Baxia Markets
By
July 31, 2021

Bitcoin facing resistance, staying below 40000

fundamental analysis top header -01

 

In the reports published this morning, IMF had made clear that it was not a big fan of crypto whatsoever. On the IMF front, this multinational financial organization argues in a blog post this week that cryptocurrency is not suitable for use as a "national currency" (a step El Salvador took last month) because "in most cases, risks and costs outweigh potential benefits." With the volatile nature of most, if not all cryptocurrencies, IMF mentioned that it is a poor way to store value and most cryptocurrencies are not related to the real economy.

 

 

bitcoin0730

 

Now, what does all of this mean for cryptocurrency investors? I actually see both bad news and good in these reports. On one hand, yes, the clear trend for crypto going forward appears to be for governments and international organizations working with governments to try to layer new reporting requirements, taxes, and other regulations on cryptocurrencies, which could diminish their attractiveness to investors and users alike.

 

We love to hear new ideas from traders and want to know what you think! 

 

If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

 

Open Live Account  

 

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

 

Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 

Subscribe by Email