives like Bitmain’s U.S. production expansion and increased corporate Bitcoin investments, while the Trump administration supports digital assets with plans for a national crypto reserve to boost America’s competitiveness.

3)

Bitmain Expands U.S. Operations Amid Crypto Surge and Trade Tensions

Bitcoin mining hardware leader Bitmain has extended its production line to the United States to enhance supply chain efficiency and better serve North American customers amid escalating trade tensions between the U.S. and China. This strategic move includes the rollout of the Antminer S21 Pro and aligns with President-Elect Donald Trump’s initiative to boost domestic Bitcoin mining, aiming to make the U.S. energy dominant in the crypto sector. Despite recent delays at U.S. ports due to trade restrictions, Bitmain remains a dominant player with an estimated 90% market share in Bitcoin mining hardware. Concurrently, the cryptocurrency market is witnessing significant developments, such as Coinbase receiving a higher price target from analysts, the U.S. Treasury recognizing Bitcoin as "digital gold," and major corporations like HIVE Digital increasing their Bitcoin holdings, highlighting the growing integration of cryptocurrencies into mainstream business.

• Bitmain's U.S. Expansion: Bitmain is increasing its production capacity in the United States to improve supply chain efficiency and support North American Bitcoin miners, aligning with Trump's push for domestic cryptocurrency production amidst U.S.-China trade tensions.

• Crypto Market Growth: The cryptocurrency sector is experiencing robust growth and integration into traditional businesses, evidenced by Coinbase’s elevated price target, the U.S. Treasury’s endorsement of Bitcoin as "digital gold," and significant increases in corporate Bitcoin holdings.

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