Ether’s price reaching the $10,000 mark could be the most “asymmetric bet” in the current cryptocurrency market conditions, according to one popular analyst. Can Ether reach the $10,000 mark during the current bull cycle?
Ether to $10,000 could be the best bet in crypto
Ether’s price reaching $10,000 could be the best bet in the current market, according to popular crypto analyst Tyler, who wrote in a June 16 X post:
“The most asymmetric bet in crypto today is Ethereum to $10,000. As annoying as that is, just the way the chips have fallen. We trade the market, not our emotions.”
Ether’s price is down over 4% on the weekly chart, trading just below the $3,400 mark as of 1:10 pm in UTC, according to TradingView data.
Ether’s price has been in a downtrend for over two weeks since May 27, when it rose to a range high of $3,939 before being rejected from the $4,000 psychological mark.
Can Ether ETFs boost ETH’s price to $10,000?
Despite the bullish prediction, Ether is still struggling to rise above the $4,000 psychological mark.
Moreover, Ether is currently down over 30% from its all-time high of $4,891 in November 2021. A hypothetical move to the $10,000 mark would imply an Ether price increase of over 194% from the current levels.
ETH’s price faces significant resistance at the $3,500 mark. A potential move above would liquidate over $534 million of cumulative leveraged short positions across all exchanges.
Short liquidations would surpass $1 billion if Ether were to rise above the $3,586 mark, according to CoinGlass data.
Ether’s price action could be boosted by institutional inflows from the first spot Ether exchange-traded funds (ETFs), which are expected to start trading by July 2, according to Bloomberg ETF analyst Eric Balchunas.
However, Securities and Exchange Commission Chair Gary Gensler provided a broader timeframe for when spot Ether ETFs might begin trading, indicating that it could happen within the next three months by the end of September.
In Bitcoin’s case, ETF inflows were a significant part of its price rally. By Feb. 15, Bitcoin ETFs had accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.
Ether supply on exchanges hits eight-year low
Ether could also see a price breakout due to a potential supply squeeze, as Ether’s supply on cryptocurrency exchanges sunk to an eight-year low.
This could translate into more upward momentum, according to popular crypto analyst Quinten. Quinten François wrote in a June 18 X post to his 112,000 followers:
“Ethereum supply on exchanges is at an 8-YEAR LOW. Meanwhile, institutional demand will be unlocked through the ETH ETF in July. You don’t need to have a degree to understand what is about to happen.”
Brazil’s tax authority is reportedly planning to seek information from foreign cryptocurrency exchanges to find out how they operate in the country and whether its citizens are complying with the country’s new tax laws or not.
The Receita Federal do Brasil (Federal Revenue of Brazil) is expected to publish an ordinance summoning these firms for further information later this week, according to a June 18 report from Reuters citing comments from Brazilian officials.
“It’s an area of concern for us to understand first how they operate here, whether there’s any illegality or not,” Andrea Chaves, DFR’s Deputy Secretary of Inspection told Reuters.
“We are also concerned about having information on Brazilian wealth subject to taxation.”
Up until now, only local cryptocurrency exchanges have been obligated to report transactions conducted on their trading platforms.
Last December, Brazil passed a law mandating Brazilians to pay a 15% income tax on cryptocurrency profits and dividends earned on foreign exchanges.
The Brazilian tax authority intends to collect around $4 billion (20 billion Brazilian reals) in the 2024 financial year.
Binance, Coinbase, OKX and KuCoin are among the notable trading platforms operating in the country. Binance currently holds the largest market share in Brazil, accounting for 79% of all transactions — though it has lost some of its dominance to Brazil’s Mercado Bitcoin and Mexico-based Bitso in recent months.
Meanwhile, Brazil saw a spike in cryptocurrency trading activity in the first few months of 2024, increasing 30% year-on-year to $6 billion between January and May.
A recent Kaiko report revealed that it is the largest market player in Latin America and the seventh-largest worldwide in terms of fiat currency trade.
Stablecoin transfers remain the main source of cryptocurrency activity in Brazil.
