Top 10 digital currencies at risk of organizing the 2022 G-20 Summit
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Answer Top 10 digital currencies at risk of organizing the 2022 G-20 Summit
G20 regulation of the crypto market is just around the corner.
The idea of regulating cryptocurrencies goes against the very nature of digital assets.
Blockchain technology is rooted in its integral characteristics of being decentralized.
However, with the increase in incidents of irregularities, fraud and piracy, it has become difficult to disregard them.
Meanwhile, many countries and international groups are already implementing strict rules on the cryptocurrency industry.
Experts believe that the biggest crypto projects are the hardest hit by regulation.
In this context, the G20 countries put in place a set of strict regulations for cryptocurrencies.Read:Anonymous Group announces a donation of $75 million to startup projects that protect privacy
Whether the regulations will actually help the crypto industry grow or rather hinder it will only be seen in the future.
Meanwhile, cryptocurrency investors are not keen on regulation as this could mean slower adoption.
Here are the top cryptocurrencies that could be affected the most due to the G20 regulation as per the report described in Source.
As Bitcoin holds a large share of the total market capitalization, regulators could consider regulating it.
So one of the first things that observers will look at could be the significant volatility of Bitcoin.
Shiba Inu and Dogecoin:
Memes have great opportunities for regulation thanks to their volatile nature.
Shiba Inu and Dogecoin both rose to prominence during the bull market last year.
Then they lost a significant portion of the value in 2022.
The long-awaited Ethereum merger was not profitable for cryptocurrency investors as the price of Ethereum plummeted even after the successful completion of the upgrade.
The developers have hinted that it may take time for the merge event to be priced.Read:Bitcoin price drop causes huge losses for “MicroStrategy” with MSTR stock down 25%
However, crypto regulators will be looking closely at the second most valuable cryptocurrency.
Terra’s crash marked the beginning of a bear market.
This makes Terra Classic the only project that needs a lot of regulatory attention.
Solana’s network has been experiencing several outages recently.
Which also makes it vulnerable to regulatory pressures.
Despite the many regulatory hurdles that Ripple faces, Ripple remains a major cryptocurrency within the top 10 in terms of total market capitalization.Read:Decentralized trading platforms explode in January 2021, setting a new trading volume record
Given the huge commercial community behind Ripple, regulators could look further into the project.
With many NFT projects losing value and losses returning to investors, Apecoin is also losing value.
Given its massive impact on the NFT scene, regulators can look forward to tightening the screws around it.
Excellent and Decentraland:
The latter represents a decentralized world of metaverse that is built, governed, and owned by its users.
Since it is still not clear what the metaverse ecosystem might look like, regulators can look to how it works, tuning and regulating it.
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