IMF’s Chief Lagarde this time quite upbeat on Bitcoin and overall crypto technology; Bitcoin up 1% on Tuesday

International Monetary Fund Chief is upbeat on Bitcoin and other cryptocurrency technology.
Bitcoin is up 1%, looking to retest the upper trend line, tracking at $8,400.

Ken Chigbo Independent Analyst

The International Monetary Fund Chief Christine Largarde in a recent blog post, was quite upbeat about cryptocurrencies, in terms of the benefits that the technology can bring to making the financial system safer.

This follows on from comments Christine Lagarde made over a month ago, where she covered some ground on how digital currency technology could be used against crypto criminals, "fight fire with fire" is what she is quoted to have said.

Lagarde was very much in favor of promoting greater understanding of what crypto technology can bring to the financial system, with, proposing some form of regulatory agenda around the use. She stated within the blog “Understanding the risks that crypto-assets may pose to financial stability is vital if we are to distinguish between real threats and needless fears. That is why we need an even-handed regulatory agenda, one that protects against risks without discouraging innovation.” https://blogs.imf.org/2018/04/16/an-even-handed-approach-to-crypto-assets/

Suggestions that this may have provided some renewed bull sentiment across the crypto market, the likes of Bitcoin is seen up 1% during trading on Thursday, looking to again retest the upper trend line which is currently acting as resistance, tracking at $8,400.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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