Prospects for retail crypto trading in Canada are looking good, and a convergence of factors, including the local regulatory environment, is likely to continue driving market growth.
“We have certainly seen retail come back,” Dean Skurka, CEO of Canadian crypto asset platform WonderFi, told Cointelegraph’s Sam Bourgi at the Collision event in Toronto.
Canada experiences lucky convergence for crypto
Skurka said the convergence of the interest rate cut by the Bank of Canada, leading to greater discretionary spending by the public, along with strong interest in Bitcoin and Ether exchange-traded funds that put crypto “in favorable standing [with] a broader audience” and the expected impact of the BTC halving promise a strong retail market.
“It’s not going to happen overnight,” Skurka said, but indicators of public receptiveness to crypto are there. New signups spiked at WonderFi along with the all-time high price for BTC, he noted. He expected to see it in the next six to 12 months.
WonderFi, which had early backing from billionaire celebrity Kevin O’Leary, has acquired an impressive stable of crypto firms that it plans to combine into a single entity, thanks to its merger with Coinsquare in July 2023. That firm is regulated by the Canadian Investment Regulatory Organization.
WonderFi has also acquired Bitbuy and Coinberry. It reached $1 billion in assets under management at the end of 2023.
WonderFi looks abroad and appreciates home
Canadian regulators have addressed staking and the crypto spot market, and Skurka predicted crypto derivatives — such as futures — to be the next to be regulated. As WonderFi begins implementing plans to expand into the Asia-Pacific region, it has gained new perspective on the Canadian regulatory environment.
Canadian regulators “further ahead” compared with their Asia Pacific colleagues, Skurka said. The firm’s experience with Canadian regulators will inform its actions in APAC markets. WonderFi will make public its activities in APAC within months.
Other industry figures have shown less enthusiasm for Canadian regulation. Rules introduced by the Canadian Securities Administrators in February 2023 led to the withdrawal of several crypto firms from the country.
A large memecoin holder, or whale, has made a $3.7 million profit after selling their MAGA (TRUMP) tokens amid the current market sell-off.
Whale wallet “0x52C0” has sold over 171,000 TRUMP tokens for 414 Ether worth $1.44 million in the past 24 hours, for a total profit on their investment of over $3.7 million.
The whale has been selling their TRUMP tokens at the $8.38 mark, according to a June 18 X post by Lookonchain.
Looking at the savvy whale, 28% of their wallet still consists of TRUMP tokens worth $372,000. Their largest holding is the BasedAI (BASEDAI) token, worth $921,000 at the time of writing and accounting for over 71% of the wallet.
At its peak valuation on June 2, the whale wallet was worth $7.53 million, according to CoinStats.
Why is the TRUMP token down?
The whale started locking in their profits just as the TRUMP token started its price decline.
The token fell over 30% in the 24 hours leading up to 9:00 am UTC to trade at $7.88. The memecoin is down over 37% on the weekly chart, according to CoinMarketCap data.
Trump-related cryptocurrencies started falling amid rumors that Donald Trump’s team launched an “official” token on Solana.
Pirate Wires claimed in a June 17 X post that Trump’s 18-year-old son, Barron, was “spearheading” the token under the name TrumpCoin (DJT).
However, Trump’s team hasn’t confirmed the token launch, and blockchain data firms such as Bubblemaps seem confident that DJT isn’t linked to the presidential candidate.
Large holders are taking note of the marketwide memecoin sale, which saw some of the most popular meme tokens log double-digit gains.
Leading memecoins Dogecoin and Shiba Inu fell 13% and 18% on the daily chart, while Pepe tanked 13%, and Solana-based Dogwifhat (WIF) fell over 20%, according to CoinMarketCap data.
The total market capitalization of memecoins fell 9.4% to $46.6 billion in the past 24 hours, while trading volume rose 79% to $6.25 billion.
Other TRUMP token whales have also taken note of the decline and started locking in profits. Wallet “0x35D1” sold their tokens for a $648,000 profit, while trader sighduck.eth sold their tokens for an over 1,500% gain of $1.88 million.
