Bitcoin ended a busy week with growth above $81K, and altcoins also became more active: the market discussed the launch of a fund for Zcash, upcoming rules for investors in Russia, the digital ruble at major companies, and new US sanctions related to crypto payments.
The key topics of the week were as follows:
- Event: bitcoin rises above $81K. Date: Tuesday. Description: the market gained, and altcoins also grew.
- Event: Zcash fund. Date: Wednesday. Description: after the debut of Grayscale’s spot fund, the coin fell by 8%.
- Event: digital ruble at major companies. Date: from September 1. Description: major market participants will begin opening access to operations for clients.
- Event: US sanctions due to Iran’s crypto payments. Date: Tuesday. Description: a UAE company linked to $100 million in payments was sanctioned.
- Event: new rules for investors and businesses in Russia. Date: from September 1. Description: regulation will affect crypto market participants.
The context of these events is important for the entire market. Bitcoin was created by Satoshi Nakamoto as a cryptocurrency and payment system based on a peer-to-peer network. Its blockchain relies on encryption, open-source software, and computer science approaches, including a public-key cryptosystem. Therefore, the movement of money in such a network is different from a bank transaction or a PayPal payment, and platforms like Coinbase only help users buy, sell, and store digital assets.
Bitcoin in Simple Terms: How It Works
Bitcoin is digital money without a single control center: users send it directly to each other, and the network itself verifies and records transactions. Each transaction goes into the blockchain—a chain of blocks where records are linked and protected by cryptography.
The network is supported by miners. They confirm transactions, group them into blocks, and receive rewards. Bitcoin issuance is limited: there can only be 21 million coins, and the release of new BTC occurs through mining and slows down over time due to halving.
How to Buy, Sell, and Store Bitcoin
You can usually buy or sell bitcoin through crypto exchanges, exchangers, and P2P platforms. In practice, a user selects a platform, creates a buy or sell order, confirms the deal, and receives BTC in their wallet or money in the chosen way.
For storage, people use hot wallets with quick internet access, cold wallets without constant connection, hardware devices, and paper keys. Hot wallets are convenient for frequent transactions, cold and hardware wallets are better for long-term storage, and the paper option requires especially careful handling of keys.
History, Risks, and Regulation of Bitcoin
Bitcoin appeared in 2009, and its creator is considered to be Satoshi Nakamoto. The idea was to launch a payment system based on a peer-to-peer network, open-source code, and cryptography, without dependence on a banking intermediary.
The main risks for investors are sharp price fluctuations, loss of access to the wallet, fraudulent schemes, and changes in rules in different jurisdictions. In Russia, rules for investors and businesses in the crypto market will start changing from September 1; in the US, crypto payments are also in the spotlight of authorities, as seen by the sanctions against the UAE company.
Monday: Strategy Sold Shares, and Zcash Surpassed Bitcoin in Mining Profitability
Strategy Raised $2B Through Share Sales and Did Not Touch Bitcoin
Michael Saylor’s company did not make any bitcoin transactions: assets on the balance sheet remained unchanged. Instead, Strategy continued to sell shares and increase its US dollar reserves.
Zcash Mining Became Noticeably More Profitable Than Bitcoin Mining
The rise of Zcash to a multi-year high sharply changed mining economics. Mining the coin became about four times more profitable than bitcoin mining, and the profitability compared to high-performance AI computing was about three times higher.
Trump’s Crypto Project World Libery Financial Prepares to Obtain a US Banking License
World Libery Financial expects to obtain a banking license in the US. Before that, the company will have to pass a compliance check with established requirements.
Tuesday: Bitcoin Broke $81K, and the Digital Ruble Reaches Clients
Bitcoin Rose Above $81K, Altcoins Also Grew
On August 25, the cryptocurrency market increased significantly. Bitcoin exceeded $81K, altcoins also showed growth, and the overall news background remained positive.
From September 1, ‘Magnit’ and MTS Will Begin Accepting the Digital Ruble
From September 1, various market participants will begin opening access to operations with the new digital form of the national currency:
- Large retail chains.
- Marketplaces.
- Banks.
- Telecom operators.
‘Magnit’ and MTS are named among the first participants.
The US Imposed Sanctions on a UAE Company Over Iran’s $100M Crypto Payments
A UAE company linked by the US to Iran’s $100 million crypto payments was sanctioned. Washington stated that Iran uses various tools to support its activities, including cryptocurrencies.
Wednesday: Launch of Zcash ETF, Tornado Cash Case, and Talks About Altseason
Zcash Fell by 8% After ETF Debut
After the launch of Grayscale’s spot exchange-traded fund for ZEC, the coin fell by 8%. The fund’s shares also ended the first trading day in the red.
The Trial of Tornado Cash Developer Was Postponed to April
The case of Roman Storm was postponed until April. The developer himself spoke of double standards by the US prosecutor’s office: according to him, Chainalysis profited from the crypto mixer and faces no charges, while he is being prosecuted for writing code.
Experts Expect ‘Parabolic Growth’ for Bitcoin, but Altseason Is Less Certain
Amid the growth of BTC and ETH, some experts spoke about the beginning of altseason. However, market indices do not yet confirm a full capital flow into altcoins.
Thursday: Mining in Uzbekistan, Scammers, and Future SROs
Three Mining Farms Will Be Built in Uzbekistan as Part of a $5B Project
Uzbekistan plans to create three mining farms. The project is related to the development of Karakalpakstan as a mining zone, with a total value estimated at $5 billion.
The Bank of Russia Described ‘Trendy Schemes’ of Crypto Scammers
The regulator reported that in the first half of the year, illegal participants withdrew more than 1 billion rubles to their crypto wallets. The Bank of Russia separately noted new schemes used by scammers in the digital asset market.
Market Participants Discussed Future SROs for Crypto Exchangers
Experts discussed what self-regulatory organizations in the field of crypto exchange might look like. Three main questions were in focus:
- Timing of SRO emergence.
- SRO goals.
- The role of SROs for crypto exchangers.
Friday: GTA VI Hacker’s Memecoin, ‘Finam’ Plans, and Regulation From September 1
The Hacker Linked to the GTA VI Breach Launched a Memecoin and Withdrew Millions of Tokens
The hacker known as Cyberleek created a meme cryptocurrency and received commissions from its promotion. He fueled interest in the token through leaked videos related to GTA VI.
‘Finam’ Plans to Operate as a Crypto Broker and Crypto Exchanger
The financial group intends to take a prominent position in the Russian cryptocurrency market. Plans include operating as a crypto broker and crypto exchanger.
From September 1, Rules for Investors and Businesses in the Russian Crypto Market Will Change
This fall, cryptocurrency regulation will take effect in Russia. Market participants expect changes that will affect both investors and businesses working with digital assets.
{
“@context”: “https://schema.org”,
“@type”: “Article”,
“about”: [
{
“@type”: “Thing”,
“name”: “Bitcoin”
},
{
“@type”: “Thing”,
“name”: “Cryptocurrency”
},
{
“@type”: “Thing”,
“name”: “Blockchain”
},
{
“@type”: “Person”,
“name”: “Satoshi Nakamoto”
},
{
“@type”: “Thing”,
“name”: “Peer-to-Peer Network”
},
{
“@type”: “Thing”,
“name”: “Payment System”
},
{
“@type”: “Organization”,
“name”: “Coinbase”
},
{
“@type”: “Organization”,
“name”: “PayPal”
}
]
}
