These Cryptocurrencies Will Have Major Impact in the Month of November – Know Why?
The 2022 G20 summit will be the 17th meeting of the Group of Twenty and is scheduled to take place in Bali, Indonesia, on 15-16th November 2022.
Several countries will participate in the Summit. Due to growing crypto scams and hacks in the market, the idea is to regulate cryptocurrencies; however, this is easier said than done, as decentralization remains an integral characteristic of crypto.
Going against the nature of digital assets can prove to be challenging. Still, several groups and countries are working on regulating the crypto market and bringing stricter taxation rules. The rules aim to report tax information on crypto transactions in a standardized manner.
A report containing the rules and commentary of the Crypto-Asset Reporting Framework (CARF) and Amendments to the Common Reporting Standard has been prepared and is being reviewed by the experts. These regulations will impact the top cryptocurrency projects the most, and thus, the future of the crypto industry is still unforeseeable.
As blockchain technology is at the roots of crypto, the adoption of a regulated market does not seem to excite investors.
Bitcoin, Shiba Inu, Dogecoin, Ethereum, Terra, Solana, and Ripple are among the major cryptocurrencies that can be affected due to the G20 Summit 2022 regulation. As BTC holds the highest market share and is arguably the most volatile, it is under the radar of regulation.
Coming to Shib and Dodge, these highly volatile meme coins first rose during the bull market last year and then lost most of their value in 2022.
ETH, the second most valuable coin, lost its value just after the Merge, as it failed to yield the expected results. Now, Regulators are closely keeping an eye on this cryptocurrency and are hinting at regulatory measures for it.
With regard to Ripple, regulators are keeping a close watch on the coin as it still continues to be the most trending currency due to its massive fan following and huge community network.
The list also includes Apecoin, Steller and Decentraland on which regulators could be looking to tighten the screws.
The catastrophic effect of the Terra Network’s collapse shocked the entire crypto space, and is one of the major reasons why regulation is being called upon.Source