IMF Calls for Comprehensive and Consistent Crypto Regulation Following a Challenging Year for the Industry

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Today’s Cryptocurrency Headline

The International Monetary Fund (IMF) has stated that the “difficult year” in the crypto market highlights the necessity for comprehensive and consistent regulation of the industry, suggesting that stablecoin issuers and crypto conglomerates need to meet bank-like capital requirements. In the Global Financial Stability Report released on Tuesday, the IMF, along with the standard-setters of the Financial Stability Board, called for consistent international regulation of the cryptocurrency industry after a year of major exchanges and crypto-related bank collapses. The report stated, “The collapse of multiple entities in the crypto asset ecosystem has again made the call more urgent for comprehensive and consistent regulation and adequate supervision,” with a focus on consumer protection and corporate governance.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw inflows totalling US$57m last week, bringing flows back to a net inflow position year-to-date. Over the last 24 hours, Bitcoin has experienced a 1.80% increase, reaching an intraday high of $30,550.00. The largest cryptocurrency has successfully surpassed the crucial $30,000 technical resistance barrier, indicating a potential end to the bear market and a possible shift towards a more optimistic trajectory. The gradually upsloping 20-day EMA and the RSI in the overbought territory indicate an advantage to the buyers. If the BTC/USDT pair sustains its position above $30,000, it could rise to $32,000.

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