Market Wrap: Crypto Rises as European Mining Ban Falls Through

!function(){“use strict”;window.addEventListener(“message”,(function(e){if(void 0!==e.data[“datawrapper-height”]){var t=document.querySelectorAll(“iframe”);for(var a in e.data[“datawrapper-height”])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();

Bitcoin and other cryptocurrencies pushed higher Monday as the European Union nixed a regulatory measure that would have effectively banned crypto mining.

The section — which would broadly regulate the digital assets space — was removed from the Markets in Crypto Assets (MiCA) bill Monday. It quieted the concerns of industry participants who have protested the measure since it was introduced by the EU in 2020.

The removal boosted markets even as equities fell on the day. Bitcoin climbed 2.85%, while ether rose 1.14% by the end of stock trading.

Stefan Berger, a member of the European Parliament from Germany, said proof-of-work crypto mining was no longer included in MiCA.

“In view of the important debate about sustainability, my suggestion is to include crypto assets, like all other financial products, in the #Taxonomie area,” Berger said. “An independent discussion of the Proof-of-Work is no longer planned in #MiCA.”

THORchain, a decentralized liquidity protocol, was again crypto’s biggest gainer of the day among the top 100 coins by market capitalization, with an 11.61% gain.

Equities struggled Monday after reports emerged that Russia had asked China for military aid in its efforts in Ukraine. White House National Security Advisor Jake Sullivan said Sunday that the US is “watching closely to see the extent to which China actually does provide any form of support, material support or economic support, to Russia.”

The growing geopolitical tension has continued to add uncertainty to the stock market, causing high volatility. The S&P 500 fell by another 0.74% Monday, while the Nasdaq fell 1.92%. The Dow remained flat.

Top stories

Story: Illinois Moves Closer To Accepting Crypto for Taxes, but Not Considering Legal Tender Status

• FlowBank’s clients, which can invest in CoinShares’ crypto through derivative products, are set to have direct access to crypto in the third quarter
• The bank will be able to take advantage of more advanced features such as holding, staking and lending in the coming months, according to CoinShares

Story: CoinShares Seeks To Reach More Investors by Upping Stake in FlowBank

• Liberal Party candidate Yoon Suk Yeol has clinched a victory over political rival Lee Jae-Myung in a narrow race
• Pundits hope Yoon will pave the way for a new era of crypto deregulation in the country following campaign promises to do so

Story: NFT Marketplace Magic Eden Secures $27M Series A

• The capital will go toward staff expansion, product development and future partnerships
• Other investors include Sequoia Capital, Electric Capital, Greylock Partners, Kindred Capital, Variant Fund and Solana Ventures

Story: Congressional candidate uses NFTs to raise awareness, funds

• The NFT holders will have access to conversations with climate scientists and the Kurani campaign’s Earth Day party in the metaverse
• Kurani, if elected, would prioritize clear guidelines on know your customer and anti-money laundering reporting while seeking to protect privacy

Going forward

Investors should prepare for the Federal Open Market Committee’s federal funds rate announcement Wednesday. The expected rate change is likely to move markets.

---

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.

---

The post Market Wrap: Crypto Rises as European Mining Ban Falls Through appeared first on Blockworks.

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
• CryptoHawk. Altcoin Radar. Free Trial.
• Source: https://blockworks.co/market-wrap-crypto-rises-as-european-mining-ban-falls-through/