Bitcoin recovers from lows ahead of G20 meeting

Bitcoin recovers from lows ahead of G20 meeting

Price rebounds from six-week lows

The G20 meeting is just around the corner and cryptocurrencies – or more specifically, regulation surrounding cryptocurrencies – will be on the agenda.

But despite the uncertainty heading into the meeting, cryptocurrencies in general are seeing a lift as we start the day and Bitcoin has bounced back above $8,000 to $8,300 levels currently.

On the daily chart, support seems to come from the 2 February low and that has helped to push price back up above the 100-hour MA for the time being.

Discussions at the G20 meeting will be one to watch to see if we are going to have any concerted and coordinated efforts from regulators to clamp down on cryptocurrencies. The main concerns faced by regulators have been tax evasion and money laundering, but they’re also worried by the prospect of consumers getting into something that they are not entirely sure about.

All the above will be topics discussed I’m sure during the meeting, but the real thing is whether or not there will be any follow through action by regulators. As Adam rightfully pointed out
here, “all talk and no action” makes for a sell-the-rumour, buy-the-fact play.

 

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