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The International Monetary Fund (IMF) noted in its global financial stablecoin report that “the cryptocurrency ecosystem is full of opportunities and challenges, and risks to consumers may stem from the lack of operational or network flexibility of crypto asset providers, as well as inadequate reserves or lack of disclosure. Regulation is inadequate in most jurisdictions and national regulators should closely monitor the risks and implement global standards for crypto assets, as well as strengthen macroeconomic policies and consider issuing central bank digital currencies.”
The whole market was in a correction mode yesterday but this looks like a temporary setback for now. Bitcoin has recovered quickly and continues to show great strength relative to most digital assets. The good news is that Bitcoin price hasn’t fallen below $53,000, which means it still has the potential to hit $58,000 in the short term. Yesterday’s pins seemed to suggest that more volatility was on the way. Whether it’s up or down, that will determine the bull or bear atmosphere for the next few months.