Crypto Flipsider News — EU Doesn’t Ban PoW Cryptos, BTC Attempts Recovery, Binance in Bahrain, Coinbase Volume Dip, Russian Crypto Volumes Drop, Shift Wealth To Dubai, Terra’s Founder’s Bet
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The European Union has voted against a proposed ban on Proof-of-Work cryptocurrencies like Bitcoin and Ethereum, sending a jolt at the prices.
Binance has secured a license to operate in Bahrain while Coinbase volume continues its downward spiral.
Cryptocurrency trading volumes are in decline in Russia after traditional payment platforms suspend their operations as the wealthy turn to Dubai for a haven.
Terra’s founder wagers $1 million on the future price of Terra’s (LUNA).
EU Does Not Ban PoW Cryptos + BTC Attempts Recovery
The European Union voted against a proposed plan to ban the mining of Proof-of-Work cryptocurrencies like Bitcoin and Ethereum. The rule was part of the Markets in Crypto Assets (MiCA) framework with the 32 members voting against the proposal while 24 voted against the bill.
The resolution from the vote will see Bitcoin being regulated by the EU Sustainable Taxonomy and no longer the MiCA. Members of the European People’s Party, the European Conservative Party, and the Renew movement formed the bulk of persons that opposed the proposition.
As a result of the highs from the vote, Bitcoin had a small rally to exceed $39,000 but failed to break the 40K resistance level. There is palpable fear amongst investors that if the asset fails to break the mark, it could go downhill from here.
The 1-day price chart of Bitcoin (BTC). Source: CoinMarketCap
Short-term holders of the asset are in steep decline and some believe that this might be an indicator of -bearish sentiment.
Why You Should Care
A ban on Bitcoin mining across Europe might be a near-fatal event for the cryptocurrency. Europe is one of the leading continents in terms of BTC usage with a significant number of mining farms in member countries.