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E-money exchange rating

Monexbit: Politics and statistics increased the likelihood of cryptocurrency market correction

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The third attempt by the cryptocurrency market to gain a foothold at the $2 trillion capitalization mark, ended in yet another setback. At the same time, Bitcoin failed to reach the important $45,000 level, which led to statements by a number of analysts about weakness and predictions of renewed decline of the digital currency, reports Monexbit.

The reason for yesterday’s sell-offs of cryptocurrencies was the memorandum of the G-20 Financial Stability Committee and the released economic statistics, both factors will continue their negative impact at today’s and tomorrow’s session.

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The G-20 Financial Stability Committee specifically prepared studies on digital currencies for today’s G-20 meeting of finance ministers and central bank governors. The memorandum contains conclusions on the growing threat to the traditional system posed by cryptocurrencies.

The report notes the growing interconnectedness of securities with the dynamics of Bitcoin and altcoins, the mismatch between the liquidity of stablcoins and their reserves, and the growing credit risks with the development of the DeFi industry. The Financial Stability Committee is concerned about the increase in crypto derivatives trading volumes, which have exceeded spot trading and the opacity of this market to the Regulators.

According to Monexbit analysts, a separate negative factor was named as hacking and the work of hackers, whose income allows to finance criminal groups and even the state nuclear testing program of the DPRK. The cryptocurrency market may continue to fall if the G-20 adopts a statement on strengthening oversight of digital assets at the end of the meeting.

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