Bitcoin Price Forecast: Russian Mining Industry Set to Overtake U.S. – How Will BTC React?
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Bitcoin (BTC) has bounced back from its overnight dip, regaining traction above the $62,000 mark and briefly touching an intraday high of $62,400.
This renewed strength aligns with a 1.61% increase in the overall cryptocurrency market cap, now at $2.15 trillion.
One of the primary drivers behind Bitcoin’s price rise is the recent $25.59 million inflow into spot Bitcoin ETFs, led by the Bitwise ETF (BITB), which contributed $15.29 million. This pushed its historical inflow to a remarkable $2.11 billion, signalling growing investor confidence.
BREAKING: Yesterday the Spot #Bitcoin ETF saw $25 MILLION inflows pic.twitter.com/fMPESkxdYu
In addition, the recent expansion of Russia’s Bitcoin mining sector, driven by new legislation, could make the country a serious competitor to the U.S. in the crypto-mining space.
This development may attract significant investments and increase demand for Bitcoin, potentially setting BTC up for continued gains in the weeks ahead.
Russia’s bitcoin mining industry is poised for significant growth following the approval of a new mining law.
Igor Runets, CEO of Bitriver, sees this law as a game-changer, offering advantages that could help Russia catch up with the U.S. in the mining industry within two to three years.
However, the law encourages collaboration between bitcoin miners and oil and gas companies, especially the use of petroleum gas for mining.
Runets believes this will close the gap in mining capacity between the two countries. Russia currently uses 2.5 GW of energy for mining compared to
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