Former UK Chancellor Warns London Financial Services At Risk From EU Crypto Bill: Bitcoin & Ethereum Deal With Price Struggles As Big Eyes Coin Surges
Philip Hammond, the former Chancellor of the United Kingdom, has expressed concern over the potential impact of the European Union's forthcoming regulation of cryptocurrencies. He believes that the EU's Markets in Crypto Assets (MiCA) bill could create an environment so attractive for the Web3 industry that Brussels could outpace London in terms of financial services innovation.
Meanwhile, Bitcoin (BTC) shed its price in daily trading while Ethereum (ETH) posted marginal gains. In the meme coin space, the new entrant Big Eyes Coin (BIG) was solid as a rock as it made steady progress in its presale.
MiCA Bill Indicating Post-Brexit Woes on London
The EU is set to vote on the final version of the MiCA bill this month, which is expected to establish a comprehensive regulatory framework for the crypto sector, making the bloc the first major global jurisdiction to do so. The proposed law will enhance the credibility of the crypto sector, with licensed crypto-asset service providers (CASPs) required to provide investor protections under MiCA across the EU.
Hammond emphasised that if the EU strikes the right regulatory balance between freedom and restriction, it could become a dominant centre for trading in digitised financial markets, eclipsing London's status.
According to Hammond, London must position itself as the top trading destination for digitised assets to secure the future of the financial services industry in Britain after Brexit.
In response to Hammond's comments, some London-based cryptocurrency firms have expressed concerns about the potential impact of the EU bill on their operations. They argue that the proposed regulations could make it more difficult for them to do business in the EU, which could in turn impact their bottom line.
Bitcoin's Rebound Stalls as US Crypto Crackdown and Fed Policy Weigh on Market
Bitcoin's recent rebound has been hindered by regulatory crackdowns and a cautious outlook on Federal Reserve policy. The cryptocurrency has been hovering around the $30,000 mark, struggling to break through amid market uncertainty.
In the past year, Bitcoin has experienced a volatile ride, with a significant drop in value in 2022, followed by a partial rebound in 2023. Currently, the token is trading at $29,720.74, down 0.60% after a 3% decline, which was the largest drop since March 9.
Ethereum Posts Marginal Gain but Struggles to Break Through Resistance Level
The price of Ethereum (ETH), the world's second-largest cryptocurrency, has inched up by 0.19% to reach $2,101.86. The digital currency's 24-hour trading volume is $9.08 billion, indicating strong demand among investors.
Ethereum has been one of the best-performing cryptocurrencies in recent months, with its price surging from around $1,000 at the start of the year to its current level of over $2,100.
However, Ethereum has been struggling to break through the $2,200 resistance level, even after the implementation of the Shanghai/Capella (Shapella) upgrade. On-chain metrics indicate that there are concerning signals, as stakers appear to be positioning for potential sell-offs. This has caused holders to worry about the possibility of ETH losing its current support level around the $2,000 area.
The Shapella upgrade was expected to improve the performance and scalability of the Ethereum network, but it seems to have had little effect on the cryptocurrency's price.
Big Eyes Coin Offers Innovative and Sustainable Investment Opportunity with Pre-Sale Ending Soon
Big Eyes Coin (BIG) has made its way into the altcoin market, drawing investors' attention with its innovative use of the proof-of-stake system. Having proven successful with Ethereum, Big Eyes Coin is well-positioned for significant growth in the dynamic world of cryptocurrency.
The pre-sale for this promising coin which is now in stage 13 and has raised over $34 million so far, will be ending on June 3rd, and investors and industry experts alike are keenly anticipating its potential impact on the market.
Investors can take advantage of the pre-sale opportunity until June 3rd to secure their position in the BIG market. Additionally, Big Eyes Coin is offering a generous 300% bonus for those who enter the coupon code END300. This bonus offers an excellent opportunity for investors to maximise their potential returns.
As the cryptocurrency market continues to evolve, Big Eyes Coin has the potential to emerge as a significant player, offering investors the chance for substantial returns while also supporting vital conservation efforts.
Find out more about Big Eyes Coin (BIG):
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Website: https://bigeyes.space/
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