In the recent days, bitcoin prices have bounced back hitting almost $9,000 following its lowest in one month.
Bitcoin, which is the leading cryptocurrency based on market value hit $8,702.47 on Tuesday according to the CoinDesk Bitcoin Price Index (BPI).
Bitcoin prices increased to this level following a drop to $7,335.57 which is more than a month low.
Acquiring these gains has made it possible for bitcoin to increase about 18.6% within a day.
Bitcoin made further increases as the overall cryptocurrency market prices rose.
Presently, all of the top 100 cryptocurrencies on the CoinMarketCap have increased over the past day.
According to several analysts, bitcoin’s recovery is as a result of the recent controls and their impacts.
Crypto assets no longer pose a threat to the international economy noted Mark Carney, chairman of the Financial Stability Board (FBS) in a letter.
Based on the letter which was addressed to both finance ministers of G20 nations stated: “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
The letter went on to state that the market value of cryptocurrencies represents a little fraction of the international economy.
“Even at their recent peak, their combined global market value was less than 1% of global GDP.”
Even though there are still doubts about cryptocurrencies, Carney states in his letter that “the technologies underlying them have the potential to improve the efficiency and inclusiveness of both the financial system and the economy.”
Giving his opinion about the letter, Charles Hayter, co-founder, and CEO of cryptocurrency data platform CryptoCompare noted that the FSB letter described cryptocurrencies as “not a threat but something to nurture,” and this promoted the growth of cryptocurrencies.
Forging ahead, everyone waiting to hear what is said at the G20 meeting.
Speaking on the matter Oliver Isaacs, blockchain investor, advisor, and influencer noted, “While the FSB’s statement may temporarily temper the otherwise increasingly hostile regulatory climate for cryptocurrencies, what transpires as world leaders meet at the G20 summit this week remains to be seen.”
In any case, the mere fact that cryptocurrency discussions are being held at the G20 summit indicates their increasing presence noted Marius Rupsys.
He went on to add “I view this event very positively – crypto assets being discussed by largest countries shows it has reached important milestone to be considered big enough to be discussed on a global level.”