Crypto market quickly rebounds after IMF predicts increased recession risk
Bitcoin quickly bounced back above $21,000 in Asian trading hours on Wednesday after falling below the mark overnight as the International Monetary Fund (IMF) cut its global growth outlook for this year and next and warned that the world economy may soon on the brink of a full-blown recession.
IMF says cryptocurrency crash hasn’t completely damaged the broader financial system
Bitcoin traded at $21,202, while Ethereum changed hands at $1,447.58 in late afternoon trading in Hong Kong, according to data from CoinMarketcap.
In its latest World Economic Outlook report, the IMF said the world’s three biggest economies, the US, China and the eurozone, are all stagnating.
The international body pointed to higher-than-expected global inflation, supply chain disruptions due to ongoing Covid-19 outbreaks in China and ongoing negative spillovers from the war in Ukraine as major factors contributing to economic uncertainty.
The IMF’s updated guidance expects the world economy to grow by 3.2% in 2022 and just 2.9% in 2023, down 0.7% from what it projected in its April World Economic Outlook.
IMF has been consistently down grading its forecasts, Andrew sullivan, a market analyst and formar stockbroker told Forkast in a interview, I don,t think peoples will be too surprised that they downgrading thier forecast again or that they increase risk of recession.
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