Crypto market rebounded after International Monetary Fund (IMF) warned that the world economy may soon get on the cusp of an outright recession. Bitcoin, the largest cryptocurrency by market cap, quickly went above $21,000 after falling below the mark overnight since the IMF cut its global growth outlook for this year and next.
The IMF has consistently been downgrading its forecasts. A market analyst and former equities broker Andrew Sullivan shared with Forkast in an interview, adding:
“I don’t think people are hugely surprised that they’ve cut their forecasts again or that they’ve predicted an increased risk of recession.”
The following are fast facts also listed down by Forkast:
- While Ethereum was changing hands for US$1,447.58 in late afternoon trade in Hong Kong, Bitcoin was trading at US$21,202, according to CoinMarketCap data.
- The IMF, through its most recent World Economic Outlook report, said that the world’s three largest economies, the U.S., China, and also the Eurozone, were all stalling.
- The international body signaled higher than anticipated global inflation. The supply chain has been disrupted due to major contributing factors to the economic uncertainty including the ongoing Covid-19 outbreaks in China, and continuing negative spillovers from the war in Ukraine.
- The global economy is expected to grow by 3.2% in 2022 and just 2.9% in 2023 — 0.7% below it had slated in its April world economic outlook, according to the updated guidance from the IMF.
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