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Bitcoin Below $39K After EU Vote on Crypto Regulation
The cryptocurrency was little changed Monday and is up 2% over the past week.
By Brian Evans
Updated Apr 9, 2024, 11:44 p.m. Published Mar 14, 2022, 7:11 p.m.
Bitcoin (BTC) was little changed Monday after a proposal that could have effectively banned bitcoin across the European Union (EU) was rejected.
The Markets in Crypto Assets (MiCA), the most comprehensive digital assets legislation to date in the EU, included a provision that would have limited proof-of-work mining. The provision, however, failed to materialize and will be left out of the bill.
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BTC, the largest cryptocurrency by market capitalization, was changing hands at $38,700 at press time and is roughly flat over the past 24 hours.
- “There are bullish and bearish catalysts on the horizon, but short-term risks are dominant,” Marcus Sotiriou, an analyst at GlobalBlock, said in an email to CoinDesk.
- Inflation remains among the top concerns for traders in both crypto and traditional markets. Bitcoin, often thought of as a hedge against inflation, is underperforming liquid assets like gold so far this year.
- The U.S. Federal Reserve is expected to begin raising rates on Wednesday as energy and food prices continue to soar. The consumer price index (CPI), the popular measure of inflation in the U.S., reached a four-decade high in February.
- Other popular cryptocurrencies like ether (ETH) and Solana’s SOL token are both down about 2% over the past 24 hours.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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