Bitcoin Moves in Tight Range at $38,000 as EU Moves Away from Bitcoin Ban

Bitcoin continues to move below $40,000, today (March 15) the Bitcoin price rose 2.50% to $38,920.

Bitcoin’s rise in positive territory this morning came after the Dow Jones Industrial Average rose slightly on Monday (March 14) following the fourth round of peace talks between Russia and Ukraine failed to conclude today.

  • The Dow Jones Industrial Average rose 1.05 points, or 1.05%, to close at 32,945.24.
  • The S&P 500 index fell 31.20 points, or 0.74%, to close at 4,173.11 points.
  • The NASDAQ fell 262.59 points, or 2.04%, at 12,581.22 points.

In addition, the EU Parliament voted against the bitcoin ban in the Union, which positively influenced the market.

The use of proof-of-work (PoW) cryptocurrencies has been one of the topics of the European Union (EU) regulatory framework known as Markets in Crypto Assets (MiCA).

Yesterday (March 14), the European Parliament’s Economic and Financial Affairs Committee decided to vote against banning the proof-of-work mechanism that is the basis for popular cryptocurrencies like Bitcoin and Ethereum.

That is, Proof-of-Work is different from Proof-of-Stake in the case of cryptocurrencies like Bitcoin and Ethereum. PoW is a consensus mechanism underlying digital assets that requires a lot of energy to operate.

As a result, the European government has raised concerns about energy consumption. With Bitcoin’s growing popularity, controversy over energy consumption and environmental impact has also escalated.

However, a recent report shows that Bitcoin’s carbon footprint in 2021 was only 0.08% of the world’s electricity consumption, suggesting that discussions about the network’s power consumption are exaggerated.

The Spot Market is Open

Tuesday, March 15, 2022

Crypto
Updated at
USD
Price

Change

%Change
10.30 BTC38,915.14+94.96+0.24
10.30 ETH2,557.93-16.58-0.64
10.30 LTC105.33+0.76+0.73
10.30 BNB368.62+1.35+0.37
10.30 XRP0.770.00+0.33
10.30 ADA0.79-0.01-0.65
10.30 DOT17.50+0.04+0.23
10.30 DOGE0.110.00-1.40
10.30 UNI8.40+0.01+0.13
10.30 LINK13.33+0.21+1.60

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