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The broader crypto market rallied alongside U.S. stocks on Thursday as OPEC's willingness to raise oil production caused crude oil prices to fall. BTC has reclaimed the $30k support zone after seeing a 2.2% rise in the last 24 hours. As of the time of writing, the largest crypto by market cap is trading below the $31k level and the 100 hourly simple moving average, which may present a major hurdle to BTC's further upside movement. On the flip side, BTC may very well go south to test support near the $29.5k level if it fails to clear the immediate overhead resistance. Simple moving averages are important data points to look at when navigating a bear market. For instance, the Mayer Multiple is a trusted metric that determines the fair value of BTC by measuring its distance from the 200-day moving average. For the time being, the value sits at 0.71, capturing a rare moment in BTC's history when the value drops below 0.8.
Moving in tandem with BTC, ETH has managed to stabilize above the $1,800 handle after extending declines below the $1,850 support zone. Major altcoins have largely reversed yesterday's losses, with ADA and SOL leading the pack on a 5% increase over the same period.
Japan's parliament has passed a bill on Friday that introduces a legal framework around stablecoins, making Japan one of the first major economies to regulate stablecoins after the collapse of the Terra ecosystem. According to the new law, stablecoins must be linked to a legal tender and guarantee holders the right to redeem them at face value. The bill clarifies the legal status of stablecoins, mandating that stablecoins can only be issued by licensed banks, registered money transfer agents and trust companies. However, it does not address existing stablecoins from overseas issuers like Tether, or their algorithmic counterparts.