Crypto Corner: FSB Chairman tells G20 Cryptos "Do Not Pose Risks", Twitter to ban Crypto Ads and Mt Gox Trustee Denies Influence on Price Drops
Point Roberts, WA and Delta, BC - March 19, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what’s driving the cryptocurrency markets with today’s edition of Crypto Corner.
Crypto Corner - March 19, 2018
By Samuel Mowers at Investorideas.com
FSB Chairman tells G20 Cryptos "Do Not Pose Risks", Twitter to ban Crypto Ads and Mt Gox Trustee Denies Influence on Price Drops
In a letter to "G20 Finance Ministers and Central Bank Governors", Financial Stability Board (FSB) chairman Mark Carney said crypto-assets don't threaten the security of the world economy.
"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. Even at their recent peak, their combined global market value was less than 1% of global GDP. In comparison, just prior to the global financial crisis, the notional value of credit default swaps was 100% of global GDP. 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."
Bitcoin (BTC), which just yesterday was trading at a one-month low of about $7400 USD, has climbed over $1000 USD to $8580 USD by press time. Given that this surge began a few hours after Carney's FSB letter surfaced, it is likely that the positive comments restored confidence in the crypto-asset market. At press time all of the top 100 coins are in the green and the total market cap is around $328 billion USD.
Sky News recently reported that Twitter will be banning crypto ads in the next two weeks.
"The microblogging platform is following similar moves by Facebook and Google which have restricted financial advertisements due to concerns about illicit activities.
Sky News understands that the new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for initial coin offerings (ICOs), token sales, and cryptocurrency wallets globally."
This follows Google's similar announcement last Wednesday, in which they said they'd be banning "Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)" by June 2018.
In a recent Q & A, Mt. Gox trustee Nobuaki Kobayashi denies that his $400 million USD sell-off of BTC and BCH are responsible for the recent crashes in the price of Bitcoin.
When asked whether the sales had influenced the price of BTC and BCH, Kobayashi answered in a rough translation, substituting the less common "BCC" for the "BCH" ticker symbol:
"A bankruptcy trustee consults with experts in virtual currency trading, secures transaction security as much as possible, while devising measures not to affect market prices rather than ordinary selling at exchanges, and BCC were sold.
Therefore, I believe that there is no fact that the sale of BTC and BCC by the bankruptcy trustee affected the market price. Please note that transferring BTC and BCC itself from the address managed by the bankruptcy trustee itself does not necessarily mean the sale of BTC and BCC at that point in time. We will misunderstand that it is wrong to analyze the correlation with the market price as the timing of transfer of BTC and BCC from the address managed by bankruptcy trustee as selling point."
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