The price of Bitcoin has been seen falling since it started hitting the $ 47,000 price level last week. Waima so Bitcoin analysts like PlanB are still optimistic about Bitcoin’s performance despite the recent 5.2% decline.
Bitcoin has shown an upward trend in the last few weeks and has shown an increase of 15% over the past week alone. Bitcoin prices began to climb higher in March after the Federal Reserve announced that they chose to raise interest rates for the first time in three years.
According to the analyst, the price of bitcoin has shown signs of ‘bullish’ although at this point the price of Bitcoin has fallen by more than 5% in the 4 days after the price of Bitcoin soared. The Bitcoin price at the time of writing is trading at the $ 45,674.40 price level with a decline of almost 2% in 24 hours.
The price of Bitcoin began to take effect when the European Union (EU) Parliament voted in favor of new strict rules requiring crackdown on nameless ‘wallets’. On Thursday, March 31, more than 90 lawmakers from the Committee on Economic and Financial Affairs (ECON) and the Committee on Civil Liberties (LIBE) voted to impose new regulatory measures that would essentially ban anonymous cryptocurrency transactions.
The move would require crypto service providers such as exchange exchanges to collect the personal details of individuals who transacted over 1,000 Euros using their own wallets prior to the transfer taking place. A self -hosted wallet is one where the individual retains their private keys rather than relying on a third -party institution or other intermediary acting as a custodian.
Markus Ferber, economic spokesman for the European People’s Party (EPP) agrees that anti-money laundering (AML) checks in cryptocurrencies should be taken seriously. However, he opined that the proposal was inappropriate. According to him the approach would cause the European Union to lag far behind other more open jurisdictions.
Bitcoin is currently in between two possible trading zones namely between the 200d/SMA resistance and the 128d/SMA support level.
