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Cryptocurrency LIVE: Bitcoin price suddenly surges but EU deals major blow to industry

Daily Express logo Daily Express 21/07/2021 Luke Hawker
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The value of the world's most popular cryptocurrency plummeted below $30,000 on Tuesday for the first time in a month, triggering fears of a collapse in the hugely volatile market. Today (Wednesday) has seen a huge turnaround for Bitcoin, with its price suddenly jumping in the space of an hour to $30,803.08, according to CoinDesk - up 3.5 percent over the past 24 hours. Ethereum's price has jumped to $1,865.41 - up 6.6 percent over the past 24 hours - while Dogecoin has surged by a massive 9.3 percent over the same period to stand at $0.179909.

However in a major blow, the EU has announced measures as it looks to crack down on the cryptocurrency industry by making digital wallets more traceable.

This is part of a larger effort to prevent money laundering and other financial crimes, and has seen Brussels introduce a legislation package that now requires cryptocurrency exchanges to collect information from their users on their platforms.

Currently, cryptocurrency wallets are totally anonymous, tied only to complex passwords and no personal information.

The new crackdown will target "crypto-asset service providers" as opposed to the users themselves, and will be the responsibility of transfer platforms to collect the personal information from the sender and receiver.

background pattern: cryptocurrency live bitcoin © GETTY cryptocurrency live bitcoin

EU Commissioner for Financial Services, Financial Stability and Capital Markets Union Mairead McGuinness tweeted: "Cryptocurrency is one of the newest ways to launder money.

"Our rules will now apply to the whole of the crypto sector. We will ban anonymous crypto wallets and make sure that crypto-asset transfers are traceable."

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a close up of a clock: cryptocurrency live bitcoin price © GETTY cryptocurrency live bitcoin price
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