Bitcoin Price Rises Despite New Repressive Initiatives

The beginning of October was very successful for the first cryptocurrency, the coin reached its highest values ​​in the last few months. Along with BTC, almost all the largest altcoins have grown in price.

Moreover, the crypto market is showing growth even against the backdrop of new repressive initiatives. Back in late September, China reaffirmed its tough stance towards the cryptosphere and outlawed transactions with digital assets.

Now Russia and the United States have prepared new initiatives designed to strike at the industry. Let’s look at the main events in the market that can directly or indirectly affect the further dynamics of the movement of bitcoin and altcoins.

Rally in full swing: what’s next?

Tonight, for the first time since the beginning of May 2021, the price of BTC soared to $55,500. However, the coin could not hold on to the won positions and, as part of the renewed correction, sank to $54,200.

Over the past seven days, the capitalization of the leading digital currency has increased by 26% and reached $1.021 trillion (according to CoinMarketCap). Ethereum (ETH) and Binance Coin (BNB) gained about 5% to $3,569 and $443, respectively.

Of the top ten cryptocurrencies, Polkadot (DOT) showed the greatest success, this coin jumped 14% overnight. It is currently trading at $33.89. Cardano (ADA) and XRP rose 8% and 4% to $2.32 and $1.08. Market capitalization increased on Thursday, October 7, to $2.3 trillion.

Surprise of the week

Of particular note is the rise of the Shiba token. Interest in him on the Internet increased after the publication of a post by Elon Musk about his dog Floki of the Shiba Inu breed. In honor of the dogs of this breed, the Shiba token was issued.

The report from the Santiment team states that Shiba was skyrocketing along with Dogecoin (DOGE) in early May. Both coins grew at an explosive pace thanks to the hype provoked by Elon Musk. This week, Shiba once again hit a high since early May of $0.00003348.

The token has a little left before the record update, in the spring its price reached $0.00003503. For three days, the performance of the altcoin was more than 250%.

Researchers have recorded interest in this cryptocurrency from large investors, or the so-called whales. And the accumulation tactics of the giants usually stimulate further growth in the value of the asset.

A similar situation is developing around another joke coin – DOGE. Analyst Ali Martinez said that since September 28, the number of large transactions has been growing on the Dogecoin network. The blockchain has processed transactions worth more than $5 billion. Whales are actively entering this altcoin, which is trading at $0.2508 today.

State Duma threatens Russians with new crypto restrictions

It is known that the Russian authorities are categorically against the free use of bitcoin and other cryptocurrencies in the domestic market. The Bank of Russia recently announced its intention to cooperate with commercial banks in order to limit the withdrawal of funds to crypto exchanges.

Now the State Duma has announced an initiative to warn unqualified investors against buying digital assets. One of the authors of this idea is Anatoly Aksakov, who heads the financial committee of the lower house of parliament. He spoke about the intention of his colleagues to develop a law restricting access to the crypto market for newcomers.

Aksakov did not specify what kind of restrictive measures he was talking about, but stressed that digital assets are volatile and pose a threat to retail traders who do not have experience with such instruments. The State Duma regularly monitors what is happening in the digital currency market, and it is concerned about the insecurity of citizens, the parliamentarian concluded.

The US Department of Justice strikes

The White House has set itself the task of delivering a devastating blow to hackers hacking infrastructure in the United States. In parallel, a decision was made to force crypto exchanges to cooperate with the US authorities in order to find and block the wallets of cybercriminals demanding a ransom in bitcoin and other virtual coins.

According to Deputy Prosecutor General Lisa Monaco, a group of specialists has appeared under the Ministry of Justice, which will monitor the activity of users of cryptocurrency platforms. The tasks of these experts will include the detection and subsequent blocking of wallets belonging to hackers involved in attacks on the United States.

Monaco, speaking at an online conference at the Aspen Institute, announced the intention of law enforcement officers to destroy the infrastructure used by cybercriminals for extortion.

It should be noted that the US Treasury Department recently added the Seux crypto platform, registered simultaneously in Russia and the Czech Republic, to the sanctions list.

The department said that sanctions would be applied to digital currency exchange services if it turns out that hackers who hacked the websites of enterprises and institutions in the United States used their services.

The Seux platform has been used at least eight times to obtain a ransom in cryptocurrencies, the Ministry of Finance noted.

At the end of September, the head of the service developer company (Yegor Petukhovsky) announced his intention to appeal the decision of the American department in court.

Sources: Bloomberg, Twitter, CoinTelegraph, Santiment, CoinMarketCap