[Bitcoin Now] Price Rises After Regulatory Bill Rejected in European Parliament

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Bitcoin prices are on the rise following the rejection of a bill in the European Parliament that could have banned the use of proof-of-work cryptocurrencies.

According to the global cryptocurrency market tracking site CoinMarketCap, at 10:33 AM on the 15th, Bitcoin was priced at $38,997 (approximately 48.48 million KRW), up 2.21% compared to the previous day.

Bitcoin prices surged after the MiCA bill, which could have banned the use of proof-of-work cryptocurrencies, was rejected by the European Parliament's Economic and Monetary Affairs Committee on the 14th (local time). Proof-of-work refers to mining cryptocurrencies like Bitcoin through computer calculations, which has been criticized for high power consumption and environmental issues. Bitcoin and Ethereum are mined using proof-of-work, but Ethereum is currently transitioning to Ethereum 2.0, which is based on a proof-of-stake system that distributes rewards proportionally to holdings.

Trading volume is also on the rise. According to CoinMarketCap, Bitcoin's 24-hour trading volume increased by 33.41% compared to the previous day, reaching $24,373,051,066 (approximately 30.3 trillion KRW).

Meanwhile, Dunamu, the operator of Upbit, reported its Digital Asset Fear and Greed Index at 41.74, indicating a 'neutral' stage. This is an increase of 2.36 from the figure of 39.38 (fear) recorded on the 8th of this month, one week ago. Dunamu's Digital Asset Fear and Greed Index is divided into stages: 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. A movement toward greed indicates increased buying interest among market participants, while a shift toward fear reflects concerns about asset declines, leading to market exits and subsequent price drops.