Bitcoin will be the Worst Hit Crypto After G20 Releases Regulations: 2023 Predictions

After the G20 releases regulations, Bitcoin will be the worst-hit crypto. Its price dropped below $17K.

Bitcoin will be the Worst Hit Crypto After G20 Releases Regulations: The G20 finance and central bank deputies met for the first time under India's presidency on Dec. 13-15 in Bengaluru. Ajay Seth, India's economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets like Bitcoin and Ethereum for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying:

"The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for a policy approach to crypto assets."

The collapse of crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.

G20 crypto regulations

The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world's GDP.

Bitcoin dropped back below $17,000 and several smaller cryptocurrencies referred to as altcoins posted significantly steeper declines as concern increases that the digital-asset market's woes are far from over.

The largest token dropped as much as 3.7% to $16,762 on Friday. Earlier in the week, Bitcoin reached its highest price since Sam Bankman-Fried's crypto empire filed for bankruptcy last month. On Friday, Ether declined as much as 6.3%, while other altcoins like Avalanche and Solana dropped as well.

Cryptocurrencies dipped alongside US stocks as the economy weathers the Federal Reserve's aggressive tightening. The drop reverses a brief relief rally that pared back some of the token's November losses. Since the start of the year, Bitcoin has declined roughly 65%.

India's presidency of G20

India's G20 presidency from December 2022 has raised hopes of the crypto industry in India. In the past, Sitharaman and even the Reserve Bank of India (RBI) have highlighted the importance of a global framework on crypto regulation. The crypto industry feels that the G20 presidency may provide India with an opportunity to further that cause.

India took its first step towards crypto regulation with the announcement of introduction of taxes on virtual digital assets (VDAs) during the Budget Session in February 2022.

Bitcoin 2023 price prediction

Since the beginning of the year, Bitcoin has declined significantly. Let's see what experts think about it in the future. All of these predictions, however, are algorithm-based, so there is a possibility that they could be inaccurate.

According to CryptoPredictions.com, bitcoin could close in 2022 at $17,431.30, then drop to $17,274.38 in 2023. It is expected that bitcoin could fall further to $16,317.28 in 2024, $13,701.86 in 2025, and then recover to just below $15,748.098 in December 2026 based on the current prediction.

According to PricePrediction, bitcoin's pricing for 2030 is expected to reach $394,710.77, up from a conservative $18,029.65 in 2022, $27,235.14 in 2023, and $59,773.26 in 2025.

Wallet Investor predicted bitcoin prices would drop to $10,111.96 by 12 December 2023, which is pretty bearish.