Bitcoin Price and Ethereum – What Could Drive Today's Uptrend?
On Wednesday, major cryptocurrencies were trading in the green during the Asian session, as the global crypto market value climbed 0.20% over the previous day to $918.72 billion. In contrast, the total crypto market volume fell 8.20% in the last 24 hours to $49.50 billion.
The overall volume in DeFi was $3.14 billion, accounting for 6.35% of the total 24-hour volume in the crypto market. The overall volume of all stablecoins was $46.85 billion, accounting for 94.65% of the total crypto market 24-hour volume.
Bitcoin has plummeted by more than 5% in the last seven days. The leading cryptocurrency, on the other hand, is now gaining immediate support near $18,870, the triple bottom level.
On the other hand, Ethereum, the second most valuable cryptocurrency, is expected to recover above the $1,270 support level.
The World Economic Forum has received a fresh warning from the International Monetary Fund. According to the IMF, things will only get worse from here. As a result, the value of Bitcoin can drop in the near future.
“The worst is yet to come, and for many people, 2023 will feel like a recession.”
On Tuesday, the agency announced that it anticipates a slowdown in global growth next year to 2.7%, with a 25% chance that growth would be below 2%. To put that in perspective, growth forecasts for this year are at 3.2%.
Russia's war in Ukraine, high inflation, and a downturn in China all weigh on the projection for next year, which is 0.2 percentage points lower than the IMF's outlook in July.
According to IMF’schief economist Pierre-Olivier Gourinchas,
More than a third of the global economy will contract this year or next, while the three largest economies — the United States, the European Union, and China — will continue to
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