Alexey Navalny and Cryptocurrencies

Cryptocurrencies offer a number of advantages in comparison with fiat currencies. One of the most important is that crypto money is not under the control of any central bank in the world. This and other factors made cryptocurrencies popular around the globe. One politician from Russia and his non-governmental organization benefited from this industry.

Alexey Navalny is one of the most recognizable figures in Russian politics. This year he received a substantial amount of cryptocurrency in the form of anonymous donations. From the beginning of the year, he received more than $700,000 for his NGO.

More precisely, Alexey Navalny’s Anti-Corruption Foundation received 109.6 Bitcoins from January 1 to December 1, 2019.

It is worth mentioning that due to the lack of laws, it is hard to calculate the income or donations received in cryptocurrency. In Russia, digital coins don’t have a legal status yet. In 2018, a package of laws and amendments was introduced in the State Duma, which is the lower house of parliament. However, it is hard to say when the Russian parliament will approve this law.

Cryptocurrencies on Friday

Last week, Bitcoin’s price broke the resistance levels above $6,800 and $7,000.

Bitcoin reached a new weekly high near the $7,487. Nevertheless, it was unable to retain its gains, and the price started a downside correction. It traded below the $7,200 support area.

On Friday, Bitcoin’s price was $7,110. Hopefully, Bitcoin’s price remained above the $7,000 support area.

Ethereum is the second-largest cryptocurrency on the market. Ethereum’s price recovered from the $115 monthly low against the U.S. dollar. Moreover, the price surpassed the resistance levels above the $120 and $125.

Ethereum broke the resistance level above the $130. It was able to reach as high as $135. However, the price declined below $130.

On December 20, Ethereum’s price was $127.26. The price was consolidating above the key $125 support area.