" October 17, 2022, Weekly Market Research Report "
After the IMF lowered its growth prediction from 2.9% to 2.7% for the following year and issued a warning that for millions of people throughout the world, 2023 will feel like a recession, the week got off to a bad start.
Stock market participants made a strong bear market rebound on Thursday in an effort to ignore the stark recession forecast, but markets closed down on Friday as well. The Dow gained 1.15% for the week, while the S&P fell 1.55% and the Nasdaq fell 3.11%.
Most other assets were hurt by a strong USD, including Gold, which down 3.3%, and Silver, which fell a staggering 10% and lost all of its gains from early October. Oil prices decreased as well, with WTI Crude and Brent losing about 5.2% each.
Because of the higher USD, cryptocurrencies also declined, but their losses were far smaller than those of other assets. BTC was able to avoid crossing the $18,000 barrier on Thursday's comeback.
The top 100 crypto token index's realized volatility has decreased to levels last seen in 2020. Could this be the consolidation before the upcoming major movement like the one we seen in 2020?