Europe will not ban Bitcoin mining

Bitcoin slowed before strong resistance in mid-February at $45,000, which then slowed the move. The top cryptocurrency in recent days didn’t pay too much attention to stock indices, which rose on Wednesday.

The technical picture continues to indicate a break in the downtrend, although to confirm the reversal the rate must first settle above 45K. It must be said that bitcoin trading volumes increased significantly last week due to events in Ukraine.

On February 28, immediately after the Bank of Russia’s holdings were frozen, BTC jumped 11%, posting the strongest growth in many months. Due to new sanctions, the Russians removed depreciating ruble assets and invested them in cryptocurrencies.

In the EU, it was previously mentioned that since Bitcoin and Ethereum use the Proof-of-Work consensus mechanism, which consumes a lot of electricity and has a negative impact on the environment, it is time to ban mining of these cryptocurrencies.

However, it was decided to drop this idea following the new version of the Digital Assets Bill. Technically, Bitcoin slowed down on Wednesday after two days of active strengthening, and on Thursday morning it was back at 43.1K, losing 2.2% in the last 24 hours.

Ethereum is down 3.3% to 0.6% over the same period. The major altcoins in the top ten are losing from 1% (Terra, XRP) to more than 5% (Avalanche). Total crypto market capitalization, according to CoinMarketCap, fell 2.5% to $1.09 trillion. The Bitcoin dominance index is hovering around 43.1%. The Cryptocurrency Fear and Greed Index fell 13 points to 29, once again finding itself in the fear zone.

This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.


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