Bitfinex head of derivatives Jag Kooner said the European Union Parliament elections, taking place next week (scheduled for June 6-9), could provide further clues. clue about how this bloc manages cryptocurrency.

“A shift to the right could lead to tighter crypto controls, while a pro-crypto outcome could accelerate supportive regulations like MiCA.”

Bitfinex analyst says investors will be watching the EU elections for regulatory clues, which could have a significant impact on the broader crypto market in June and beyond according to.

Impact on MiCA implementation

Kooner noted that the upcoming elections in the EU are important in shaping the regulatory framework in the bloc, especially the implementation of the Markets for Crypto-Assets (MiCA) framework. Any outcome that strengthens populist parties* could impact the regulatory stance, potentially leading to tighter controls or more supportive policies, depending on the rationale. structure of the new parliament.

“The upcoming elections are crucial for the implementation of the MiCA regulation, which aims to create a unified regulatory framework for cryptocurrencies across the EU, providing legal clarity and accountability. ability to attract more investment. The outcome of the election will determine the speed and enthusiasm in implementing these regulations.”

European ETP is divested

One indicator of interest in crypto assets across the block is the flow dynamics of Bitcoin exchange-traded products (ETPs)*. Morningstar data shows that European Bitcoin ETPs have seen monthly outflows this year, totaling $506 million since the start of the year. However, Bitcoin prices have increased by around 40% during this period, supported by capital inflows into US-based Bitcoin spot ETFs.

European Bitcoin ETP funds managed approximately $6.4 billion in assets as of the end of April while U.S. funds had total assets of $53.5 billion during the same period.

*Populist parties are political movements that emphasize representing the opinions of “the common people” or “ordinary people” against the “elite” or “privileged classes.” Populist parties often focus on issues they believe are important to the majority of people, such as promoting workers' rights, protecting consumer rights, and challenging the establishment. traditional government or political class. At times, populist parties can use simplistic or inflammatory messaging to attract support from all segments of the population and achieve widespread popularity.

*Bitcoin exchange-traded products (ETPs) are Bitcoin-based investment products that are traded on traditional exchanges like regular stocks. This allows investors to access and invest in Bitcoin more easily, without having to buy and store Bitcoin directly.

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