Bitcoin Not Suitable for Russia Cross-Border Payment Plans: Experts
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Over the months, Russia has pushed for the need to use cryptocurrencies for cross-border payment settlements. However, it remains unknown which coin(s) the government will adopt for this purpose. That said, Russian authorities are unlikely to go for cryptocurrencies like Bitcoin, according to local lawyers and fintech executives. According to Elena Klyuchareva, the senior associate at the local law firm KKMP, using cryptos like BTC will not fly because such assets are “hard to control.”
In other news, popular developer Lisa Neigut, also known as NiftyNei, recently posted a proposal to allow Bitcoin Lightening Network nodes to advertise their rates for forwarding fees. Neigut’s proposal will allow operators to broadcast Lightning node fees through four standardized tiers based on how much load their nodes can carry.
Node operators can charge higher rates for channels that leave a buffer of outbound capacity to transmit future transactions. Neigut proposes four default tiers at 0-25%, 26-50%,51-75%, and 76-100%; suggests four 16-bit integers to represent the percentages.
Key Bitcoin Levels to Watch — September 29
Bitcoin continues to struggle to make any meaningful headwinds as traders brand the $18.5K support as the floor for the cryptocurrency. This means bears are unlikely to push the price past that point until something changes.
This opens the door for a bullish breakout in the medium term. However, BTC needs to scale the $25K barrier before any bullish trend can be sustained.
Meanwhile, my resistance levels are at $19,600, $20,000, and $20,500, and my key support levels are at $19,000, $18,500, and $18,000.
Total Market Capitalization: $934.2 billion
Bitcoin Market Capitalization: $368.5 billion
Bitcoin Dominance: 39.4%
Market Rank: #1
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