Bitcoin's Remarkable Climb

Bitcoin made significant strides on Friday, surpassing the $98,000 mark for the first time since Monday. This upward trend brings the cryptocurrency closer to the highly anticipated $100,000 milestone, despite experiencing midweek losses. The digital currency's resilience and steady growth continue to captivate investors and market enthusiasts alike.

Russian Recognition of Bitcoin as Property

In a noteworthy development, Russian President Vladimir Putin signed a bill recognizing Bitcoin as property for tax purposes. This legislative move subjects Bitcoin to Value Added Tax (VAT) rates ranging from 13% to 15% for individuals and 25% for crypto exchanges. This significant regulatory step by one of the world's major economies underscores the growing acceptance and integration of cryptocurrencies into the global financial landscape.

Market Performance

As of 10:07 am ET, Bitcoin surged by 2.85%, trading at $98,378.266. Ethereum, another major cryptocurrency, also saw a positive movement, adding 1.47% and selling at $3,633.659. These figures highlight the overall bullish sentiment in the crypto market, driven by both regulatory developments and market dynamics.