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Bitcoin is rallying after the Group of 20 nations steered clear of calling for a coordinated clampdown on the cryptocurrency market.
The largest digital currency jumped as much as 5.5 percent to $8,889 after hovering between 8,400 and 8,600 for the past day. Bitcoin is clawing its way back from a drop below $8,000 to a one-month low on Monday.
While the G-20 highlighted the rising risk of cryptocurrencies, traders are relieved the ministers didn’t call for tighter regulation, according to John Spallanzani, a portfolio manager at Miller Value Partners. Investor concern about a coordinated clampdown had grown after the ministers said they would discuss a common approach to cryptocurrencies at their meeting in Buenos Aires on Monday and Tuesday.
The digital currency is spiking as the “G-20 isn’t really throwing cold water on crypto," Spallanzani said.
Bitcoin is still down more than 50 percent from an all-time high of almost $20,000 in December as the rest of the digital coin market slumps on concern tightening regulation globally will dampen trading and adoption.
It's very surprising that they won't talk about Bitcoin at G-20.
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