Crypto Market Plunges as Russia Moves Towards Regulated Trading

The cryptocurrency market took a hit today, with the overall value dropping by 2.67% to $2.17 trillion in just 24 hours.

The decline was triggered by a sell-off in South Korea's Kospi index and subsequent liquidations of Bitcoin longs, which wiped out over $146 million in value.

Russia is moving towards regulated crypto trading, with the central bank proposing draft rules for exchanges, custodians, and investor access. The framework would require exchanges to obtain licenses and meet capital requirements, while retail investors would face annual investment limits of 300,000 rubles per platform and a risk assessment before accessing crypto trading.

Morgan Stanley Investment Management has launched two new exchange-traded products (ETPs) on NYSE Arca, staking a portion of their Ethereum and Solana holdings. The move is seen as institutional adoption despite short-term market weakness.