Financial Stability Board helps take the pressure of cryptocurrencies and Lil Windex says his piece on Bitcoin Cash, in lyrical form

Good morning traders and happy hump day! The recent weeks have been devastating to all Steem and various other crypto holders, who all have seen their portfolios lose much of their value over a short period of time. The decline itself has not been anything out of the ordinary, but with the pumped SBD that we all enjoyed meanwhile, this depression has been felt quite heavily on Steem users.

_{Apparently, yelling at clouds just won't do anymore}

Luckily, the clouds have dissipated a little. While yet in bear territory, charts have been showing short-term strength incoming. If all the media wont jump on the crypto bull bandwagon, there might be hope that we creep higher (contrarian logic).

A major factor in that markets-wide strength has been the good news out of the FSB. No, not the Russian Federal Security Service or KGB, but the Financial Stability Board, that according to themselves, "promotes global financial stability by coordinating the development of regulatory, supervisory and other financial sector policies". So there. Quite important guys.

In a public letter sent to the G20 countries, FSB chairman Mark Carney (who by the way also serves as the governor of BOE - the Bank of England), stated that cryptocurrencies at the moment pose no risk to the global financial system.

The statement is based on the fact that cryptocurrencies are not yet widely replacing fiat as payment instruments, although it is subject to change if the fact changes as well. But this statement in itself is encouraging, carrying essentially the same message as US financial authorities and acknowedging that cryptocurrencies are still in their infancy and none of them has reached their full potential. There you go gentlemen.

For nay-sayers that spread FUD and claim that cryptos are a tool of abuse and illicit activities, Carney has this to say:

_{Thanks, ccn.com}

If you feel at home reading the financial stuff, head to fsb.org and grap the full letter by Carney here

After a heavy week, this statement catches some major cryptocurrencies barely at their key levels (i know, i know, there's always a key level) and with some technical setups that should help take the pressure off, looking for some relief in the next few weeks.

Sources used: ccn.com, bitcoinist.com, fsb.org

---

---

To lighten the mood a little further, here is some musical humor for you. Canadian rapper Lil Windex loves Bitcoin Cash and he isn't holdign it back. Here's his latest single "Bitcoin Ca$h"

Want to sing along? Here's the lyrics: genius.com. Big boy racks, everyone!

---

---

Sell your vote to minnowbooster and earn SBD

---

Check out Chainbb, an alternative frontend for STEEM network. If you like forum style, that's the platform for you.

---

_{Title image from pixabay}

Are you looking for Minnowbooster, Buildteam or Steemvoter support? Or are you looking to grow on Steemit or just chat? Check out Minnowbooster Discord Chat via the link below.




BuildTeam