Bitcoin Surges More than 4 Percent Amid EU MiCA Law Implementation

Bitcoin, the largest cryptocurrency in terms of market value, was up 4.26 percent on Monday. Its price on international exchanges was around $63,374. This is the first time in more than a month that the price of bitcoin has crossed $63,000 on international exchanges. On Indian exchanges like WazirX, it was around $68,110.

The price of Ether has also increased by about $ 43 since last week. It was at $ 3,491 on international exchanges and $ 3,236 on Indian exchanges. Apart from this, Avalanche, Solana, Ripple, Cardano, Tron, Polkadot, Near Protocol, Cronos, Polygon and Stellar were bullish. In the last one day Crypto Market capitalization of was up 3.87 percent at around $2.33 trillion.

The markets desk at crypto app CoinSwitch told Gadgets360, “The EU’s new Markets in Crypto Assets (MiCA) regulation has come into force. This will clarify the legal and regulatory position for digital asset markets. It aims to deal with the fluctuating cycles of the crypto market and provide an opportunity for stablecoins denominated in euros.” Shivam Thakral, CEO of crypto exchange BuyUcoin, said, “The presidential debate in the US has shown that Donald Trump, who favors crypto, has a better chance. If macroeconomic factors remain strong, the crypto market may continue to rise this week.”

More recently, Bolivia, about a decade ago Bitcoin The ban imposed on crypto currency has been lifted. Its aim is to balance the country’s economy and modernize payment systems. Bolivia has become the first country in Latin America to take steps in favor of crypto. However, its Central Bank has not given legal currency status to Bitcoin or other cryptocurrencies. The Central Bank of Bolivia has also allowed banks to make crypto transactions. Banco Central de Bolivia said that it is withdrawing the ban imposed on payments by cryptocurrency, including Bitcoin payments. Debt in this country is expected to increase to more than $ 21 billion by 2029. Banco Central de Bolivia has decided to allow banks to use electronic channels of acceptance and facilitate crypto payments.