Cryptocurrency value hikes just after the announcement towards G-20 Summit
Crypto market has improved after the announcement of G-20 summit. Both, Bitcoin and Ethereum rise high as Cryptocurrency is going to be a Hot topic for the G-20Summit, going to be held in Argentina on Monday and Tuesday.
The summit will talk about cryptocurrency, its potential, the emerging data gaps in cryptocurrency market and the solutions for the same with help of G-20 Financial Stability Board (FSB).
The main concern of the meeting will be revolving around cryptocurrency traders, investors and week-long fall in the value of all cryptocurrencies.
According to Bank of England, Mark Carney who is the chairperson of FSB in his letter of invitation to participating members that is finance ministers and central bankers said that crypto asset does not risk the global financial stability at this time. He also highlighted the fact that all cryptocurrency accounts even less than a percentage of total global economic output, even including the peak values of BTC and other cryptocurrencies in terms of their worth in November – December 2017. He outlined that there is no need for new stringent regulations to be set up but the existing ones should be followed.
The announcement proved out to be very good news for cryptocurrency as Ethereum and Bitcoin got improved. Bitcoin has reached $8000 dollars within an hour. Same is the case with Ethereum, it has risen to $60 in the meantime.
Carney supporting his statement that FSB will conduct a thorough research to ensure the Watchdog will be a perfect fit while amending and assessing the existing financial regulations.
It is not sure that this step will reverse the market sustained growth and recover the loss but the news towards G20 event has made the cryptocurrency market improve from the sluggish week time.
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