Bitcoin rises above $9,000 for first time in week

Bitcoin rose on Wednesday for the fourth straight session to above $9,000 for the first time in a week, after the Group of 20 decided not to take any heavy-handed measures against cryptocurrencies, preferring to classify them as assets. 

At Bitstamp, bitcoin rose $146, or 1.6% to $9,050 from the opening of $8,904, with a session-high at $9,129, and a low at $8,876. 

Bitcoin rose 3.6% on Tuesday, the third daily profit in a row away from six-week lows at $7,325. 

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, G20 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.