Rally of Bitcoin Stepped Up After G20 Nations Announced That They Will Not Clampdown on Cryptocurrencies

Today, the rally of Bitcoin stepped up after three powerful nations that are included in the G20 decided not to launch a coordinated clampdown on the market of cryptocurrencies.

The largest digital currency in the world, which was able to reach an all-time high of nearly $20,000 (£14,265) last December, surpassed the $9,000 mark, stepping up by more than $200 during the day.

Bitcoin had fallen to a low of $8,000 last Monday.

Numerous traders had been concerned regarding a clampdown after ministers said that they would talk about a common approach to cryptocurrencies during their meeting in Buenos Aires this week.

The G20 includes the United Kingdom, the United States, and Germany. It said that digital coins were considered as assets “at some point,” and it “could have financial stability implications.” The G20 scheduled a July deadline to identify what steps to take.

Mark Carney, the Governor of the Bank of England, was credited with convincing the G20 to back off from the cryptocurrency market.

In a letter that was addressed to the finance ministers of the G20 and the governors of central banks, he wrote that crypto assets “do not pose risks” to the economy of the world as they are relatively small.