The International Monetary Fund said that the Bitcoin bear market hasn't had an impact on global financial stability in a Tuesday report.
In its ‘World Economic Outlook Update: Gloomy and More Uncertain’ report published today, the IMF acknowledged that the crypto market has experienced a “dramatic” sell-off—but added that it hasn’t yet hurt the financial system.
Bitcoin’s price was today down nearly 5%, trading for $20,811.94, according to CoinMarketCap data. The largest cryptocurrency by market cap is down nearly 70% from its all-time high last November of over $69,000. Virtually every other cryptocurrency is down, too, and hasn’t escaped this year’s sell-off.
After a tentative recovery in 2021, the economic outlook has turned gloomy and uncertain, with the probability of a global recession. The latest #WEO explains the reason behind the downgrade to our growth projections. https://t.co/ldMsaieJUU pic.twitter.com/PbpvScahsN
— IMF (@IMFNews) July 26, 2022
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