Bitcoin (BTC) has experienced a downward trend this week, trading below the $94,000 mark as of Thursday. This represents a drop of over 5% for the week, as spot Bitcoin Exchange Traded Funds (ETFs) in the U.S. recorded outflows exceeding $568 million on Wednesday, signaling a waning demand for the leading cryptocurrency.
According to data from CryptoQuant, the declining inflow of stablecoins into exchanges has reduced buying pressure, further indicating potential downward movement for Bitcoin’s price in the short term.
Altcoins Show Weakness: TRX and TON Struggle
Altcoins Tron (TRX) and Toncoin (TON) have also faced significant price declines, each falling by more than 6% this week. Both cryptocurrencies struggled to break through key resistance levels, which analysts believe could pave the way for additional losses in the near future. Technical indicators, including momentum metrics, align with this bearish outlook, suggesting that further declines may be on the horizon for these assets.
Portugal’s BiG Bank Blocks Crypto Transfers Amid EU Regulatory Pressure
In regulatory news, Banco de Investimentos Globais (BiG), one of Portugal’s prominent banks, has halted fiat transfers to cryptocurrency platforms. The decision is attributed to compliance with increasingly stringent European Union rules, reflecting a shift in Portugal’s stance on cryptocurrencies.
Once considered a haven for crypto enthusiasts, Portugal now appears to be tightening its regulatory framework. This move aligns with guidance from the European Central Bank, the European Banking Authority, and the Bank of Portugal, particularly regarding anti-money laundering (AML) and counter-terrorism financing (CTF) policies.
BiG’s decision has sparked debates within the crypto community about the future of cryptocurrency-friendly policies in the nation and the broader implications for the EU’s regulatory landscape.
Market Sentiment
With Bitcoin’s price under pressure and key altcoins showing weakness, the market’s sentiment remains cautious. Coupled with stricter regulatory moves in Europe, crypto investors may face heightened challenges in navigating this evolving environment.
