A few days before the drop Bitcoin had rallied to above the $12,000 mark, which was a recovery from a multi-year low.
Russian Crypto Bill Signed Into Law
The volatility in the marketplace comes at a time when digital currency continues to make its way into the international mainstream.
On Friday, Russian President Vladimir Putin signed a bill to regulate cryptocurrencies as digital financial asset (DFA) transactions. The new Russian law gives legal status to cryptocurrency but does not allow it to be used for payment.
Approval by the State Duma, Russian parliament lower house, came on July 22. The final approvals by the Federation Council were on July 24. The new law will come into use on January 1, 2021.
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