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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why The IMF Thinks The Crypto Market Could See “Further Selloffs”

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
crypto bear

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Created by industry experts and meticulously reviewed
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The crypto market is trading in the green with Bitcoin and Ethereum pushing beyond critical resistance levels. The first and second cryptocurrencies by market capitalization record a 10% and 15% profit in the last day and seem poised for more profits during today’s trading session.

Related Reading | Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump

In order to get more clarity in terms of direction, Bitcoin must close the daily candle above $23,000 and Ethereum above $1,700. Data from Material Indicators records a thing order book on the sell side if BTC’s price can push above its current levels with high probabilities of hitting $28,000 in the short term.

If this rally can push past $25k, then $28k comes into focus very quickly. If you are long, don’t forget to take profits along the way.

When the bear wakes up from hibernation he’s going to be hangry. pic.twitter.com/YGe4Swu3wT

— Material Indicators (@MI_Algos) July 28, 2022

In longer timeframes, macro-economic conditions will remain an obstacle to any sustainable rally. In that sense, Tobian Adrian, Director of Monetary and Capital Market for the International Monetary Fund (IMF) predicted more losses in the nascent asset class.

In an interview with Yahoo Finance, Adrian spoke of the risk for the crypto market and risk-on assets, like stocks. For digital assets, Adrian believes that the collapse of a stablecoin could fuel another leg down. The IMF official said:

There could be further failures of some of the coin offerings — in particular, some of the algorithmic stablecoins that have been hit most hard, and there are others that could fail.

The IMF official referred to the collapse of the Terra (LUNA) ecosystem. This event led to the downfall of Three Arrows Capital, Celsius, and other companies in the crypto industry. Thus, contributing to the crash in the price of Bitcoin and other cryptocurrencies.

Adrian claims digital assets might face another similar event but doesn’t mention a specific project with the size of Terra that could trigger it. The IMF official believes stablecoins might add to the selling pressure in the nascent industry due to the alleged vulnerabilities in its collateral:

There’s some vulnerability there, because they’re not backed one to one. [Some fiat-backed stablecoins] are backed by somewhat risky assets…it is certainly a vulnerability that some of the stablecoins are not fully backed by cash-like assets.

Bitcoin BTC BTCUSDT
BTC’s price with important gains on the 4-hour chart. Source: BTCUSDT Tradingview

Will The Crypto Market Collapse If There Is A 2008 Like Recession?

In addition to the alleged risk from stablecoins, the IMF official spoke about the potential risk of economic recession. The U.S. recently reported its second consecutive quarter with a negative GDP, which should technically spell economic recession.

However, Adrian ruled out that the global market would see something like in 2008. At that time the financial sector was exposed to “shadow banking”, to assets hidden from the banks’ balance sheets which collapse worsening the economic crisis.

Cryptocurrencies could face a bigger obstacle from international regulators. The IMF official claimed that these entities should enforce securities laws to the 40,000 he claims comprised the sector. He added:

Regulating the coins themselves is going to be difficult but regulating the entry points such as exchanges and wallet providers to invest in those coins, that’s something that is very concrete and very feasible.

The U.S. Securities and Exchange Commission (SEC) seems to be following this approach. The Commission has entered into legal battles with major players in the sector, including payment solutions company Ripple and crypto exchange Coinbase.

SEC Chairman Gary Gensler already stated that he is willing to acknowledge that only Bitcoin is out of their jurisdiction. If the Commission turns more aggressive, the crypto market could suffer as crypto projects scramble to meet regulations requirements.

Related Reading | Bitcoin Bounces Off Consolidation Range, What Lies In Store?

This is probably one of the biggest obstacles for the nascent asset class in the coming months along with macro-economic conditions. In that sense, the IMF official might be on point, but cryptocurrencies have been facing regulatory hostilities since their inception.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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