Russia's Crypto Law Goes Live as Fed Rate Hike Odds Surge
The cryptocurrency market experienced a mixed day on September 1, 2026, as Bitcoin and Ethereum prices fluctuated in response to various factors. According to data from Yahoo Finance, Bitcoin opened at $78,559.11, up 1.1% from Monday, before easing to $77,945.97 by 8:19 a.m. ET.
Ethereum followed a similar path, opening at $2,467.13 and dipping slightly to $2,454.23. The broader crypto-market held its total valuation near $2.72 trillion, per CoinGecko.
The day's major story was the implementation of Russia's new cryptocurrency law, which came into effect after President Vladimir Putin signed it in early August. Under this framework, retail investors can buy Bitcoin, Ethereum, and Tether (USDT) through licensed intermediaries, with purchases capped at 300,000 rubles ($3,700) per intermediary each year.
The law also allows exporters and importers to settle cross-border trade in digital assets. However, cryptocurrency cannot be used for domestic payments. The market's cautious tone was influenced by the Federal Reserve's rate hike odds, which jumped to 66.4% for this month, versus 33.6% for no change.