Bitcoin price is facing a challenge as the cryptocurrency is nearing a probable crash at a time when the majority of the world is joining hands in est
The world's 20 biggest economies will be advancing on a global crypto regulation framework, impacting two-thirds of the population.
Bitcoin price is vulnerable to crash below $24,500 as a potential death cross looms over the cryptocurrency.is facing a challenge as the cryptocurrency is nearing a probable crash at a time when the majority of the world is joining hands in establishing regulation for the crypto market. During the recent G20 summit, the leaders announced the Crypto Asset Reporting Framework along with other actions. Held in India, the G20 summit noted a critical development pertaining to the crypto space.
Set to be effective by 2027, the framework would include the exchange of information regarding data on crypto transactions every year. This will likely focus on covering the transactions taking place on unregulatedDetails, including the beneficiaries' names, digital ledger addresses and the account number, will be accessible to governments. This will ensure increased transparency and regulation as well as easier identification of the participants of a crypto transaction.
A death cross takes place when the 50-day Exponential Moving average line crosses below the 50-day EMA. This pattern reflects weakness in the market and points towards a potential downtrend. This was last witnessed by BTC back in January 2022, after which began a series of red candlesticks until the end of the year. That said, the current cross is not as negative as it could be since the 200-day EMA is still rising – in a perfect example, both EMAs would be turning south.
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