Subsequent to plunging underneath $7,300 on most significant exchanges, the cost of bitcoin has spiked 7 percent recently, expanding from $7,240 to $8, 467, due to various affecting factors.
The cryptocurrency market has gotten a genuinely necessary shot as positive proclamations rising up out of the upcoming G20 summit on cryptocurrencies that will happen in Buenos Aires on Monday and Tuesday.
The G20 Financial Stability Board is set to discuss the potential impact of cryptocurrencies and coordinate international efforts to eliminate data gaps in the emerging cryptocurrency market.
The upcoming meetings have been met with a significant amount of concern from cryptocurrency traders and investors, resulting in a week-long drop across the board in crypto values.
Bank of England Governor Mark Carney, who is the chair of the Financial Stability Board, has recently published a letter to participating members of the FSB — who include central bankers and finance ministers — stating that cryptocurrencies are not a pressing issue:
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
He had also highlighted the fact that that crypto-assets only account for less than one percent of global economic output even at their recent peak in November/December 2017.
“As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from the design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.”