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Crypto Market Daily Highlights: MATIC and ETH Fin Dip Buyer Support
A five-day loss run for the cryptocurrency market was broken during the positive Sunday session. However, persistent gusts could put the mood to the test today.
The top ten cryptocurrencies had a positive afternoon on Sunday. The top two coins were ETH and MATIC, while XRP came in last. Bitcoin fell shy of $24,000 for the second straight session despite the positive session.
On Sunday, there were no outside market factors that could have impacted investor mood. Dip purchasers stepped in to give the crypto market the much-needed support because there was a dearth of substantive crypto news.
The effect of subsequent G20 reports on the overall crypto market was minimal. The International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Bank for International Settlements (BIS) will back the creation of a worldwide regulation structure, according to the G20 Overview and Final Declaration.
The IMF will present a report on the possible macro-financial consequences of the general acceptance of CBDCs in September 2023, and the BIS will present a report on the main results and lessons of its CBDC initiatives in July 2023.
The FSB is also required to complete its suggestions by July 2023 regarding the governance, monitoring, and control of international stablecoin and crypto-asset marketplaces and activities.
BIS must file a summary on theoretical and empirical problems with potential risk-reduction techniques.
By September 2023, the IMF and FSB will collaborate to publish a summary document combining macroeconomic and regulation views of crypto assets.
The possibility of a worldwide regulatory structure may be able to handle the problem of regulation by compliance, even though the markets have pushed aside the probable change in the regulatory environment. But rather than stifling development and invention in the field of digital assets, suggestions should encourage them.
While demands for a crypto prohibition were defeated in favor of regulation, the IMF's role in creating a worldwide regulatory structure may raise questions. IMF Managing Director indicated at the G20 that it might be possible to outlaw cryptocurrency.
The Coming Day
Investor mood will be influenced during the afternoon session by US economic data, FOMC commentary, and the NASDAQ Composite Index. We anticipate that the market will continue to respond to the most recent US inflation figures and the possibility of a more active Fed interest rate route to achieve goal inflation.
Investors should keep an eye on the crypto news channels for discussions among US lawmakers and regulation developments. Updates on Binance and FTX as well as information from the current SEC v. Ripple lawsuit need to be taken into account.
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