The Central Bank of Ireland has approved 15 different VASPs from June 7, 2024, including Crypto.com, Coinbase, Gemini, Ripple and others.
The Central Bank of Ireland (CBI) has given a nod to another major cryptocurrency company, Crypto.com, as a virtual asset service provider (VASP).
Crypto.com, one of the world’s largest crypto trading platforms, announced on June 11 that it had received VASP approval in Ireland. The approval allows Crypto.com to expand its offering in the country, including crypto-to-fiat exchanges and fiat wallets.
Crypto.com’s president and chief operating officer, Eric Anziani, said the approval shows the company’s commitment to compliance and responsible innovation.
“We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering,” the exec added.
Crypto.com declined to comment to Cointelegraph on the specifics of new crypto services enabled in Ireland with the latest VASP approval.
Ireland has approved 15 entities as VASPs
In obtaining the approval, Crypto.com joins several crypto firms regulated by the country’s central bank, including the United States-based crypto exchange Coinbase.
The full list of registered VASPs in Ireland features 14 entities as of June 7, including major industry firms like Ripple, the Winklevoss brothers’ Gemini exchange, MoonPay, Standard Chartered’s Zodia custody platform, Paysafe and others.
Seven companies on the list received approvals in Ireland in 2023. In 2024, the CBI approved four others, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps and Crypto.com.
Some crypto firms opted to leave Ireland
The Central Bank of Ireland’s approval of Crypto.com marks another milestone in the country’s growing interest in the crypto industry.
Coinbase, the largest crypto exchange in the U.S. by trading volumes, selected Ireland as its European crypto hub in late 2023.
Coinbase chose Ireland to help it comply with Europe’s major cryptocurrency regulatory framework, the Markets in Crypto-Assets Regulation.
Other major companies, including Ripple and Gemini, have also been cementing their presence in Ireland while facing issues from U.S. regulators.
On the other hand, Circle Internet Financial — the company behind the world’s second-largest stablecoin, USD Coin — announced plans to return to the U.S. and move away from Ireland in May 2024.
Data from Cointelegraph Markets Pro and TradingView showed a 3% dip taking Bitcoin to lows of $67,320 on Bitstamp after the daily close.
Lacking support at the key $69,000 level, Bitcoin bulls failed to stave off a downward move through thin exchange order book liquidity.
The day prior, Keith Alan, co-founder of trading resource Material Indicators, had warned that insufficient bids could be a warning sign for BTC price strength.
“Sure we have some laddered bid support in here, but not a heavy, heavy concentration of it — and really, it’s not even heavy down to $60,000 if I can be completely honest,” he said during his latest YouTube update.
An accompanying chart covered order book liquidity for the BTC/USDT pair on the largest global crypto exchange, Binance.
In a subsequent post on X, Material Indicators noted that with the latest move down, Bitcoin had formally rejected $69,000 as support and had also given up the 21-day moving average — a key short-term trendline.
“Support at the 21-Day Moving Average and the R/S Flip at $69k have both been invalidated,” it read.
“This move isn’t over. In fact I expect these killer whale games to continue up to and through JPow’s comments on Wednesday and economic reports on Thursday.”
As Cointelegraph reported, the week’s main potential volatility catalyst for Bitcoin and crypto price action is United States macroeconomic data — the Consumer Price Index (CPI) and Producer Price Index (PPI) — along with the Federal Reserve’s latest interest rate decision and accompanying press conference by Chair Jerome Powell.
“So far CPI/PPI has been around the highs of this range & FOMC resulting in local lows,” popular trader Skew continued on the topic.
Mixed opinions on Bitcoin support
In his own market analysis, meanwhile, fellow trader and commentator Credible Crypto suggested that the outcome of the down move may not be as radical as a trip to $60,000.
With liquidity being added and pulled from the market at will by large-volume traders, appetite for BTC could spare bulls any lower than even $65,000.
“We continue to see spot absorption on each and every move down, even on lower timeframes,” he summarized to X subscribers.
