Friday, Oct 07, 2022
Outlook Money

Vladimir Putin Signs Law Banning Crypto Payments, Celsius To Get $439 Million, Bitcoin Up 1%

Russian President Vladimir Putin signs law that essentially bans crypto payments in Russia. Meanwhile, new information came to light regarding Celsius (CEL). Bitcoin up 1 per cent and Ethereum 2 per cent.

Vladimir Putin Signs Law Banning Crypto Payments
Vladimir Putin Signs Law Banning Crypto Payments

Vladimir Putin, President, Russia, has signed a law which essentially bans digital security and utility token payments across the nation. This law was approved by the Russian Assembly (Duma) on July 8, 2022, and it adds to a previous Russian law formed in 2020 to ban cryptocurrencies being used to facilitate Russian payments, reported Coindesk.

In other news, Celsius (CEL) is owed $439 million by a private lending platform called EquitiesFirst. According to sources privy to Financial Times, EquitiesFirst is currently repaying $5 million per month and the total debt consists of $361 million in cash and 3,765 Bitcoin (BTC).  “EquitiesFirst is in ongoing conversation with our client and both parties have agreed to extend our obligations,” a spokesperson for Celsius told CoinDesk.

Click here to read more about what events according to Celsius led to its downfall state currently.

Cryptocurrency Prices

The global crypto market capitalisation went up by 0.44 per cent to $929.36 billion as of 8.50 am. However, the global crypto volume was down by 14.74 per cent to $61.89 billion, according to Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $20,705.95, higher by 0.92 per cent in the last 24 hours. Ethereum (ETH) was up by 1.92 per cent to $1,218.68. 

Among other significant coins, Cardano (ADA) was down by 0.52 per cent at $0.4379, Algorand (ALGO) was trading with a gain of 0.77 per cent at $0.329, Binance Coin (BNB) was up by 0.1 per cent at $236.83, Solana (SOL) was trading with a loss of 0.14 per cent at $37.02, and Polkadot (DOT) was down by 0.02 per cent at $6.72, and 
Today’s top gainer was TerraClassicUSD (USTC), which was up by 41.01 per cent at $0.05065. The top loser was Uniswap (UNI), which was down by 4.98 per cent at $6.73. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 0.09 per cent at $0.06247. Its volume to market cap ratio stands at 0.04328. Rival Shiba Inu (SHIB) was up by 1.38 per cent at $0.00001073.

Dogelon Mars (ELON) lost 0.3 per cent to trade at $0.0000003099, Floki Inu (FLOKI) lost 1.06 per cent at $0.000006189, and Samoyed Coin (SAMO) rose 0.11 per cent at $0.008914. 

In the DeFi segment, YFI ( was up by 1.29 per cent at $6,124.34, and Terra Classic (LUNC) was trading with a gain of 14.05 per cent at $0.0001078. Avalanche (AVAX) was down by 3.53 per cent at $19.21, Uniswap (UNI) was trading with a loss of 4.98 per cent at $6.73, and Aave (AAVE) fell by 3.35 per cent at $88.62.

Edited by: Nidhi Sinha