Bitcoin price analysis: BTC/USD jumps over $300 after Financial Stability Board Chair Mark Carney: "cryptocurrency doesn't pose a risk

Ken Chigbo Independent Analyst

The Bitcoin price jumped over $300 within 15 minutes, after the Financial Stability Board Chair and also Bank of England Governor Mark Carney, seeking to G20, saying that cryptos do not pose a risk to global financial stability.

These comments come from a letter from the FSB chair / Bank of England Governor, noting "even at their recent peak, their (cryptocurrencies) combined global market value was less than 1% of global GDP," he continued. "In comparison, just prior to the global financial crisis (in 2008), the notional value of credit default swaps was 100% of global GDP.

Bitcoin has taken a jump higher, as this appears to be getting more coverage across other news wires, market players globally continuing to digest these comments. BTC/USD seeing strong resistance within the $8,500 region.

BTC/USD 15-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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