- KA group of 20 finance ministers and central bank governors to hold discussion on cryptocurrency.
- Cryptocurrencies rose in value ahead of the meeting.
Crypto News: As a group of 20 finance ministers and central bank governors – tagged G-20 – plans to hold meeting in Buenos Aires to discuss digital assets, Bitcoin alongside other cryptocurrencies rose from a six-week low. According to prices on Bitstamp, Bitcoin is worth $8,235 as at 11:20am (Hong Kong time), this is about a 12 percent increase from its low reached over the weekend. Other altcoins such as Ether and Ripple also pared weekend losses.
Cryptocurrency Investors and Traders are all awaiting this week’s G-20 meeting for any signs of a coordinated crackdown by regulators, who have been cooking up scrutiny of cryptocurrencies in recent months amidst concerns that range from fraud, money laundering to tax evasion. The chairman of the Financial Stability Board, Mark Carney, stated in a letter published on Sunday to the G-20 finance leaders that though digital assets are currently too small an asset class to cause any systemic risks to the financial system, however, this may change as the crypto world continues its rapid advancement.
The head of trading for Asia Pacific with Oanda Corp., Stephen Innes, said in a phone interview from Singapore:
“The biggest concern the regulators have is just that they don’t want unsuspecting consumers to get caught up in something they’re not familiar with, so they’re always erring on the side of caution.”
Innes added that in the meantime, individual investors have been looking for opportunities to “buy dips. I don’t think that mentality is going to pull up any time soon. Right now the guideposts markets are using for support is around $7,500 and $11,000 on the top side.”
If the outcome of the G-20 finally becomes favorable to the crypto realm, crypto investors and traders should expect the values of cryptocurrencies on the high side.
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