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Bloomberg
A weekend selloff cryptocurrencies subsided, with Bitcoin rallying from a six-week low before Group of 20 finance ministers and central bank governors discuss digital assets in Buenos Aires.
Bitcoin traded at $8,235 as of 11:20 a.m. in Hong Kong, up 12 percent from its low reached over the weekend, according to prices on Bitstamp. Traders are watching this week’s G-20 meeting for any signs of a coordinated clampdown by regulators, who have been stepping up scrutiny of digital assets in recent months amid concerns ranging from money laundering to tax evasion and fraud. While cryptocurrencies are currently too small an asset class to pose systemic risks to the financial system, that may change as the space continues its rapid evolution, Mark Carney, chairman of the Financial Stability Board, said in a letter to G-20 finance leaders.
“The biggest concern the regulators have is just that they don’t want unsuspecting consumers to get caught up in something they’re not familiar with, so they’re always erring on the side of caution,†Stephen Innes, head of trading for Asia Pacific with Oanda Corp., said in a phone interview from Singapore.