Bitcoin Dips Below $45K With EU Cracking Down On Crypto

Bitcoin dips below $45K with the EU Cracking down on crypto again by taking aim at the crypto wallets so let’s read more today in our latest Bitcoin news.

With the EU lawmakers backing stricter safeguard measures for transactions and the market was quick to react with the price of BTC crashing by more than 4% over the past day. The benchmark crypto hit $48,000 which at the time amounted to a 9.3% rally from the day before. BTC returned most of the gains with the latest move and the dip took BTC to a daily low of $44,432 during the early hours on Friday before a rebound to $45,181.

Here is a thread on the negative real-world consequences of these amendments. They are a recipe for disaster.

It is not a question of "if" these personal data honeypots will be hacked, but "when". https://t.co/bFxERcq9XJ

— Patrick Hansen (@paddi_hansen) March 31, 2022

Bitcoin dips below $45K with the rest of the coins being in the red and XRP, ADA, TErar, and DOT all shedding between 4.5% and 6%. ETH as the industry’s second-biggest digital asset is down by 3.
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6% and changed hands at $3,275. the only crypto among the top ten to stay in the green Is Solana whcih increased by 1% over the past day and traded at $125. The latest price drop could be related to the news of the EU Parliament vote to enhance the regulation on crypto transactions.

The approved proposal will require crypto service providers like regulated exchanges to obtain and hold personally identifiable information from individuals making transactions using the so-called unhosted or noncustodial wallets. The EU Commission text reads:

“In the case of a transfer of crypto-assets from or to a crypto-asset wallet not held by a third party, known as an ‘unhosted wallet,’ the crypto-asset service provider or other obliged entity should obtain and retain the required originator and beneficiary information from their customer, whether originator or beneficiary.”

The non-custodial wallet doesn’t rely on third parties and allows direct transactions between users examples of these wallets include MetaMask but also hardware ones like Ledger and Trezor. The Commission proposed applying the rules to transactions over $1106 but the rule has been scrapped under the cross-party parliamentary agreement which means that all transactions will be in scope. Some figures in the crypto industry slammed the results with Coinbase CEO Brian Armstrong stating that this is a move that punishes crypto holders and erodes individual rights in concerning ways.

The head of Strategy for decentralized finance at Unstoppable Finance Patrick Hansen called the text a recipe for disaster and it is only a matter of time when the personal data honeypots will get hacked. The EU Committee and Monetary Affairs passed the markets in the crypto-asset regulation legislative package that aims to coordinate the EU regulatory approach to the crypto industry. The lawmakers stated that one of the top priorities of the legislation is to ensure that the EU Financial services regulatory framework is innovation-friendly and doesn’t pose a threat to the application of new technologies.