The upcoming G20 summits are expected to focus on crypto regulation due to money laundering and terrorist funding with cryptocurrencies.
Ahead of the nearest summit scheduled for November 15, 2022, the finance minister of India, Nirmala Sitharaman, has outlined her position: “You don’t know what the trail leads you to. Is it drug funding? Is it terror-funding or is it just gaming? So that regulation cannot be successful if any one country does it. We have not come up with any plans as yet. So we need to have all the members of the G20 on board to see how best it can be done.”
The November G20 summit will take place under the presidency of Indonesia. Later, India will take up the presidency for one year from December 2022.
India has maintained a strict staunch against cryptocurrencies. Hence, as a host, they are most likely to bring up the discussion on crypto regulation at the summit. Earlier, the home minister of India – Amit Shah, stated that crypto is responsible for the spike in drug smuggling in India.
Ethreum faces an increase in selling pressure
Ethereum failed to stay above the $1,600 level. Ether price declined over 7%. On going down ETH broke a major support near the $1,550 level. The price now trading below $1,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD.
Source:ETHUSD on TradingView.com
Hourly MACD gains momentum in the bearish zone
RSI is below 50
Support Levels – $1,460, $1,420, $1,350
Resistance Levels – $1,500, $1,540, $1,620, $1,675
Ethereum is not the only crypto to face the increased selling pressure. The recent drama and decline in FTT and SOL caused the market crash.Bitcoin, Ripple, and BNB suffered from massive sell-off. Buy crypto with zero fee for the first purchase in Choise.com App.
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