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

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. ...