Pete Pachal, CoinDesk’s chief of staff for the content team, argues the gaming-focused Ronin Network’s announcement of a security breach shows that ‘things start to get a little dicey’ when moving further away from core crypto products.
Bitcoin heads to the end of the week trading around $44,000, falling for a third consecutive day.
Bitcoin, along with cither cryptocurrencies, declined as inflation numbers increased, and the European Union voted on crypto legislation.
Bitcoin was struggling early Monday morning following a downtrend last week with blame clearly landing on Fed plans to raise interest rates in March. (iStock / iStock)
The U.S. Labor Department reported that the Personal Consumption Expenditures price index (PCE), a measure of annual inflation, rose 6.4% in February. That number is the Federal Reserve’s preferred inflation gauge.
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Bitcoin finished the month with a gain of more than 9%, but is down more than 1% year-to-date.
European Union lawmakers backed new safeguards for tracing transfers of bitcoin and other cryptocurrencies on Thursday.
Two committees in the European Parliament jointly voted by 93 to 14 on cross-party compromises, which crypto exchange Coinbase Global warned would usher in a surveillance regime that stifles innovation.
Under the draft law first issued by the EU’s executive European Commission, crypto firms such as exchanges would have to obtain, hold, and submit information on those involved in transfers, according to Reuters.
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Currently, there are no EU requirements for tracing crypto transfers.
