G-20 Finance Ministers Brush Off Bitcoin for Now

G-20 Finance Ministers Brush Off Bitcoin for Now

G-20 Finance Ministers Brush Off Bitcoin for Now

$BTCUSD

G-20 confirmed Tuesday the there is No need to regulate Cryptocurrencies right now.

Bitcoin is rallying, the Group of 20 (G-20) finance ministers do not call for a clampdown on the volatile cryptocurrency market.

Bitcoin, largest digital currency by market cap rose 5.5% to $8,889 after hanging between 8,400 and 8,600 Monday and overnight, and bouncing a 1-month low Monday.

Currently, Bitcoin is trading at: 8,958.77, +335.68 or +3.8928%, as of 11:21p GMT, the market is open.
Bitcoin is down more than 50% from its all-time high of nearly $20,000 in December.

The G-20 did acknowledge the risk of cryptocurrencies, investors traders are pleased that the nations finance ministers did not call for tighter regulation, essentially ignoring the coins.

Investor were somewhat concerned about a coordinated clampdown after a spokesman for the G-20 finance ministers said they would discuss how to approach to cryptocurrencies at their meeting in Buenos Aires on Monday and Tuesday, the concern seems to have been merit-less .

The G-20 communique said that digital coins/tokens are assets, which “lack the Key attributes of sovereign currencies,” and that “at some point they could have financial stability implications.”

The G-20 set a July deadline to decide on cryptocurrency steps, without being more specific. We can assume then that the nation’s finance ministers are looking at cryptocurrencies.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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