Business News Asia
The bitcoin price fell 4.92% today (July 27) to $20,946.4.
Bitcoin’s downward movement this morning came after the Dow Jones Industrial Average fell 228 points on Tuesday (July 26) on news that Walmart had lowered its earnings forecasts for this year.
- The Dow Jones Industrial Average fell 228.50 points, or 0.71%, to close at 31,761.54.
- The S&P 500 fell 1.15% to close at 3,921.05.
- The Nasdaq fell 1.87% to close at 11,562.57 points.
The International Monetary Fund (IMF) said the collapse of the cryptocurrency market will not affect global financial stability because they are outside the bank’s control
On July 26, 2022, the International Monetary Fund (IMF) stated that the collapse of the cryptocurrency market would not affect global financial stability.
The IMF said that the global economy is suffering from high inflation and could enter a second recession in just two years. But crypto markets are outside the control of banks and therefore not worrying.
The recent collapse of cryptocurrencies such as TerraUSD Stablecoin and the Three Arrows Capital fund has caused turmoil that has led some regulators to voice their scrutiny of the burgeoning market.
“The flow to the wider financial system is still limited. A big sell-off leads to a big loss for crypto investors,” the IMF stated.
A June 2022 report by the European Systemic Risk Board said that the continued growth in popularity of cryptocurrencies could pose a broader and sudden threat to financial markets. The IMF called for stronger oversight of the sector and warned El Salvador to stop using Bitcoin as legal tender.
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Wednesday, July 27, 2022