Bitcoin prices were increased on Monday just ahead of the G-20 meeting to be held later this week. The G-20 Nations are having a strict approach towards regulation of cryptocurrency.
The news of the G-20 meeting has not caused a fall in the price of the cryptocurrency. The Bitcoin prices recovered to touch $8,500 at one point on Monday and closed above the $8,400.
There is an appeal from several countries to put a lid on the digital currencies. But, the global watch talk that carries out the regulation of the G-20 economies, the Financial Stability Board (FSB), has taken a cautious approach to this demand.
The initial assessment of the FSB is that the cryptocurrencies are not posing a serious threat to the financial stability of the world. Despite the price that the Bitcoin touched recently, its combined market value is less than 1% of the global GDP.
Bitcoin was trading at $8702.47 at one point on Monday evening. This was about $1,200 more than the cryptocurrency had traded earlier in the day.
There is clear indication from the US Treasury Secretary Steven Mnuchin and other G-20 leaders that they are looking to tackle the rise of cryptocurrency and want to look at its regulation during the Buenos Aries summit.