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Today’s Cryptocurrency Headline

The Basel Committee on Banking Supervision (BCBS) has approved its global crypto banking rules, which will come into force on January 1, 2025, according to a statement Friday. The BCBS, the main global standard-setter for prudential regulation of banks, recommends that banks should have no more than 2% exposure to certain crypto assets, and usually less than 1%. These particular assets are tokenized traditional assets including non-fungible tokens, stablecoins and unbacked crypto assets that don’t meet classification conditions. 

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is down 4.15% over the last 24 hours and fell to an intraday low of $16,528.49. The largest cryptocurrency turned down and broke below the 20-day EMA of $17,095 on Thursday, suggesting that the sentiment turned negative and the bears were selling the relief rallies. The 20-day EMA has started to turn down and the RSI has dipped below 43, indicating that bears are in command. If the price sustains below the 20-day EMA ($17,095), it could decline to $16,000.

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