Growing trust and the G20’s blessing

It’s been a while since we last saw on the crypto charts what we can see now. With a daily value increase of 3.56% (based on, Bitcoin was only number 11 on the list this morning if you look at the 24h value change of crypto-currencies. Two coins gained more than 10% in a day and 8 other went up by 4 to 9 %.

Not to mention how good it is to see and to write down that after reporting a 17% weekly growth in BTC’s value a week ago, today we can write exactly the same. Based on Coinbase’s data, Bitcoin’s value has gone up by 17.89% in the last 7 days.

What’s more, it hit the $8,000 level this morning (July 24th). It was two months ago that we last woke up to news like that.

Analysts set several checkpoints for Bitcoin for the previous weeks, and the number one digital currency managed to get through most of those marks in the charts (or potential pitfalls) where things might have turned to the worse. As BTC was sending these positive signals, checkpoint by checkpoint, analysts and customers have been becoming more and more optimistic and general trust has been building during the last two weeks. That’s one of the reasons that Bitcoin’s value has been improving in a promising way, looking at the weekly picture.

If we look at BTC’s last 24 hours, the key to its 3.56% growth is obviously the confirmation of crypto-currency potentials by the G20.

Crypto-currencies “Can Deliver Significant Benefits” stated the G20, at the economic summit held at Buenos Aires, Argentina yesterday.

Among many news portals who reported about the global event, summarized it like this: “the outcome of a meeting of the Finance Ministers and their Central Bank ministers issues an assurance to the prospect of crypto-currencies yesterday after a meeting held at Buenos Aires, Argentina.”

The G20’s representatives are from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.

The communiqué that expresses confidence regarding crypto-currencies was issued after the meeting of 20 finance representatives. It is stated in the official announcement that “Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”

This officially documented global approval given to crypto-currencies was published just a day ago, so its positive effects are likely to be coming in several waves in the coming days, weeks and months, bringing some long-awaited positive mood to the crypto space.




Zsolt Balló