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19 March

By Ahmed Mamdouh

Category: Cryptocurrencies

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Cryptocurrencies bounce on Carney’s positive remarks

Cryptocurrencies bounced on Monday from their latest sharp sell off as Bank of England Mark Carney said digital coins are not a pressing issue.

Eyes will focus on the G20 two-day meeting starting today, as finance ministers will discuss the potential impact of cryptocurrencies on the global financial system.

Carney, who will chair the Financial Stability Board during the G20 meeting, has played down concerns about cryptocurrencies and outlined that there was need to set new regulations for them.

The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,” Carney said in a letter sent to participating members of the FSB.

He also highlighted that the adaptation of existing rules for the governance of digital currencies would be better than setting new regulations.

Cryptocurrencies got a positive boost from Carney’s statement, enabling them to bounce from their week-long fall.

As of 08:14 GMT, the Bitcoin was 7.63 percent higher at $8,310.1, while Ethereum climbed 5.19 percent to $547.00.

However, the aggregate cryptocurrency market capitalization is meanwhile below $300 billion. That is lower than the total value of the Bitcoin solely in December.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.