"We have raised our 2022 Brent forecasts to $84, with 2023–25 prices increased by $18 to average over $100. Prices start to cool off from 2026, but stay above $80 through 2030."
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The recent cryptocurrency market crash is a testament to its ecosystem s reliability, according to Raoul Pal, CEO of Global Macro Investor, a global macro advisory publication.
What Happened: Pal noted in a Tuesday Twitter thread that the cryptocurrency market crashed by 42% in 14 days, wiping out $1.02trn in value in an orgy of liquidation of people up to 100 x levered, with very low regulation. Many tokens fell up to 70%, including unregulated lending and borrowing biz.
He highlighted that all of that caused no damage to the crypto ecosystem. Crypto had a major, major VAR-shock test and NOTHING happened, Pal noted.
What Else: Pal pointed out that leverage liquidation was offset by over collateralization, no firm went under, the Federal Reserve did not need to step in and decentralized finance protocols carried their activity on near-normally.