Bitcoin recovers after early dip, trades above $96k

WEB DESK: Bitcoin traded in the green for the first five hours on Friday, despite experiencing some fluctuations. At 00:23 UTC, Bitcoin (BTC) was priced at $95,367.58, marking a dip of $370.34 compared to its previous close of $95,737.92.

The decline began on Thursday, with Bitcoin falling from $99,379.05 at 00:30 UTC to $95,372.71 by 15:00 UTC, registering a drop of $4,006.34. By 05:43 UTC on Friday, Bitcoin had recovered slightly, rising by 0.34 per cent or $323.81 to stand at $96,061.73.

Ether (ETH) recorded a price of $3,379.27 after gaining $46.24 or 1.39 per cent, remaining above its previous close of $3,333.03. Meanwhile, Dogecoin (DOGE) stood at $0.3137, gaining 0.37 per cent or $0.0012, after closing Thursday at $0.3126.

In other news, Russian companies have begun using Bitcoin and other digital currencies in international payments following legislative changes aimed at countering Western sanctions.

The sanctions have disrupted Russia’s trade with key partners such as China and Turkey, as local banks have become increasingly cautious about transactions related to Russia to avoid scrutiny from Western regulators.

This year, Russia legalised the use of cryptocurrencies for foreign trade and has taken steps to regulate cryptocurrency mining, including Bitcoin. Russia is now one of the world’s leading Bitcoin mining nations.

“Under the experimental regime, it is possible to use Bitcoins mined in Russia for foreign trade transactions,” Finance Minister Anton Siluanov told Russia 24 television channel.

He added that such transactions are already taking place and are expected to expand further next year. Siluanov expressed confidence that international payments in digital currencies represent the future.

Earlier this month, President Vladimir Putin stated that the current US administration was undermining the role of the US dollar as a reserve currency by politicising its use, prompting many countries to explore alternative assets.

Putin specifically mentioned Bitcoin as an example of such assets, emphasising that no entity globally could regulate Bitcoin. His remarks indicated support for the broader adoption of cryptocurrencies in Russia.

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