Positive Statements from G20 Summit Helped Bitcoin Prices Breached $9,000

Mar 22, 2018 at 23:56

After a week of floating at the $8,000 mark, Bitcoin prices breached beyond $9,000 as the overall value of crypto market rebounded.

The improvement was attributed to the positive statements delivered by global financial watchdog, Financial Stability Board during the G20 Summit that major governments are planning to sustain existing regulations with no immediate intention to add restrictions in the crypto space.

The strong performance of Bitcoin and other major cryptocurrencies like Ethereum and Cardano led the entire market to regain its losses from earlier this month as global valuation of the market increased from $280 billion to $350.

Aside from the major tokens, alternative cryptocurrencies also rallied led by ICON. The cryptocurrency which is widely considered as South Korea’s Ethereum increased 60 percent due to various partnerships and airdrops.

Meanwhile, Ethereum, which has not performed well for over a week, has also demonstrated a 9 percent rise in price, along with Cardano, Litecoin, Zcash, Nano, OmiseGo, and Aion.

Analysts added that since casual traders and newcomers are strongly influenced by panic sell-offs and fear of missing out, a surge of new investors may lead to short-term rallies in the coming days.