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.