What happened

The week is drawing to a close, and cryptocurrencies are once again trading lower. Here’s how prices look for the three biggest names in cryptocurrency as of 9:50 a.m.: 

  • Bitcoin (CRYPTO:BTC) is down 2.3% over the last 24 hours, according to data from Coindesk.
  • Dogecoin (CRYPTO:DOGE) is off even more — 3.5%.
  • And Ethereum (CRYPTO:ETH) has fallen most of all, down 5%.
Artist's rendering of a Bitcoin overlaid on a falling stock chart

Image source: Getty Images.

So what

Once again, it seems government regulation is to blame. Coindesk’s lead article this morning discusses a new report from the European Securities and Markets Authority (the European counterpart to the SEC) in which the ESMA criticizes the “soaring” environmental costs of mining cryptocurrencies, as well as the dangers posed by “highly volatile” cryptocurrency prices, and the “prolonged period of risk to institutional and retail investors” that result from this. 

According to Coindesk, the European Union is working on a slew of “all-encompassing cryptocurrency regulations, new anti-money laundering (AML) rules and tax reporting requirements for virtual asset service providers and investors.” While the legislation reserves its “harsh[est] restrictions” for stablecoins (which are pegged to the
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