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A weekend selloff cryptocurrencies subsided, with Bitcoin rallying from a six-week low before a group of 20 finance ministers and central bank governors discuss digital assets in Buenos Aires.<\/p>\n
Bitcoin traded at $8,235 as of 11:20 a.m. in Hong Kong, up 12% from its low reached over the weekend, according to prices on Bitstamp. Rival coins Ripple and Ether also pared weekend losses.<\/p>\n
Traders are watching this week\u2019s G-20 meeting for any signs of a coordinated clampdown by regulators, who have been stepping up scrutiny of digital assets in recent months amid concerns ranging from money laundering to tax evasion and fraud.<\/p>\n
While cryptocurrencies are currently too small an asset class to pose systemic risks to the financial system, that may change as the space continues its rapid evolution, Mark Carney, chairman of the Financial Stability Board, said in a letter to G-20 finance leaders published Sunday.<\/p>\n
\u201cThe biggest concern the regulators have is just that they don\u2019t want unsuspecting consumers to get caught up in something they\u2019re not familiar with, so they\u2019re always erring on the side of caution,\u201d Stephen Innes, head of trading for Asia Pacific with Oanda Corp, said in a phone interview from Singapore.<\/p>\n
In the meantime, individual investors have been looking for opportunities to \u201cbuy dips,\u201d Innes said. \u201cI don\u2019t think that mentality is going to pull up any time soon. Right now the guideposts markets are using for support is around $7,500 and $11,000 on the top side.\u201d<\/p>\n