Credible Crypto noted that overhead resistance at $72,000 had been “pulled immediately” once Bitcoin began reversing.
“What are the odds we front run range lows and 62-65k and just reverse from here? I think they are decent,” he concluded.
“No guarantees of course, but we will know soon enough with developing PA over the next 24 or so hours.”
As BTC continues to trade sideways at high levels, the bull market momentum is unstoppable, and platform tokens are once again drawing attention.
This article analyzes and compares the platform tokens of several leading platforms, focusing on three dimensions: platform token earnings, buyback and burn, and fee discounts for investors’ reference.
The earnings from platform tokens consist of two major parts: active earnings, which refer to the token’s own price increase, and passive earnings, which include dividends, new token offerings, airdrops, and other benefits. According to CoinMarketCap data, the performance of the top ten platform tokens by market capitalization over the past year is as follows:
Data shows that MEXC’s platform token MX has increased by 101% over the past year, surpassing even BNB, while OKX’s platform token OKB has seen an annual increase of less than 5%.
Additionally, comparing other second-tier exchanges, Bitget’s passive earnings (from new token offerings and airdrops) fall far short of MEXC’s. MX’s passive earnings are significantly higher. According to statistics, since last July, MEXC has been airdropping tokens to MX holders every month, with an average of over 150 token airdrops each month. Over six months, a total of 927 project tokens were airdropped, resulting in an APY of up to 76%. As shown below:
In 2024, MEXC further increased its airdrop intensity, with an average of nearly 250 tokens airdropped per month from January to April. The APY reached 107%, far surpassing BGB holders.
According to the MEXC official website, airdrop participation is a simple process. Users need only hold MX to receive all new token airdrops for free. Compared to other platform tokens, MEXC’s airdrops have a significantly lower entry barrier, allowing more MX holders to enjoy higher returns.
In fact, MX’s token price is severely underestimated during the bull market. After users receive token airdrops by holding MX, if they convert these earnings into MX tokens, they can easily achieve a compounding effect, thus achieving tremendous profit potential.
Trading fee discounts: MX offers the biggest savings
Using platform tokens to offset trading fees is a common promotional strategy on cryptocurrency trading platforms. Each platform has its own discounts, as summarized below:
Conclusion
In the bull market’s complex investment landscape, cryptocurrency users may consider positioning themselves in platform tokens that have stable value support, excellent performance, and from up-and-coming platforms that can generate various expected returns. MX is an important alternative in this regard, as it can effectively mitigate investment risks and achieve better investment returns.
Former United States President Donald Trump is ramping up his advocacy for cryptocurrency, now setting his sights on becoming the “crypto president.”
He made the comment during a fundraising event in San Francisco, co-hosted by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya, according to a recent Reuters report.
At this gathering, Trump purportedly affirmed his commitment to cryptocurrency, asserting his readiness to champion the industry’s advancement, while cautioning against the Democratic Party’s purported inclination towards stringent regulations.
The fundraising event proved to be a significant boon for Donald Trump’s promotional efforts, reportedly netting a substantial $12 million in support ahead of the November 5 U.S. presidential election.
Trump’s Crypto Support Comes in Contrast to Biden
Donald Trump’s embrace of cryptocurrency aligns with his broader strategy to distinguish himself from the policies espoused by the current administration, particularly in light of President Joe Biden’s recent decision that drew ire from the crypto community.
Just a week prior, Biden faced criticism after vetoing a resolution aimed at overturning the controversial U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.
This bulletin, which mandates institutions holding cryptocurrency assets to record them as liabilities on their balance sheets, has been a point of contention within the industry.
Trump’s vocal support for cryptocurrency is not new, as evidenced by several recent public statements.
On May 26, he reiterated his stance that the United States must assert its dominance in the crypto sector.
“Our country must be the leader in the field, there is no second place,” he said at the time in a post on Truth Social, a social media platform owned by Trump Media and Technology Group.
Furthermore, he has recently announced that his presidential campaign would accept cryptocurrency donations.
