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- MiCA rules to govern the European crypto industry starting with July 2024
- The market may move ahead of the deadline
- Europe turns into a frontrunner in cryptocurrency market regulation
The cryptocurrency market had a robust comeback in 2023. After a 12 months when it appeared that the dangerous information couldn’t cease (i.e., FTX saga, Luna chapter, and many others.), some gentle at the finish of the tunnel offers hope to crypto followers.
So far, the main cryptocurrencies have rallied in 2023. Bitcoin, as an illustration, rallied from $16k to $30k with none significant correction. But one may argue that the rally occurred on the again of a weak greenback.
Now that the greenback will get stronger towards its friends, as seen in the EUR/USD, and AUD/USD alternate charges, Bitcoin retains holding shut to the latest resistance space. So the query is – what shall be wanted for the crypto rally to proceed?
First, Bitcoin wants to maintain inside the bullish channel. Or, if it drops under the decrease edge, it wants to maintain the sequence of greater highs and better lows intact.
Second, Bitcoin and the total cryptocurrency industry want some optimistic information to increase sentiment. One such piece of information got here out of Europe, as crypto rules get ultimate approval and can begin taking impact in July 2024.
MiCA rules to regulate the European crypto house
MiCA, or Markets in Crypto Assets, got final approval this week. The European Council adopted the set of rules to govern the European cryptocurrency industry starting in July 2024.
Sure sufficient, some may argue that the starting date is just too distant, however the markets often move method in anticipation of occasions. In any case, by approving MiCA, Europe takes the lead in regulating the cryptocurrency industry.
All in all, it’s a piece of excellent news for an industry shattered by scandals. Should the US greenback weak spot return, then the main cryptocurrencies may have extra room to rally on prime of the 2023 good points.
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