The market has started bouncing today, after a terrible week signed by double-digit losses and controversy about bans and ICO regulation. But now, the future seems bright enough. The G20, the group of nations who held a meeting in Buenos Aires, disregarded the importance of the crypto market and stated that it posed no risk for the economic stability of the world, according to an article by Reuters.
The G20 (or G-20 or Group of Twenty) is an international forum for the governments and central bank governors from the most notable nations around the world. The UK, USA, China, and the European Union all form part of the group. The Financial Stability Group of the said organization, the one responsible for coordinating the economic policies of the group, declared that they were more inclined to review actual policies and its applications. This will effectively mean that they will steer away from issuing new regulations.
FSB chairman, Mark Carney, notoriously famous for not having much love for cryptocurrencies, stated that:
The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. The FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation”
This, despite the announcement made yesterday that Twitter would ban cryptocurrency advertising on its platform, was enough to draw the market up by double digits according to CoinMarketCap.
Despite the fall of bitcoin prices since last December, analysts remain bullish on bitcoin (and other cryptocurrencies) reaching record highs for the end of the year. Another sign of the volatility of the cryptocurrency market, capricious and led by sentiment.