Asset Financial News

Finance Ministers and Central Bank Governors Meeting in October 2023, said a finance ministry release. «To complement the ongoing dialogue on the need for a policy framework, the Indian Presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesise the macroeconomic and regulatory perspectives of crypto-assets. This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,» it said. In their entirety, the IMF's discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions pertaining to macro-financial and regulatory perspectives of crypto assets and facilitate a global consensus on a well-coordinated and comprehensive policy approach to crypto assets, it said. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation.

Seismic shifts may be afoot in the $137 billion market after New York-based Paxos Trust Company, which mints Binance's stablecoin, said it would cease issuing new BUSD tokens after U.S. regulators labeled the asset an unregistered security. The U.S. move has left investors questioning the future shape of the market for stablecoins, tokens that are usually backed by traditional assets like dollars and U.S. Treasuries to tame the wild swings that characterize cryptocurrencies. The immediate impact hasn't been negative for the stablecoin market as a whole, though; it's actually seen its total value grow by $2 billion since the Paxos announcement on Feb. 13.

traders to now consider $30,000 as the next line in the sand. The world’s largest digital asset is mired in its sixth straight day of declines, with the token down roughly 20% over the past seven days. It’s now 50% below its November peak and was trading as low as $32,970 on Monday, the lowest since July. The coin’s selloff has pushed it to the most oversold since March of 2020, based on its Relative Strength Index (RSI) score of 19. Bitcoin is now approaching a support region of $30,000, where some analysts see it finding a near-term floor. Assets are considered overbought if its RSI crosses above 70 and oversold if it falls below 30.