As the European Union lawmakers backed stricter safeguard measures for crypto transactions on Thursday, the market was quick to react, with the price of Bitcoin dropping more than 4% over the last day.
The benchmark cryptocurrency briefly hit $48,000 on Monday, which, at that time, amounted to an impressive 9.3% rally from just days before.
Now, Bitcoin has returned most of those gains with its latest move.
The consequent dip took Bitcoin to a daily low of $44,432 in the early hours on Friday, before a slight rebound to $45,181 at press time, according to data from CoinMarketCap.
The bulk of other major cryptocurrencies is currently in the red too, with the likes of XRP, Cardano (ADA), Terra (LUNA), and Polkadot (DOT) all shedding between 4.5% and 6% of their value.
Ethereum (ETH), the industry’s second-largest digital asset by market cap, is down 3.6%, currently changing hands at $3,275, per CoinMarketCap.
The only cryptocurrency among the top ten to stay in the green is Solana (SOL), which is up 1.05% over the last 24 hours, trading at $125.34 at press time.
EU cracks down on non-custodial wallets
The latest dip may be related to news around the European Parliament’s recent vote to tighten up regulation on crypto transactions.
The approved proposal would require crypto service providers, such as regulated exchanges, to obtain and hold personally identifiable information from individuals making transactions using so-called unhosted or non-custodial crypto wallets.
“In the case of a transfer of crypto-assets from or to a crypto-asset wallet not held by a third…