The fundraising page, which allows eligible individuals to donate in crypto using Coinbase Commerce, displays logos for Bitcoin, Ethereum, Dogecoin, Shiba, XRP, USD Coin, SOL, and 0x (ZRX).
Earlier this month, Trump also made a promise to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if he is re-elected in November’s election.
Voters Consider Candidates’ Stance on Crypto
As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.
Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.
The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.
Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.
From June 6 to 9, more than 185 million people from the European Union’s 27 member states voted for candidates to serve a five-year term in a new European Parliament, the legislative branch of the political bloc.
This pivotal event will shape the political direction of the EU for five years, and crypto and blockchain are no exception.
The election results are mixed: The Christian Democrats won 10 seats, while the Social Democrats hung on, losing only four seats, and the pro-business (and pro-crypto) Renew Europe Group lost 23 seats.
The Greens also took a beating, losing 18 seats, while far-right parties made notable gains.
So, what plans do these parties have for the crypto and blockchain industries?
Cointelegraph reviewed the election manifestos of various parties and interviewed a number of members of the European Parliament about their plans for the future.
European People’s Party (EPP), or Christian Democrats — 186 seats (gained 10)
The EPP Group, the largest and one of the most influential political groups in the European Parliament, generally holds a cautious yet forward-looking stance on cryptocurrencies, the digital euro and blockchain technology.
The group recognizes the transformative potential of blockchain and digital currencies in enhancing financial services and economic efficiency. However, it emphasizes the need for robust regulatory frameworks to prevent misuse, ensure consumer protection and maintain financial stability.
MEP Stefan Berger, a member of the EPP Group who helped negotiate the EU’s major crypto regulation — Markets in Crypto-Assets (MiCA) — told Cointelegraph:
“Crypto assets are gaining importance and have their place as a complement to the traditional financial system. We see crypto assets as forward-looking technologies with diverse possibilities for consumers and businesses and support balanced regulation that allows room for further development and innovation.”
The EPP supports the current MiCA law but also sees the potential for future adjustments. Berger said, “MiCA creates trust in the industry, provides security for founders and offers the European Economic Area a significant competitive advantage. It is clear that in the future, we will also need a legal framework for NFTs that benefits consumers and the entire industry.”
The EPP supports a more relaxed tax policy for crypto. Berger said the party wants to “strengthen Europe as an innovation location and reject restricting the adoption of crypto assets through restrictive tax policies.”
The party is also keen to explore the potential of blockchain technology outside of crypto.
“Blockchain can bring efficiency gains in public administration processes and enable new applications. This strengthens citizens’ trust in the state and administration,” said Berger.
Progressive Alliance of Socialists and Democrats (S&D) — 135 seats (lost 4)
The S&D Group is cautiously optimistic about blockchain and cryptocurrencies. The group recognizes the potential benefits of these technologies in promoting financial inclusion and improving public services. However, its primary concern is the regulatory and social implications.
S&D calls for strict rules to prevent fraud, money laundering and tax evasion. It supports the idea of a digital euro, seeing it as a tool to increase the effectiveness of monetary policy and protect consumers.
Renew Europe — 79 seats won (lost 23)
Renew Europe, a centrist and liberal political group, has been a prominent voice in the European debate on crypto. The group held the rapporteurship for the report on digital finance, which the European Parliament approved in 2020.
Since then, Renew Europe has consistently called for a robust regulatory framework for crypto assets to ensure the EU is ready for structural digital transformations.
Renew Europe also champions a proactive, innovation-friendly approach to blockchain and digital assets. The party views blockchain technology as a key driver of transparency, efficiency and growth across various sectors.
The group supports developing and establishing a digital euro, which it sees as essential for maintaining the European Union’s competitiveness in the digital age. Renew Europe describes the digital euro as “an ambitious project that should preserve public money as a monetary anchor, strengthen Europe’s strategic autonomy in the payments sector and promote financial inclusion.”
Additionally, Renew Europe strongly advocates for a European digital identity. The party believes that a secure and universally recognized digital ID system will enhance trust in digital transactions, streamline administrative processes and improve access to public and private services.
