Despite the rejection of the EU’s proposal to ban Bitcoin, the crypto market declines

The crypto market started with a decline on Tuesday. Bitcoin started trading on CoinSwitch Kuber at $40,319 (approximately Rs.30 lakh) with a loss of 0.87 percent. There was also a slight decline in the price of bitcoin on the international exchanges. It was down about 0.15 percent on CoinMarketCap and Binance. When this report was published, the price of bitcoin on international exchanges was around $ 38,745 (about Rs 29.5 lakh).

Losses in Ether exceeded that of Bitcoin. The second-highest value cryptocurrency lost nearly 3.07 percent. According to Gadgets 360’s crypto price tracker, it was trading at around $2,649 (approximately Rs 2 lakh). It also declined on international exchanges. Despite the European Union (EU) rejecting a proposal to ban bitcoin, the crypto market has declined. This decision is in favor of the crypto segment. The EU’s Law on Digital Assets agreed to a proposal to ban bitcoin due to its high energy consumption in crypto mining.

Ripple, Cardano, Polygon were also trading with a decline. Dogecoin fell again after a few uptick the day before. Dogecoin gained momentum after Tesla CEO Elon Musk tweeted that he should keep his crypto holdings intact despite the risk of inflation. Its rival Shiba Inu also showed pressure. People in the crypto industry have supported regulating this segment rather than banning it. After this, the EU voted to cancel the proposal to ban bitcoin.

The research team at CoinDCX told Gadgets 360, “Crypto is growing in popularity and strengthening its position in the finance sector. Therefore, regulations are necessary to balance the impact on the environment with the growth of the industry. The regulatory measures in the EU could increase the potential for the crypto segment across the globe.” Crypto laws are being made in many countries. In the US, President Joe Biden has recently signed an executive order related to the crypto segment.
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