GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

Bitfinex Analyst Says EU Elections Could Be Make-or-Break Moment for Crypto Here’s Why 

crypto

The post Bitfinex Analyst Says EU Elections Could Be Make-or-Break Moment for Crypto Here’s Why  appeared first on Coinpedia Fintech News

As the European Union (EU) prepares for parliamentary elections next week, the cryptocurrency sector braces for potential regulatory shifts that could significantly impact its future trajectory. According to Bitfinex’s Head of Derivatives, Jag Kooner, the outcome of these elections could either lead to stricter controls or accelerate supportive regulations, depending on the political landscape.

Election Impact on Crypto Regulations

European bitcoin exchange-traded products (ETPs) have faced notable outflows totaling $506 million this year, despite the approval of spot bitcoin ETFs in the United States. This inconsistency points out the uncertainty surrounding crypto regulation in the EU.

Meanwhile, Bitfinex Head of Derivative Jag Kooner highlights the pivotal role of the upcoming EU elections in shaping regulatory frameworks, particularly regarding the implementation of the Markets in Crypto Assets (MiCA) framework. 

He suggests that a right-wing shift in the political landscape could lead to tighter crypto controls, while a pro-crypto outcome might expedite the adoption of supportive measures like MiCA.

“The upcoming elections are crucial for the implementation of the MiCA regulation,” Kooner asserts. 

MiCA aims to establish a unified regulatory framework for cryptocurrencies across the EU, providing legal clarity and potentially attracting more investment. However, the pace and enthusiasm with which these regulations are implemented hinge on the election results.

Election Timing and Complexity

The elections, scheduled from June 6 to June 9, the 2024 European Parliament election marks a significant juncture, coinciding with multiple other political events, such as Brexit and various national elections across EU member states. 

This convergence of events adds complexity to an already pivotal moment in EU politics and regulation.

European vs. U.S.-based Crypto Funds

One notable indicator of investor sentiment within the EU crypto market is the flow of bitcoin exchange-traded products. While European Bitcoin ETPs have witnessed consistent outflows since the beginning. On the other hand, European Bitcoin ETPs manage assets worth approximately $6.4 billion, and U.S. funds boast significantly higher figures, totaling $53.5 billion in April. 

As the EU elections draw near, the crypto community remains on edge, awaiting the outcome that could shape the future of cryptocurrency regulations in Europe.

Latest Press

post-thumbnail
News
4 hours ago
Standard Chartered Ventures into Crypto: Launches Bitcoin and Ether Trading Desk in London
Financial banking giant Standard Chartered has confirmed plans to launch a Bitcoin (BTC) and Ethereu...
READ MORE
post-thumbnail
News
4 hours ago
Tezos (XTZ) Battles Market Bears, Sees Price Rebound from $0.71 Lows
Tezos (XTZ) continues its bearish run as it has declined by 29% from year to date and 4% in the last...
READ MORE
post-thumbnail
News
4 hours ago
Arthur Hayes Predicts Bitcoin Boost Amid Looming Japan Banking Crisis
The Japanese banking sector is on the brink of a crisis that will force the sale of close to a trill...
READ MORE
post-thumbnail
News
4 hours ago
Shiba Army Urges Shiba Inu Burn on Binance and Coinbase Amid Price Dip
The Shiba Inu community has proposed a new burning mechanism on Binance and Coinbase, that could see...
READ MORE
post-thumbnail
News
4 hours ago
Sorare Co-Founder: How Nicolas Julia is Changing Sports Collectibles Forever
Nicolas Julia’s vision blends blockchain technology with fantasy sports, creating a unique platfor...
READ MORE
post-thumbnail
News
4 hours ago
Is Ripple the Next Amazon or Facebook? Analyst Thinks So
Ripple’s potential as a billion-dollar company is compared to that of tech giants like Amazon and ...
READ MORE
post-thumbnail
News
4 hours ago
Ripple to Keep 25 Billion XRP in Reserve for Strategic Use and Profit
A document by Ripple employees revealed that the company intends to keep 25 billion XRP (or 25% of t...
READ MORE
post-thumbnail
News
4 hours ago
Bitcoin Loses Momentum Amid Market Downturn, But This Ethereum Token Is Far From Done
The post Bitcoin Loses Momentum Amid Market Downturn, But This Ethereum Token Is Far From Done appea...
READ MORE
post-thumbnail
News
4 hours ago
5 Best AltCoin To Buy Now in 2024 and Multiply Your Wealth With Maximum Returns
The post 5 Best AltCoin To Buy Now in 2024 and Multiply Your Wealth With Maximum Returns appeared fi...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started