European Conservatives and Reformists Group (ECR) — 73 seats (gained 4)
The ECR Group holds a pragmatic and cautious view on cryptocurrency, reflecting its broader conservative and reformist principles.
The group sees blockchain and cryptocurrencies as promising tools for economic growth and modernization. According to the ECR, these technologies could make Europe’s financial sector more competitive and efficient, benefiting businesses and consumers alike. It believes cryptocurrencies should be integrated into a diverse financial ecosystem and support the MiCA regulation
However, the ECR supports stringent Anti-Money Laundering measures to combat the misuse of cryptocurrencies. It also calls for robust cybersecurity measures to defend against hacking and other threats.
The ECR is skeptical about a digital euro, calling it “a solution looking for a problem” and attributing the popularity and rise of cryptocurrencies to what it describes as irresponsible monetary policy.
The group argues that existing solutions, such as instant payments, already offer the benefits touted by proponents of a digital euro without the associated risks or complications.
Identity and Democracy (ID) — 58 seats (gained 9)
While the ID Group, known for its populist and nationalist tendencies, does not have an official stance on digital currencies and blockchain, member parties such as Germany’s Alternative for Germany (AfD) have some thoughts, at least on a digital euro.
The AfD sees the euro as fundamentally flawed and unable to sustain a union of 20 diverse economies. The party thinks that euro bailouts, often at Germany’s expense, are further evidence of its structural inadequacy.
The AfD opposes the introduction of a digital euro by the European Central Bank. The party sees it as a threat to cash, which is essential to protecting individual freedom and privacy from government overreach and surveillance. The party advocates for the preservation of cash as a constitutional right, fearing that a digital euro could undermine this fundamental liberty.
In contrast, Marine Le Pen of France’s National Rally (also a member party of the ID Group) has softened her stance despite a history of skepticism toward cryptocurrencies.
After initially calling for a ban on Bitcoin in 2016, Le Pen now supports strict regulation rather than an outright endorsement of crypto or blockchain technology.
The Greens/EFA Group has no overarching policy on cryptocurrencies or blockchain.
Paul Butcher, an EFA policy adviser, explained to Cointelegraph: “As a European political party, we are an alliance of our member parties, which have different views on the subject or have not developed policies on the sector. As a result, we have not yet discussed this issue at our General Assemblies or at the EFA Congress, where our 2024 manifesto was developed.”
However, the EFA supports the principle of subsidiarity and the MiCA regulation. Butcher said the party welcomes MiCA “as a starting point for a European-wide regulatory framework on crypto assets, which by their nature cross borders and cannot be adequately regulated at the national or regional level alone.”
“However, when it comes to taxation and specific measures to promote the sector, we seek to safeguard the right of the member states and regions to legislate in these areas.”
The EFA also recognizes the potential of crypto assets to give individuals greater freedom and ownership over their financial affairs. Butcher added: “We support this competition in the traditional banking sector and would like to see it develop in line with appropriate regulations to ensure that investors are protected while still being able to choose self-custody if they so wish.”
The Greens/EFA Group takes a cautious and socially conscious stance on blockchain. It acknowledges its potential for enhancing transparency and sustainability in various sectors, such as supply chain management and energy.
However, it is wary of the environmental impact of certain cryptocurrencies, particularly those relying on energy-intensive consensus mechanisms, such as proof-of-work.
The Greens/EFA Group supports exploring a digital euro, provided it aligns with sustainability goals and contributes to social welfare.
The Left in the European Parliament (GUE/NGL) — 36 seats (lost 1)
The Left is critical of cryptocurrencies, expressing concerns over their potential to facilitate illicit activities and exacerbate economic inequality. It is wary of the speculative nature of cryptocurrencies and the risks they pose to financial stability.
According to the Left, “crypto assets are an ecological disaster.” The German Left party’s election manifesto calls for banning Bitcoin and crypto mining to save energy.
