Bitcoin headed towards the consolidation phase on Friday following months of a downward trend and an epic sell-off in January. Investors are feeling optimistic about the potential for cryptocurrencies to become a mainstream form of payment, and Russia may be helping them along. Since September, the crypto market had its longest rally as investors grew optimistic about Russia’s government and the central bank beginning to accept cryptocurrencies. Related Reading | Bitcoin and Ethereum rally continues on Russia and Black Rock approval Avatrade Chief Market Analyst, Naeem Aslam, said; For some, Bitcoin is the future, and on this front, we have learned that Bitcoin is becoming a legal tender in Russia. The fact that Black Rock, the world’s biggest asset manager, will offer BTC trading for its clients has been seen as a positive step in promoting the broader adoption of cryptocurrency. Further to his findings, Aslam added; These are mammoth developments for Bitcoin, and looking at the price action, it seems like that the rally is about to begin, which could push the Bitcoin price towards the 100K price level. Crypto Market Gains Today Ether, the cryptocurrency that powers Ethereum’s blockchain, climbed 3.1% to $3183. Bitcoin advanced 1.1%. The world’s second-largest cryptocurrency by market capitalization is currently trading higher after an impressive rate rise in recent weeks. While it’s true t...
