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Cryptocurrencies Rise; G20 Requests Vigilance, Denies Threat

Cryptocurrency Jun 10, 2019 10:56AM ET
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Investing.com - Cryptocurrencies traded mostly higher on Monday despite a lack of market-moving news.

Fans of digital currencies focused on recent commentary out of the G20 over the weekend, which neither spooked nor encouraged investors.

Cryptocurrencies overall spent the weekend in a downtrend with total market capitalization falling from $257.78 billion on Friday to $244.33 billion on Sunday. Digital assets struggled to recover that lost territory and had reached back to $254.32 billion as of 10:52 AM ET (14:52 GMT) Monday.

In individual trading, bitcoin gained 2.3% to $7,937.7 on the Investing.com Index. Attention has shifted to the $8,000 level where the largest digital coin by market cap has recently hovered after correcting from just above the $9,000 level at the end of May.

Among rival alt coins, Ethereum advanced 2.3% to $242.95, XRP rose 1.1% to $0.40231, while Litecoin traded up 8.3% to $126.933.

G20 finance ministers and central bank governors asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks arising from cryptocurrencies.

“We welcome the FSB’s directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets. We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed,” the finance ministers said in a joint communiqué released Sunday.

Although increasing regulation has been cause for worry for some, the G20 concluded that “crypto-assets do not pose a threat to global financial stability at this point”.

While reaffirming prior observations that technological innovations underlying crypto-assets “can deliver significant benefits to the financial system and the broader economy,” the G20 appeared to clarify, once again, that it was only concerned with possible risks associated with consumer and investor protection, money laundering and financing of terrorist activities.

Cryptocurrencies Rise; G20 Requests Vigilance, Denies Threat
 

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