MEP Chris MacManus (Ireland) said he had “no interest in creating a market for or in fostering the use of crypto assets,” adding that “at their worst, they are pyramid schemes, or used by criminal gangs for money laundering, or defrauding working people, and they can waste huge amounts of energy for no purpose.”
“I see little or no social or economic benefit to these tools of speculation. I accept the reality that crypto assets exist, and short of banning them, they must be regulated.”
The Left supports a digital euro designed to enhance public control over the monetary system and promote economic justice. It advocates for strict regulatory measures to curb speculation, protect consumers and ensure digital financial innovations serve the broader public interest.
Non-Inscrits
Non-Inscrits are MEPs who do not belong to one of the recognized political groups listed above.
Volt Europa — 5 seats won (plans to join Renew in EU Parliament)
Volt Europe, a pro-European federalist party focused on innovation and digital rights, holds a progressive stance on cryptocurrencies.
It believes cryptocurrencies are significant within the traditional financial system and advocates for protecting users’ digital rights while ensuring compliance with financial regulations. Pauline Raabe, who handles public relations for Volt Europe, told Cointelegraph:
“Cryptocurrencies are already intertwined with the traditional financial system, as evidenced by the recent emergence of Bitcoin [exchange-traded funds]. As such, it is an asset class that is here to stay, and therefore, our main concern is its impact on society and the economy.”
Volt supports the introduction of a digital euro without limits and with remuneration to foster competition in the market for deposits and payment services. Its approach to regulation, including MiCA, emphasizes the need for clarity and consistency across the EU to avoid unnecessary red tape for investors and companies.
Regarding taxation, Volt proposes treating crypto investments like any other investments. It aims to harmonize European investment regulation to create an integrated market for financial investments. As part of this harmonization effort, the party supports the creation of mutual funds and exchange-traded funds with crypto assets.
Regarding blockchain technology, Volt sees its potential applications in digital identities, e-health and certificate diffusion. It advocates for further research and development to advance the cryptographic foundations of blockchains and support innovative firms exploring their real-world applications.
“Volt wants to triple the budget of the Horizon Europe program. To facilitate innovative startups, Volt strives to establish a full-scale European venture program and to support entrepreneurs in fitting into the regulatory framework of the EU by, for example, creating regulatory sandboxes.”
European Christian Political Movement (ECPM) — 4 seats won
According to Adriana Rus, the ECPM’s communications manager, the party generally supports technological progress as long as it “does not threaten human dignity and fundamental rights, such as the right to privacy and freedom of speech, and the environment is not harmed.”
Some ECPM members are particularly critical of initiatives like the European digital wallet and eID, believing they compromise privacy and anonymity. However, beyond these concerns, the ECPM has not established a detailed policy on cryptocurrencies.
Balancing innovation with regulatory oversight
The newly elected European Parliament will significantly influence the future of cryptocurrency and blockchain technology in the EU. Each political group has a different perspective: The EPP Group favors balanced regulation to support growth and innovation, while the S&D Group prioritizes strict rules to prevent misuse and supports the development of a digital euro. Renew Europe advocates for a proactive stance on digital assets, pushing for a digital euro and a European digital identity.
Given the Parliament’s diverse composition, debates and potential adjustments to frameworks like MiCA are expected. The presence of far-right and conservative parties adds complexity, with some skeptical of the digital euro and prioritizing stringent Anti-Money Laundering measures. Meanwhile, smaller groups like the Greens and the Left emphasize environmental concerns and social justice in digital finance.
Some euro zone banks have fallen short of the European Central Bank’s climate-related goals and may face fines, a senior ECB supervisor said in an interview published on Wednesday.
The ECB has handed banks a list of deadlines for factoring in risks relating to climate change, from floods and droughts to a transition to new energy sources, into the way they do business.
But some banks have fallen behind schedule, Kerstin af Jochnick, a member of the ECB’s Supervisory Board, told Spanish newspaper Cinco Dias.
“We have notified a few banks that, based on our current assessment, they have not met the interim milestones, which means they face the prospect of having to pay a so-called pecuniary penalty,” af Jochnick said.
