Bitcoin (BTC) Shows Positive Reaction, EU Finally Brings Good News

thecekodok

 After declining more than 6% from a daily high, $ 40,015.91 to a low, $ 37,598, Bitcoin (BTC) is back holding on above $ 38,000 with a jump of over 2% in 24 hours.


The positive performance of bitcoin this morning also boosted the altcoins market with their respective records:


Ethereum (ETH): $ 2,588.71 (+2.83%)

XRP: $ 0.774 (+2.38%)

Earth (MOON): $ 95.00 (+8.58%)

Cardano (ADA): $ 0.8031 (+2.25%)

Solana (SOL): $ 81.33 (+3.21%)

Good news


The increase in Bitcoin price apparently stemmed from the results of the European Union (EU) vote on cryptocurrency restrictions based on the Proof of Work (PoW) consensus mechanism yesterday.


It is understood the proposal included in the Markets in Crypto Assets (MiCA) framework has received a 31-4 vote, indicating a majority agreeing if the bill is tabled without restricting crypto assets under the PoW category.



Meanwhile, about 23 countries did not contest in the polls.


This means there is no monitoring limit on the PoW cryptocurrency mining sector, instead they agree to support the growth of the crypto industry through the issuance of valid licenses among EU countries.


Even so, the EU agrees if the legal approach to be implemented also includes market manipulation and money laundering, terrorist finance, and some other criminal activities.


Most importantly, the European Commission is now given the responsibility to table legislative proposals for inclusion in the EU taxonomy, involving any crypto mining sustainability activities that contribute to climate change-as early as 1 January 2025.


The latest bill is currently in EU government-wide negotiations after receiving a vote of 33-25.


A BTC unit traded at $ 39,541.52, up over 4% in 24 hours.

Tags