Bitcoin and Ethereum rises as Ukraine makes crypto legal

The international cryptocurrency market capitalization jumped 3.85 percent in the last 24 hours to $1.83 trillion and at the same time trading volumes rose 42.02 percent to $105.42 billion.

The total volume stood at $14.37 billion in the decentralized finance space, around 13.63 percent of the overall 24-hour cryptocurrency trading volume. The total volume stood at $89.15 billion in Stablecoins, making up 84.57 percent of the 24-hour cryptocurrency trading volume.

Bitcoin’s market distribution was up by 0.15 making a total of 42.77 percent and the biggest currency in the crypto market and was trading at $41,118.45, rifting the $40,000-mark on the morning of March 17. Bitcoin rose 2.13 percent while Ethereum rose 3.44 percent.

In other news, during its ongoing dispute with Russia, the Ukrainian President has officially signed a law “On Virtual Assets” making cryptocurrency assets in the country legally.

what is considered a crypto asset, is defined by this law and it uses the National Bank of Ukraine and its Commission on Securities and Stock Market as crypto regulators and establishes other regulations including who can offer cryptocurrencies and how they must be registered in Ukraine.

In September last year, a prior version of this bill was proposed, but President Zelensky requested changes. The Ukrainian government first introduced the new version of the bill on February 17. Signing it today makes it official in the European nation. Deputy Minister Alex Bornyakov tweeted that this crypto law will play a “vital role in Ukraine’s defense process.”