The crypto market was once again hit by a less-favored catalyst when the European Union reportedly sought to pass a bill banning all Proof-of-Work (PoW) cryptocurrencies due to concerns about its impact on the environment.
The price of Bitcoin has fallen by 1.5% and is now trading at $ 38,783 with a market volume of $ 730 billion. Crypto PoW other than Ethereum (ETH) also traded lower in the negative zone. The same goes for other altcoins that also suffered the same fate.
Meanwhile, today, the European Parliament will vote for the controversial Market in Cryptocurrency (MiCA) framework. The draft MiCA law includes a clause to ban all cryptocurrencies that have an impact on the environment. The latest development comes in line with reports that the U.K. propose a complete ban on all Bitcoin ATMs in their country.
Provisions in the MiCA require all cryptocurrencies to be subject to environmental standards set by the government. It should be noted that the use of energy for Bitcoin mining purposes has always been a hotly debated topic. China is among those taking tough measures on this matter.
However, the industry has been moving a lot towards the use of renewable power for Bitcoin mining since mid -2021. The market is now focused on the Fed’s meeting this Thursday.
