Bitcoin investors heaved a sigh of relief on Wednesday as the popular crypto abruptly reversed course and surpassed the $21,000 threshold as Asian trading hours began, Wednesday.
Since the International Monetary Fund reduced its global growth outlook for this year and 2023, BTC fell below the $21,000 barrier overnight, Forkas reported on Wednesday.
In its worldwide projection, the IMF cautioned that global economies may soon be on the verge of a full-blown recession, noting that the Ukraine-Russia crisis and ongoing COVID lockdowns has dealt a heavy blow to the world’s financial system.
IMF Makes It Clear: Crypto Is Not A Threat To Financial Stability
Despite the IMF’s warning of a financial catastrophe, it clarified that the expansion of cryptocurrencies does not pose a threat to global financial stability and emphasized that the recent selloff in the larger cryptocurrency market has eased any lingering worries.
In a dire economic climate, the Fund views inflation and a recession...
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