The European Union is moving towards regulating the environmental impacts of crypto

Bitcoin is currently trading around $19.2k after a quiet trading day yesterday. The largest cryptocurrency by market capitalization tried its best to move up a notch, but was able to record only small losses by the end of the day. Altcoins, on the other hand, were largely stable and no major price movements were reported during this period. More on that later.

In other news, the European Union (EU) is moving to try to mitigate some of the perceived environmental impacts of the cryptocurrency sector. While a blanket ban on cryptocurrency mining, especially energy-intensive Bitcoin mining, is currently out of the question, there is still much the Economic Union wants to do in this area. This despite the fact that there are no concrete studies of crypto’s impact on the climate. More on that later.

The international police unit Interpol has reportedly established a special unit to help fight financial crimes, including those related to the crypto sector. The organization has set up a special unit in Singapore for this purpose.

Bitcoin price is stable at $19.2k

Bitcoin is changing hands at $19.2k at the time of writing after a relatively slow trading session earlier in the day. The cryptocurrency rallied yesterday but was unable to continue that earlier today.

The last 36 hours started with the BTC rate around $19.5k. It traded sideways for a long time, almost all day. It moved above $19.6k and made several half-hearted attempts at further gains, but failed to even get past $19.7k. So after failing to move a step higher, Bitcoin started to experience some selling pressure later in the day. At 15.35 the price suddenly started to fall. However, it found some support at $19.4k and has stabilized around that level.

Bitcoin is now moving slightly above the key support level of $19k, which is a somewhat good sign for the bulls as it gives them some room to work with. However, the bulls are still unable to win back the short-term trend. For that they need to exceed $20k and then continue on the way up. The bears are lurking in the background and are likely to make their own moves if further price increases prove too difficult for Bitcoin in the near future. They could easily pull the price back to around $19ki in the near future if a move above $20k doesn’t look convincing enough.

Bitcoin’s total market capitalization was approximately $372 billion and its share of the crypto market was 41.81%.

Bitcoin price chart

Altcoins remain stable

Other cryptocurrencies remained largely flat yesterday. Big movers were Ethereum (ETH, -1.9%), Cardano (ADA, -2.7%), Solana (SOL, -2.4%), Shiba Inu (SHIB, -2.6%), Avalanche ( AVAX, -4.5%) and Unus Sed (LEO, -2.4%).

AVAX price chart

In other news…..

The EU is taking steps to reduce the environmental impact of the cryptocurrency sector

The EU has published a number of documents that will guide the implementation of the REPowerEU plan for the European Green Deal. The measure aims to improve energy efficiency in the economic union.

The EU believes that the Russian invasion of Ukraine has caused major problems for the energy sector, but it gives them an opportunity to help streamline things.

For the EU, managing energy consumption in the ICT sector is very important to help achieve energy savings. The EU paper also notes that the continental union has around 10% of the world’s crypto mining. However, a general ban is not proposed or intended in the document. However, crypto mining may bring greater accountability for carbon emissions in the near future.

This despite recent research showing that the crypto sector is only responsible for 0.1% of total global emissions. Europe needs to improve its understanding of the sector and conduct fair research showing its impact on the environment.

The EU needs to step up its efforts when it comes to regulatory approval and transparency around the cryptocurrency industry. Mairead McGuinness, Commissioner for Financial Services at the European Commission, stressed the need to speed up this process.

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