Bitcoin prices fell below 30,000 dollars in a month, while the European Union (EU) proposed a bill to regulate anonymous remittance of cryptocurrency such as Bitcoin.
According to Coindesk Bitcoin’s price fell by more than 3.4 percent in 24 hours on the 21st. It is the first time in about a month that bitcoin prices have fallen below $30,000 since the 23rd of last month, according to Market Watch.
Bitcoin’s decline is in contrast to the sharp rise in U.S. stock prices the previous day, and the possibility of further decline is growing as it falls below $30,000, which is considered an important support line, experts pointed out. “It is important to keep Bitcoin prices above $30,000, and if they fall further, large-scale sales may pour,” said Niam Aslam, chief analyst at online financial trading company Ava Trade.
Since Bitcoin prices rose to $63,000 in April, they have been falling steadily due to regulatory moves by governments and reduced purchases by institutional investors.
Meanwhile, the European Union has drawn up a bill to ban anonymous crypto wallets and regulate crypto such as bitcoin remittance to prevent money laundering, Reuters reported. The bill requires companies that process virtual asset remittances to collect the remitter’s name, address, date of birth, account number and recipient’s name.
“The bill will prevent virtual assets from being used to launder money or raise terrorist funds by fully tracking remittances of virtual assets such as Bitcoin,” the European Commission said in a statement.
Timothy Butler, a partner at Troutman Pepper, a U.S. law firm, pointed out, “If Bitcoin prices fall and personal investors lose more, government-level regulatory moves will be strengthened.”