Bitcoin drop and anger over EU ban on anonymous crypto transactions

Bitcoin drop and anger over EU ban on anonymous crypto transactions

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The cryptocurrency market is suffering the repercussions of the blow delivered by the European Union (EU), which has decided to end its activities. banned anonymous transfers with digital assets, with no minimum amount, and leaves bitcoin and altcoins lower on Friday. The decline of the most traded digital currency ends hopes of extending the rally of the past few days and breaking through the resistance at $50,000. At least for now.

In effect, Bitcoin is losing ground below previous resistance at $45,500-$46,000.now support, and has lost 5% in the last 24 hours. The weekly balance sheet remains positive for the queen of cryptos, which reached yearly highs above $48,000 on March 28, after a multi-session bullish momentum. The digital currency has since entered a consolidation spree and news of tighter trading rules on token exchanges has given investors an excuse to engage in some profit taking.

Similar behavior in “altcoins”.With bitcoin coughing, the whole market is taking a cold, with falls for ethereum, which nevertheless remains above $3,200, and a correction of around 5% for the other assets. Of particular note is LUNA (Terra), which is falling into the $100 range after hitting an all-time high of $105 this week. Total capitalization stands, for now, at $2 trillion, according to data from “CoinMarketCap”.

In addition to the exodus of investors, the reaction of the sector was not long in coming. More precisely, Coinbase CEO Brian Armstrong has gone on the offensive. in a series of tweets comparing the restrictive measures to traditional transfers. “Imagine that the EU requires your bank to report you to the authorities every time you pay rent, simply because the transaction is over 1,000 euros. Or, if you send money to your cousin to help with his purchase, the EU would require your bank to collect and verify private information about your cousin before allowing you to send the funds,” did he declare. » How could the bank comply? The banks would oppose it. That’s what we’re doing now,” he added.

According to him, the measure to undermine all the work the EU has done to become a world leader in privacy legislation and policy.. It also disproportionately punishes cryptocurrency holders and erodes their individual rights in deeply disturbing ways. It is bad policy.

Armstrong has previously pointed out that this measure stifles innovation in the cryptocurrency sector in Europe and puts the EU in a worse position than other jurisdictions to encourage cryptocurrency activity.

Pascal Gauthier, president and general manager of the Ledger platform, also expressed his rejection on Twitter. ” Today, the European Parliament chose fear over freedom. It has just passed a new regulation which paves the way for a regime of mass surveillance of the European financial landscape,” he said.

“These decisions will determine Europe’s sovereignty and competitiveness in the digital future. Policy makers need to take a constructive approach that does not stifle innovation, but enables Europe to create the tech giants of tomorrow and harness the full potential of the web3,” Gauthier added in a series of tweets.

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