FUD was rife in the crypto land since it became clear cryptocurrencies were to take centre stage at this year’s G20 meeting. However, regulators steered away from calling for tighter regulation to the relive of all crypto investors and we can expect bitcoin will skyrocket in the coming days.
Already we are witnessing a bitcoin rally. It’s currently trading at $9,050 which represents a 6.54% gain in the last 24hrs with a market cap of $ 153,236,107,273.
Generally, there were positive remarks made about cryptocurrencies and this is bound to boost investor confidence. Speaking after the meeting on Tuesday, Frederico Sturzenegger, the chairperson of Argentina central bank said the members of the G20 group agreed cryptos needed to be examined more before they propose any regulation. He adds the members have a firm deadline of July to make recommendations.
“In July we have to offer very concrete, very specific recommendations on, not ‘what do we regulate?’ but ‘what is the data we need?'”
There was investor concern on a coordinated clampdown on cryptocurrencies as the G20 finance ministers meet in Buenos Aires. John Spallanzani of Miller Value Partners says crypto traders are relieved by the outcome of the meeting. Adding “G-20 isn’t really throwing cold water on crypto,”
Bitcoin still is more than 50% down from its peak price of $20,000 and concerns of tighter regulation have caused BTC and the rest of the cryptocurrency market to slum as it would dampen trading and adoption.
This year has seen numerous clampdowns on cryptocurrencies with Facebook, Google, and now Twitter set to ban crypto and ICO ads on their platforms. Growing concerns about rising number of scams and lack of user protection have been cited as some of the reasons more regulation was required in the cryptocurrency market.
Even though a number of factors have conspired to negatively affect the crypto market, the G20 meeting was seen as the main factor that would have a major effect on cryptocurrencies. However, after the positive remarks, we can only expect bitcoin will skyrocket and we are already witnessing signs of this.
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