Bitcoin and the cryptocurrency markets are in the green so far this week as sources at the G20 summit in Argentina (where the world's financial leaders gathered on Monday) said that "crypto assets do not threaten financial stability". This news is significant as it seems that many of the world financial leaders are looking at cryptocurrencies as a serious asset. The overall market-cap has risen by about 60 billion since Sunday night, from 275 to 342 billion at the time of writing.
Though the general outlook on cryptocurrencies from the G20 was more positive than we have seen in the last while, the overall opinion on cryptocurrency is still fragmented, with some countries recommending regulation, while others say that this would give crypto currencies a degree of legitimacy they don't deserve. Ultimately, sources say that the G20 is "unlikely to ask for any new regulations" meaning that Bitcoin and its cousins will continue to have room to breath, and hopefully grow, for now.
Times like this remind us to move into the future, level-headed and try not to assume the outcome of events like the G20 before they happen. The massive selloff this past weekend, was in my opinion, in large part due to people thinking the outcome would be unfavourable, though as we can see, it was instead reasonable (for now). It is good to see world leaders coming together to try to foster the growth of cryptocurrency in one way or another and not blatantly destroy it. To me, that signifies that they understand the implication of the technology and in one way or another, support the innovation and the investors behind it. At the end of the day... You Got to Believe, which is Tuesday's Trance track this week! A banger and one of my favourites. Let me know what your thoughts are on it and the crypto markets and follow for more content!
Keep it Movin'