>** @bitcoin spikes 7% to $8,460 as @cryptocurrency after dipping below $7,300**
The price of @bitcoin has spiked 7 percent overnight, increasing from 📈$7,240 to $8,467, triggered by a variety of factors.
G20
Many analysts have attributed the recent increase in the price of bitcoin to the result of the 2018 G20 Buenos Aires summit, during which the #financial Stability Board (FSB) the global watchdog that overseea banka and financial networks as a representative of 20.major economies, stated that existing regulations on #cryptocurrentcies like a bitcoin will be held and no additional restriction or regulation shall be issued
FSB's official report referencing FSB Chair and governor of the bank of england mark Carney's letter read : "The FSB's initial assessment is that crypto assets do not pose rise to global financial stabiliyt this time. The market continues to evolve rapidly however, and this initial assessment could change if crypto-assets were to become significantly more widely used or interconnected with the core of the regulated financial system. Previously, up until this week, several analysts noted that the upcoming G20 meetup has contributed to the decline in the value of the cyptocurrencies as, investors anticipated the G20 financial watcdog FSB to crackdown on cryptocurrencies and issue stricter regulations,. Investor expected major economies to come
Together to regulate the global crptocurrency market with harsher poicies
However, governments have decided to accommodate axisting regulations on the global 🌍
Crptocurrency market , which are already strict in regions like the US and Japan and follow the regulatory road map of leading crptocurrency markets to facilitate the rapidly growing demand for the emerging asser class
Bitcoin.info Consequently, the valuations of the cryptocurrency marked recovered beyond $310 billion, subsequent to falling below $280 billion, and is eyeing to initiate a short-term rally.
