Ethereum continues to rebound from 3-month low

Ethereum rose over 3% on Wednesday away from three-month lows for the third straight session, as most cryptocurrencies rebound, especially as concerns over heavy-handed measures by G20 disappeared. 

At Bitstamp, ethereum rose $21, or 3.8% to $578 from the opening of $557, with a session-high at $590, and a low at $553. 

Ethereum rose 0.5% on Tuesday, the second profit in a row away from three-month lows at $453 hit on Sunday. 

Market value of cryptocurrencies rose $6 billion on Wednesday to a total of $356 billion, recouping $69 billion over the last three days after plumbing February 6 lows on Sunday at $280 billiob. 

At their March 19-20 meetings, Group of 20 finance ministers and central bank governors pointed to the increasing risks embedded in cryptocurrencies, but the statement caused relief in the market as it didn't call for any strict measures to combat the new business.

The Group of 20 stated that cryptocurrencies are assets that lack the traits of sovereign currencies, which could have a negative impact on financial stability some time, with the G20 putting a July deadline to specify further steps to handle the issue.  

Otherwise, Congress released its latest huge report on the economy, focusing an entire chapter on cryptocurrencies and reiterating some bullish opinions about the future of the business.