G20 cryptocurrency friendly statement ignites market recovery

The cryptocurrency market has received a much-needed boost from positive reports arising from the G20 summit scheduled to take place in Buenos Aires on 19th and 20th March. The much-awaited event will be graced by finance ministers and central bankers from countries such as Germany, Japan, and France. With already emerging information, the G20 cryptocurrency viewpoint seems bright.

The board is set to discuss issues regarding cryptocurrencies and their impact. Additionally, international efforts meant to eliminate data gaps within the upcoming cryptocurrency markets will be discussed. The forthcoming event had raised concerns among crypto investors, prompting a week-long price deep of all coins in the market.

One important information arising is that the financial stability board Chairman Mark Carney who also happens to be the governor of the Bank of England does not believe that cryptocurrencies present any threat to the stability of global finance. And also, any discussions regarding regulation on digital assets will not be included. As such, the industry should expect some positive effects from these statements.

Since after the announcement was made, the cryptocurrency global market capitalization has seen a rise from about $280 B to about $320 B as of writing time. The two largest coins in terms of market capitalization, also saw their prices rise following this announcement. The price of Ethereum spiked by over $60 in a span one hour and as of writing time, it trades at $542 per coin, while Bitcoin gained over $800 in a similar period but currently trades at $8,308 according to Coinmarket Cap.

Public documents also show that the main agenda will be to discuss the technology behind crypto assets and its potential in promoting inclusion. However, they will also analyze its implication on the global financial stability, tax evasion and illicit business activities. The issue is expected to be a vital item in the meeting as delegates plan on a collective response that will mitigate the risk without hindering innovation.

The global regulatory body will not engage in crypto regulations and will invest more time and resources on reviewing existing rules, instead of coming up with new ones. Consequently, the cryptocurrency market expects to see sustained growth as well as recapturing of the lost gains in the recent crypto markets should some positive news come out from Buenos Aires in the next two days.

Do you expect the cryptocurrency market to recover? What do you expect out of the G20 cryptocurrency talks?

Source: crypto-lines.com