Bitcoin price on April 1st: Suddenly “falling down” to $ 44,300, Europe regulates new AML/KYC laws.

Bitcoin price on April 1st: Suddenly “falling down” to $ 44,300, Europe regulates new AML/KYC laws.

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2022-04-02 11:44:29

Today, BTC has fallen to the expected support area of ​​$45,000. This is said to be the impact after the European Parliament voted to pass a new AML/KYC law that targets crypto directly.

Update BTC price today (April 1)

At the time of writing, Bitcoin currently fluctuates around 44,260 USDreduction 6.16% in the last 24 hoursalthough the oscillation in the past 7 days is still in the green zone (up 1.97%)

The “joy” of the bitcoin rally and the market return may have been premature, especially after BTC failed to push the price above the high. $46,000 yesterday (March 31).

BTC/USDT 24h chart

Data from Trading View shows the possibility of BTC price rallying above $47,500 unlikely to happen. “Bears” caused BTC to drop to $45,000. Many major Altcoins also recorded corrections 4 – 8%.

Europe imposes AML and KYC regulations

The cause of BTC’s downfall is said to be the influence of many market fluctuations. Last night (March 31), the European Parliament rushed to vote on new laws on AML (anti-money laundering) and KYC (identity verification), targeting cryptocurrencies.

Europe imposes AML and KYC regulations
Europe imposes AML and KYC regulations

Specifically, Europe will set AML regulations for crypto transactions with a value of 1,000 EUR or more. In addition, it is mandatory to verify the identity of both objects in the transaction: the sender and the receiver, whether it is through a custodial wallet (wallet of the exchange/payer) or a non-custodial wallet (by the user). own private key).

However, to officially become law, these proposals must be met by parliaments and ministers of EU member states and approved at the European Council.

If this regulation is actually applied, it is said to be a “major blow” to the cryptocurrency market. When all European users are under privacy controls, crypto transactions will be no different from traditional financial transactions, easily “looked at” and judged by the authorities.

This is the second time the new cryptocurrency regulation has caused such controversy since the proposal to ban Proof-of-Work coins. Fortunately, this draft was rejected 2 days ago.

See also: Proposal to ban Bitcoin is removed from the draft MiCA

Many influential people in the crypto industry have not hesitated to voice their opposition to the above regulation. Brian Armstrong – Coinbase CEO frankly shared on Twitter:

Content of Coinbase CEO's Tweet
Content of Coinbase CEO’s Tweet

“Before you can send and receive funds from a non-custodial wallet, Coinbase will be forced to collect, store, and verify information about the other trading party, which is not our customer, to have transactions can be performed. And yet, every time you receive 1,000 euros or more from a non-custodial wallet, Coinbase will be forced to report that transaction to the authorities. That regulation applies to transactions that are not suspicious.”

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