In the last 24 hours, Dogecoin, the internet’s favourite meme coin, has shown an increase of nearly 5%.

Notably, a sizable cache of Dogecoin was moved today, transporting nearly $20 million worth of the popular digital canine currency. The transaction occurred about two hours ago, causing ripples in the crypto market.

As reported by @DogeWhaleAlert in a recent tweet, a staggering 306,260,470 DOGE was shuffled between internal wallets of the Binance exchange. Such transactions are commonplace, particularly when exchanges establish new cold wallets or carry out other operations involving stored funds.

Dogecoin’s Market Movement

Just before this significant transaction, Dogecoin soared by nearly 5%, riding the coat tails of Bitcoin, the leading digital currency. Currently, DOGE is hovering at around $0.06417.

Meanwhile, Bitcoin has gained a solid 7.92% in the last 24 hours, reclaiming the $28,000 mark and inching towards $29,000. This boost was catalysed by the announcement that major Wall Street financial firms — Fidelity, Charles Schwab and Citadel Securities — are extending their support to EDX, a newly inaugurated crypto exchange.

Adding to the excitement, there are whispers that Fidelity intends to apply for a Bitcoin spot ETF, emulating the recent actions of the world’s largest fund manager, BlackRock.

Ethereum’s Market Status

In related news, Ethereum has also reclaimed the $1,820 level and is currently trading at $1,828, according to data provided by CoinMarketCap.

The post Dogecoin Rises 5%: Whopping 306 Million DOGE Moved by Major Player appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Moiseev said

“[The policy] generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be settled with it in the first place in cross-border settlements.”

Russian news agencies have been claiming that the country’s central bank has been discussing the idea of international cryptocurrency payments with officials from other governments. On the other hand, there are rumors that the Bank of Russia is against allowing cryptocurrency exchanges to legally do business and does not recognize cryptocurrencies as legitimate forms of currency.

On September 5, Moiseev stated that because individuals are establishing cryptocurrency wallets outside of the Russian Federation, it is essential to accomplish this in Russia with businesses that are regulated by the central bank and are required to comply with anti-money laundering and know your customer requirements.

Russian Crypto Background

Russia‘s relationship with crypto has always been tumultuous. In the year 2020, the government passed rules that restricted the use of cryptocurrencies such as Bitcoin (BTC) for making financial transactions. Additionally, in July, President Vladimir Putin put a legislation into law that prohibits the use of digital financial assets as a form of payment. In May, Russia’s Minister of Trade Denis Manturov said that the country would “sooner or later” permit cryptocurrency payments.

Since Russia began its invasion of Ukraine in February, the government, corporations, and some individuals residing inside the territory have been subjected to harsh economic restrictions. On September 15, the United States Treasury Department added 22 individuals and two firms located in Russia to its sanctions list. The department said that these individuals and businesses have assisted the government in achieving its goals in Ukraine.

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