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Bitcoin [BTC] ATMs tallied at 52 in Russia; cryptocurrencies yet to get green signal

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Bitcoin [BTC] ATMs tallied at 52 in Russia; cryptocurrencies yet to get green signal
Source: Unsplash

Despite the absence of a legal framework to validate the cryptocurrency dealings in Russia, the country has been reported to have at least 52 operating Bitcoin ATM/Teller Machines. According to the data on the leading Bitcoin ATM tracking site, CoinATMRadar, the capital city of Moscow holds the highest number of BATMS at 9 followed by 5 devices in Omsk and Rostov-on-Don among other points of purchases.

CoinATMRadar, a Twitter user tweeted:

‏”Over 50 Bitcoin ATMs Operate Legally in Russia, Study Finds.”

Another Twitter user DagoBit commented:

“Oh..50? In whole Russia? This is mass adoption!! 😂”

These established BATMs are legal in nature and have all the major cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], Monero, Zcash, Dogecoin and Dash in its system, enabling the users to trade fiat currency with the virtual money.

The exchange rates can be viewed in Russian Rubble, US Dollar, Indian National Rupee [INR], etc., among other fiat currencies. Rusbit dominates the space with a 47% of market share and owns a majority of the machines. Investcoin holds a share of 28% followed by BTC-O-Matic with 19%.

As the legal status of the digital assets in the country is still uncertain, over 20 BATMs were seized last year by the regulatory body, Central Bank of Russia on the context of counteracting illegal operations.

There has been no significant breakthrough since the approval of the previously established draft Bill called – On Digital Financial Asset. The other two crypto bills – On Attracting Investments Using Investment Platforms, and On Digital Rights were also introduced in the lower house of Russian Parliament – State Duma.

Pravel Kasheninninov had earlier called for extensive amendments in the submitted document to fast track the course in order to construct a comprehensive regulatory framework for the cryptocurrency. Following this, wrong terminologies were noted and the draft was sent back to the reading stage last year.



Besides, an experimental regulatory entity had been set up in the third week of January which allowed certain IT and blockchain firms to roll out cryptocurrency transactions.

Russian economist and member of State Duma, Anatoly Aksakov cited:

“The law on the regulatory sandbox, which I hope we’ll adopt during the spring [parliamentary] session, will allow either individual companies or a given industry to use crypto instruments in their economic turnover and business operations in certain regions.”





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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