- MiCA Rules Governing European Crypto Industry From July 2024
- The market may move faster than the deadline
- Europe Becomes Leader in Crypto Market Regulation
The cryptocurrency market has made a strong comeback in 2023. After a year of seemingly unstoppable bad news (FTX turmoil, Luna bankruptcy, etc.), a glimmer of light at the end of the tunnel is giving crypto fans hope. .
So far, major cryptocurrencies are on the rise in 2023. Bitcoin, for example, rose from $16,000 to $30,000 without any meaningful correction. However, some might argue that the rally came on the back of a weaker dollar.
Bitcoin continues to hold near the recent resistance area as the dollar strengthens against other currencies as seen in the EUR/USD and AUD/USD exchange rates. So the question is, what does it take to continue the cryptocurrency rally?
First, Bitcoin needs to stay inside the bullish channel. Alternatively, if the lower bound is broken, the series of highs and lows should remain intact.
Second, Bitcoin and the crypto industry as a whole need some positive news to boost sentiment. One such piece of news has come out of Europe as cryptocurrency rules have been finalized and will begin to take effect in July 2024.
MiCA Rules to Regulate the European Cryptocurrency Space
MiCA, or Crypto Markets Get Final Approvals This Week. The European Council has adopted a set of rules to govern the European cryptocurrency industry from July 2024.
Sure, some might argue that the start date is too far away, but markets usually move wildly in anticipation of events. Either way, by approving MiCA, Europe will take the lead in regulating the cryptocurrency industry.
All in all, this is good news for a scandal-shattered industry. If the US dollar weakens again, the major cryptocurrencies could have more room to rally in addition to their rally in 2023.