Bitcoin prices regained some steam on Monday following a deep dive over the weekend.
On Sunday, March 18, prices fell as low as $7,397, which was a five-and-a-half-week low for the cryptocurrency. By afternoon trading on Monday, March 19, bitcoin pushed back as high as about $8,360.
These are the headlines you can't miss for Monday.
Twitter Could Enact Ban
Twitter Inc. (TWTR) is reportedly preparing to ban cryptocurrency advertisements on its social media platform amid concerns regarding regulatory oversight, according to SkyNews. If Twitter were to implement the bans, it would follow a similar path to both Facebook Inc. (FB) and Alphabet Inc. (GOOGL) , which both restricted crypto ads in recent months. According to the report, Twitter is expected to implement the ban in two weeks. It will likely prohibit advertisements for initial coin offerings, token sales and cryptocurrency wallets. The ban could also apply to digital asset exchanges in its early days with some limited exceptions, the report stated.
FSB Letter Boosts Price
The Financial Stability Board, an international consortium that monitors and makes recommendations about the global financial system, sent a letter to the G20 Finance Ministers and Central Bank Governors explaining why cryptocurrencies do not pose a risk to the stability of the global financial system, TheStreet's Tony Owusu reported. "Responding to the concerns of members, the FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time," FSB Chair Mark Carney wrote. Carney is also the head of the Bank of England. Finance ministers and central bankers from the Group of 20 leading industrial and developing nations met in Buenos Aires Monday for their two-day annual meeting.
Mt. Gox Didn't Tank Bitcoin
Nobuaki Kobayashi, the trustee overseeing the bankruptcy of now-defunct cryptocurrency exchange Mt. Gox, has denied that his large-scale sales have contributed to the priced decline of bitcoin since the end of 2017. Kobyashi recently sold $400 million of bitcoin and bitcoin cash that had been under the ownership of Mt. Gox before it went under in 2014. According to a Q&A published by Mt. Gox, Kobayashi said the sale hasn't applied negative pressure on the cryptocurrency's price. "Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the [greatest] extent possible," he said.
FTC Groups Gets Started
The Federal Trade Commission has created a new body aimed at examining the ways the technology could disrupt its objectives. The Blockchain Working Group "is an important step to ensure the FTC can continue its missions to protect consumers and promote competition in light of cryptocurrency and blockchain developments," the FTC wrote in a blog post. The working group will "build on FTC staff expertise in cryptocurrency and blockchain technology through resource sharing and by hosting outside experts," the group said. It will also "facilitate internal communication and external coordination on enforcement actions and other related projects." Plus, it will "serve as an internal forum for brainstorming potential impacts on the FTC's dual missions and how to address those impacts."
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