What happened
The value of some of the biggest cryptocurrencies in the world had a nice bounce on Wednesday. It helps that the stock market is up, led by growth stocks, which has helped push correlated cryptocurrency values higher as well.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
As of 2:15 p.m. ET today, Bitcoin (CRYPTO:BTC) was up 3% in the last 24 hours, Ethereum (CRYPTO:ETH) jumped 5.6%, and Dogecoin (CRYPTO:DOGE) was up 2.4%. This follows a slow but steady climb for valuations over the past week.
Image source: Getty Images.
So what
The biggest news in the world of cryptocurrency is that federal officers arrested a couple accused of stealing $3.6 billion of Bitcoin from the exchange Bitfinex in 2016. A number of hacks over the last few years have resulted in hundreds of millions of dollars of cryptocurrencies being stolen. But it also shows that with the blockchain, it might only be a matter of time before criminals are caught.
Russia also seemed to drop the idea of banning cryptocurrencies, which was floated a few weeks ago. The country’s regulators and central bankers said they would treat cryptocurrencies as currencies, not securities, and only tax transactions over about $8,000.
Initial proposed rules would allow banks to act as intermediaries and help people report taxes. And miners would also not be banned, potentially allowing Russia to be a leader in crypto mining.
Countries are starting to jockey for position in the future of cryptocurrencies. Not only do they want miners to build, but they also want developers to create in their countries as well. While China has banned cryptocurrency, Russia has embraced it, and we may see the U.S. do the same, with regulators looking into the industry right now.
Now what
The news continues to be steadily bullish for cryptocurrency investors on the regulatory front. Rather than banning digital assets, countries are increasingly finding ways to regulate and tax cryptocurrency activities.
A big…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
