Crypto Catch: Bitcoin falls 3% as EU set to put in place regulatory framework for cryptos

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Crypto Catch: Bitcoin falls 3% as EU set to put in place regulatory framework for cryptos

Crypto news, Bitcoin, European Union proposed rule
Image source: © Hello6373 | Megapixl.com

Highlights

  • The European Union will vote on a proposed rule on Monday that could effectively ban Bitcoin.
  • Bitcoin is currently valued at US$37,800 – following a 3% dip in the past 24 hours
  • Smart contract blockchain platform Waves is trading at US$26.22 at time of writing, up around 40% from where it was priced one week ago.

The European Union will vote on a proposed rule on Monday that could effectively ban Bitcoin with the outcome very much undecided.

The parliament’s economic and monetary affairs committee will vote on a draft of the proposed framework, which will look to limit the use of cryptocurrencies powered by proof-of-work protocols.

Proof-of-work requires high powered computers to solve complex algorithms – a process which uses a considerable amount of energy.

The provision requires all crypto assets to be subject to the EU’s minimum environmental sustainability standards with respect to their consensus mechanism prior to being issued, offered or admitted to trading in the Union.

Bitcoin continued its downward trajectory after sinking below the US$40,000-mark last week following a short-lived surge which saw it reach above US$42,000.

The world’s largest cryptocurrency is currently valued at US$37,800 – following a 3% dip in the past 24 hours.

Altcoin News

As Bitcoin and Ethereum struggle to gain ground, one altcoin flying under the radar has been seeing positive returns in recent weeks.

Smart contract blockchain platform Waves is trading at US$26.22 at time of writing, up around 40% from where it was priced one week ago.

Waves is a platform where users can create, launch and trade their own crypto tokens. Additionally, it empowers users to make new tokens by providing access to several ready-to-use tools and products.  

Winners and Losers

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Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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