Bitcoin and other cryptocurrencies rose in price after the statement of Financial Stability Board (FSB), an international organization, created by the G20 countries , that monitors and makes recommendations about the global financial system.
FSB announced cryptocurrencies to bear no threat to global financial stability. It was reported in the letter, sent by The Financial Stability Board’s chairman, Mark Carney, who also heads the Bank of England to the G20 countries, whose summit is started in Argentina on Monday.
"The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system.", wrote Carney. “Their small size, and the fact that they are not substitutes for currency and with very limited use for real economy and financial transactions, has meant the linkages to the rest of the financial system are limited.", he explained
Bitcoin rate is more than 10% up on the news, it is already over $8500. Other cryptocurrencies rose in price as well.