The New Decision of the EU That Will Affect the Cryptocurrency Market!

The EU has taken a new decision that will affect the crypto market: The fix has come suddenly!

The crypto market has also had a strong start this week. Towards the last working day of the week, the developments gave way to a little more correction. Bitcoin and the cryptocurrency market once again faced bearish pressure. This was due to news from the EU.

The broader cryptocurrency market has caused investors to lose more than $100 billion in wealth. Correction currently occurs at an average rate of 5%. Bitcoin, on the other hand, dropped 5.27% at the time of publication to below $45,000. This marks the first time BTC has traded below $45,000 in the past four days.

EU Regulation is Now on the Agenda!

Europe will reportedly regulate cryptocurrencies with new rules after the proposal of European Central Bank Governing Board member Fabio Panetta and Bank of France Governor Francois Villeroy de Galhau was unanimously approved by the EU finance ministers.

Panetta and Villeroy will be responsible for coordinating cryptocurrency regulation efforts under this agreement. They were given one year to prepare their report on how to regulate cryptocurrencies like Bitcoin and Ethereum.

Crypto industry advocates also reacted to the proposal. Coinbase CEO Brian Armstrong described these measures as “anti-innovation, anti-privacy and anti-law enforcement.” He added that the rules disproportionately penalize crypto holders. Cryptocurrency predictions had held up. Galaxy Digital CEO Mike Novogratz, who recently made an earnings call on cryptocurrency prices, said he wouldn't be surprised if cryptocurrencies see "significantly" high trading volume by the end of the year. The famous billionaire is taking a more "constructive" stance than in early 2022. Novogratz, who follows a declining profile in the short-term stance of cryptocurrencies, correctly predicted that cryptocurrencies will have a difficult time recovering due to the weakness in the US stock market triggered by the rapid bearish trend of the US Federal Reserve.

Bitcoin is still far from its peak Bitcoin is changing hands at $45,617 at press time. Bitcoin fell 4.4% after the European Parliament voted to crack down on anonymous cryptocurrency payments, a move that critics claim could lead to privacy erosion. Despite making significant progress over the past few weeks, Bitcoin is still 33.76% away from its peak. The price of this altcoin has increased by 30 percent! Will the rise continue?

IOTA rose 7 percent. IOTA price continued to rise with notable gains on Thursday. The price was tested near the five-month high of $0.055 on a strong move. The current price action suggests that the bullish momentum is expected to increase further, at least in the short term. IOTA extends the gains of the previous session. A decisive close above the altcoin $0.050 will bring more gains in IOTA price. The price rose more than 70% in two days. At the time of writing, IOTA is trading at $0.04, up 26.60% on the day. According to the data obtained, the 24-hour trading volume is held at $2,357,127,249. The volume has increased exponentially relative to the price. Overall, there is also bullish hope for this price.

It's not a joke, it's real: Here's the last DeFi attack While the week isn't over yet, we start the day with another attack. It is recorded as the last attack of the week and the first attack of this month. Recent attacks are making investors more nervous. Attacks in the DeFi field attract a lot of attention. In the same week that the industry reported its biggest-ever attack, another decentralized financial system has taken its toll. The last cyberattacked DeFi project was Ola Finance. The balance sheet announced by the team is $4.6 million. A total of 216,964 USDC, 507,216 BUSD, 200,000.00 USD, 550.45 WETH, 26.25 WBTC and 1.24 million FUSE tokens were stolen. The total value was announced as $4.67 million.