Crypto On May 23: Top Tokens Trade In Green As Ministers At G7 Discuss Regulations

The cryptocurrency market was splashed with green on Monday as all of the top 10 tokens traded higher. This came after finance ministers from the Group of Seven economies discussed cryptocurrencies and looked to speed up regulatory scrutiny.

The global market cap was up 4.05% at $1.31trillion as of 4 a.m. ET, CoinMarketCap data showed. Bitcoin rose 3.58% to $30,468. Ethereum, too, gained 4.90% to $2070.

According to WazirX's daily analysis, Ethereum against Bitcoin remained fairly neutral as Bitcoin’s dominance remained above the 45% level. "The next resistance for ETH-BTC is expected at 0.077 and an immediate support is expected at 0.064 levels," the WazirX trade desk told International Business Times.

All of the top 10 tokens were trading higher. Meme cryptos Shiba Inu and Dogecoin too surged.

CoinDCX said: "Despite the ongoing market uncertainty, regulation will serve to strengthen trust and adoption of digital assets, enabling more retail investors to have confidence in entering and trading in the sector."

"Just as traditional finance has been around for a long time to finesse its regulatory frameworks, only time and opportunities for open discussions will provide greater understanding of the future of finance and guardrails to protect investors, the CoinDCX Research Team told International Business Times.

In other news, the U.S. Commodity Futures Trading Commission (CFTC) has charged two U.S. residents for running a cryptocurrency investment scheme that defrauded over 170 investors, stating that the transactions were done in a manner akin to a "Ponzi scheme."

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.