Crypto Markets Recover After EU Rolls Back Proposal To Ban PoW Cryptocurrencies

Cryptocurrency markets started recovering from lows on Tuesday. Global market cap is up 1.91 percent in the past 24 hours, standing at $1.73 trillion as of 8:00 AM IST, data from CoinMarketCap shows.

Bitcoin is up 2.47 percent and is trading at $38,968. Ethereum is up 1.39 percent and is trading at $2,558.

The USDT Tether stable coin showed no change from its value 24 hours ago.

The BNB token has also risen by all tokens and is currently up 1.44 percent.

The USDC stable currency is down 0.04 percent.

Terra LUNA is up 6.21 percent. XRP Ripple showed a slight upward movement and is now up 0.82 percent.

The ADA token is up 0.64 percent. Solana and Avalanche were up 1.32 percent and 0.26 percent, respectively.

Last night, the European Parliament voted against a controversial proposal to ban all Proof of Work (PoW), amid widespread backlash. It is noteworthy to mention that top tokens like Bitcoin are still working on the PoW protocol.

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