As the financial turmoil caused by the coronavirus pandemic continues its assault on the stock market, cryptocrypto has remained relatively stable over the past 24 hours.

BitcoinBitcoin, which was trading for about $6,900 on Monday, experienced a drop of roughly $200 on Tuesday and has remained in the $6,700 range. EthereumEthereum is going for about $157, while Ripple’s XRP also hasn’t changed from Tuesday’s $0.18.

BTC

+0.02%$104,316.49

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But while crypto is holding steady, the International Monetary Fund (IMF) is predicting the biggest recession in nearly a century. The IMF believes global growth could fall to minus 3% by the end of 2020. If you adhere to the “digital gold” Bitcoin narrative, then this could potentially bode well for the crypto market. However, the reality of the last month, as Bitcoin has remained closely correlated with traditional markets, would suggest otherwise.

In contrast to crypto’s relative stability today, the Dow Jones Industrial Average dropped more than 400 points since this morning. Businesses in the United States remain in dire straits as retail sales fell by nearly 9% last month.

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Emergency coronavirus paychecks in the US could be forfeited to banks to repay outstanding debts, reports Prospect, suggesting that they won’t reach the hands of those who need it the most.  Because some people’s $1,200 checks, which come by way of the CARES Act, are deposited straight to bank accounts, rather than sent through the mail, banks have the right to seize checks from their intended beneficiaries.  Coronavirus causes biggest recession in 90 years says IMF That’s because neither Congre...

Regional manufacturing activity in New York, which has been badly hurt by the coronavirus outbreak, fell by nearly 80%, while economists from JP Morgan are expecting a drop in GDP growth by as much as 40 percent in Q2.

Abroad, however, some economies are beginning to experience a recovery. In Germany, for example, Chancellor Angela Merkel announced a plan that will see several small businesses resume operations beginning April 20, while many schools are set to reopen on May 4. The hope is that it won’t be long before America catches up.