April 21, 2023

EU Parliament Passes MICA, Bitcoin Drops 2%

EU Parliament Passes Mica and Bitcoin Prices Sink by 2%

The EU Parliament recently passed the Markets in Crypto-Assets (Mica) regulations as part of their latest push to regulate the crypto markets. Shortly after the news broke out, Bitcoin prices fell by 2%.

The Mica proposal seeks to provide a framework for the crypto asset sector which already has a significant presence within the European Union. It would also allow crypto-assests to be accepted as financial instruments in the European Union member countries.

We reported that Bitcoin market showed immediate reaction to the news and its price fell by more than 2% within just 15 minutes of news release. This is relatively less when compared with other leading cyrpto assets, Ethereum and Ripple which plunged more than 5% within the same period.

Analysts believe that this might be due to various factors such as investor liquidation and a general dip in demand around cryptocurrencies resulting from the Mica regulations.

In addition to this, there has been an overall bearish sentiment on Bitcoin over past few months due to various regulatory announcements and potential changes in US monetary policies.

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