While advertising bans and Mt.Gox Trustee overhangs remain, the FUD of a possible global regulatory crackdown in the G-20 Communique was a major driver of this weekend’s weakness… until Les Echos confirms FSB has rejected calls for regulation.
After headlines suggesting a global crackdown on cryptocurrencies spooked the markets on Friday, Reuters reports that the global watchdog will pivot more toward reviewing existing rules and away from designing new ones, resisting calls from some G20 members to regulate cryptocurrencies like bitcoin.
The reaction was immediate as a relief rally – on heavy volume – sent Bitcoin $1000 higher, erasing Friday’s losses…
Source/More: Bitcoin Soars $1000 Off The Lows After G-20 Rejects Crypto Crackdown | Zero Hedge
