According to the conclusions reached by IMF specialists in the report on global financial stability, the massive sell-off in the cryptocurrency market has had limited impact on the wider financial system.
According to them, the second quarter of the year was the worst for Bitcoin in 11 years. From its ATH, Bitcoin fell by almost 70%, other cryptocurrencies showed similar dynamics.
Per the statement:
“Digital assets have experienced a sharp sell-off. This was reflected in the failure of algorithmic stablecoins and large losses for industry participants, but it had a limited impact on the financial system as a whole.”
The Fed and the ECB have previously recognized stablecoins as risk areas.