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IMF Statement Wipes Out $16bn Off Cryptocurrencies

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tcoin and other cryptocurrencies yesterday lost about $16 billion from the values following a report from the International Monetary Fund (IMF) that the rapid growth of crypto assets can create new vulnerabilities in the global financial system. Bitcoin lost nearly $400 in a sharp fall slipping its price below $6300. Ats at the time of going to press yesterday, Bitcoin was trading at $6282 with a market cap of $108 billion, dropping nearly 4.5 per cent in the last 24-hours. All the top-ten cryptocurrencies have plunged anywhere between 9-12 per cent. It shows the severity of the overall market fall with over $16 billion wiped-off from the market. Ethereum (ETH), XRP, and Bitcoin Cash (BCH) all have corrected by more than 10 per cent in yesterday’s market fall.
The IMF warns about the growing clout of digital assets and the potential threat it poses to the global financial economy. The IMF report noted, “Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”

IMF in its report also mentioned the fragile crypto infrastructure and the ongoing cybersecurity threats. It said, “Cybersecurity breaches and cyber attacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services.” After the unprecedented bull run of 2017, many experts predicted that regulatory agencies would warm to the growing crypto dominance. However, the repeated denial of crypto products like ETFs shows that agencies are not willing at all to bow down. Rather global regulatory agencies have taken some strict measures to monitor the crypto market. Moreover, there is also a lack of global monetary coordination among agencies.





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