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Vladimir Putin Bans Crypto Payments in Russia 

Daily Market Wrap

  • Crypto market cap: 0.97 trillion, up 0.85%

  • BTC price stands at USD 21,184, up 0.02%

  • ETH price stands at USD 1,395, up 3.96%

  • Top gainer: Ethereum Classic (ETC), up 21.96%

  • Top loser: UNUS SED LEO (LEO), down 5.80%

News of the Day

Why it matters:

  • Russian President Vladimir Putin signed a law banning crypto payments across the nation on Thursday

  • “It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws,” the Russian parliament website reads

  • Buying cryptocurrencies themselves are still legal however

  • Russia has been in the crypto spotlight since the country invaded Ukraine. Many big crypto exchanges, like Binance and FTX, said that they will comply with U.S. or E.U. laws on limiting Russians using exchanges

Crypto Daily Spotlight

Brief introduction: Ethereum is a smart-contract enabled Layer 1 blockchain. It is the base layer for many Layer 2 scaling solutions, such as Arbitrum and Immutable X. Ethereum’s execution layer, previously known as ETH 1.0, uses proof-of-work to validate transactions, which contributes to its scalability issues. While Ethereum is the largest smart contract blockchain by market capitalisation, friction points for users include slow transaction speed (about 15 transactions per second) and high gas fees, which Ethereum’s consensus layer aims to resolve by shifting to a proof-of-stake mechanism.

Why it matters:

  • The Ethereum Foundation projected this week that the long-anticipated Ethereum Merge is likely to take place in September.

  • “This merge timeline isn’t final, but it’s extremely exciting to see it coming together,” tweeted Beacon Chain community manager superphiz.eth. “Please regard this as a planning timeline and look out for official announcements!”

  • Ethereum Merge will not reduce gas fees, however; it will become more secure post-merge because it costs more mathematically to attack.

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