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G7 finance ministers will call for faster global cryptocurrency regulation after the collapse of stablecoin UST last week. The G7 finance ministers wrote in a draft communiqué, urging the Financial Stability Board (FSB) to move forward with comprehensive regulation in light of the recent turmoil in crypto-asset markets. The FSB, an international body based in Basel that was responsible for generating many of the post-2008 financial norms, had previously promised a report on the regulation, supervision and oversight of global stablecoins for October of this year.
Bitcoin is down 2.8% over the last 24 hours and fell to an intraday low of $28,700.00. Bitcoin’s recovery failed to hold the price above the $30,000 psychological price level, indicating that the bears have not yet given up, and they continue to sell on rallies. The bears are likely to pull the price below the $28,000 price level, and if they manage to do so, the BTC/USDT pair could drop to the May 12 intraday low at $26,700.
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