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Crypto Industry News:
The popularity of cryptocurrencies, which has spread practically all over the world, is attracting more and more interest from government institutions. Consequently, digital assets are also increasingly discussed during the G20 meetings, i.e. regular meetings of finance ministers and central bankers. The representative of India, who currently holds the presidency in the structures of this group - Nirmala Sitharaman - urges all economies in the world to adopt the same regulations regarding cryptocurrencies.
The G20 is an organization made up of 19 countries and the European Union. The chairman of the forum changes every year, and the current term is held by India's Finance Minister, Nirmala Sitharaman. She recently spoke at a round table meeting organized by the US India Business Council. It was then that she shared the idea to introduce a common legal framework that would support all countries in harnessing the risks associated with investing in digital assets.
Referring to the numerous collapses of entities from the cryptocurrency market last year, with particular emphasis on the catastrophe related to the collapse of the FTX exchange, Sitharaman stated that having different legal reforms regarding this sector by different countries will not solve the problem of threats to this asset class. In her opinion, all jurisdictions should conduct joint, coordinated actions to regulate cryptocurrencies:
"Cryptocurrencies are a very important part of the discussion during the #G20India Presidency, given so many crashes and upheavals in the world of cryptocurrencies. We are trying to develop a common framework for all countries to address this issue" said the Indian Finance Minister.
In addition, the politician also stated that the goal of the G20 countries is to unite the world's economies in order to jointly fight the debt and hyperinflation of small economies such as Sri Lanka and Ghana.
Technical Market Outlook:
The BTC/USD pair has hit the level of $30,000 and made a new local high at the level of $30,561. The next target for bulls is seen at the level of $32,370. Please notice, the market conditions on the H4 time frame chart are now extremely overbought, so a pullback towards the technical support seen at $29,184 has just started. When the pull-back is completed, then the up trend should resume as there is still some room to the upside for bulls.
Weekly Pivot Points:
WR3 - $34,015
WR2 - $31,762
WR1 - $30,882
Weekly Pivot - $29,511
WS1 - $28,630
WS2 - $27,258
WS3 - $25,006
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
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