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CryptoWatch: Bitcoin rallies $1,000 after FSB letter to G-20 officials [MarketWatch]

FACEBOOK (FB)  More Company Research Source: MarketWatch
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PDF Bitcoin rallies $1,000 after FSB letter to G-20 officials After a week of misery, the No. 1 digital currency has something to smile about. On the eve of a meeting of Group of 20 finance ministers and central bankers in Buenos Aires, the Financial Stability Board, or FSB, issued a letter to the international finance ministers saying that cryptocurrencies do not pose any near-term systemic risk to the global financial system. “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,” wrote Mark Carney, chairman of the FSB. The FSB is an international watchdog that makes recommendations about the global financial system. “This is in part because they are small relative to the financial system. Even at their recent peak, their combined global market value was less than 1% of global GDP,” wrote Carney, who is also governor of the Bank of England. After the release, the price bitcoin BTCUSD, +3.66% rose by as much as $1,000 to an in [Read more]

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