Crypto movement at a glance: Regulatory buzz ruled the recovery, Web3 dominates

economictimes.indiatimes.com:

cryptocurrency space over the past week. Almost all the sectors witnessed modest gains, with Web3 being the top performer. The crypto market seems to be gearing up for a move. It could be a good time for DCA in sectors rather than investing in individual coins.Regulations in Russia In an exciting turn of events, Russia could just have given a massive boost to the cryptocurrency ecosystem. After much back and forth, the Russian government and its central bank have decided to regulate and recognize cryptocurrencies.

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Cryptocurrencies will only function in the legal industry if they have complete identification through the banking system or licensed intermediaries. The new drafted law will be launched on February 18 to outline the regulations in detail. A report published by a major daily newspaper in Russia stated that cryptocurrency transactions over 600,000 rubles (nearly $8,000) have to be declared, failure of which would be considered a criminal act, resulting in fines.Cryptos gaining momentum The crypto ecosystem is taking massive strides towards mainstream finance and acceptance. It can be established from the fact that the biggest crypto exchange in the world by volume, Binance, made a $200 million investment in the American magazine and digital publisher Forbes. The deal will make the exchange one of the two most significant shareholders of the publisher, along with two out of nine director seats at the board. The investment reflects the growing clout of the cryptocurrency sector as