Crypto prices bounce back after Fed signals interest rate hikes
The Federal Reserve indicated it would start phasing out its pandemic stimulus program (in which it bought bonds to increase the money supply) quicker than it had planned. The Fed also said it plans to raise interest rates at least three times in 2022. The crypto market has bounced back on the news. Bitcoin surged from below $47,000 to nearly $49,000. Ethereum is currently trading at $4,048, up 4.7% from yesterday.
FED’s Powell doesn’t think crypto risks financial stability
Federal Reserve Chairman Jerome Powell said that he doesn’t view cryptocurrencies as a “financial stability concern”. He stated that crypto does not pose a risk to the American economy, but could be a risk to investors. If stablecoins (cryptos pegged to traditional currencies) were associated with one of the “very large tech networks that exist, crypto payment systems and values could scale up,” said Powell.
Centre may not introduce Crypto Bill in ongoing Winter Session: Report
As per reports, the Centre’s proposed bill on cryptos is unlikely to be brought in the ongoing session of the parliament. Ahead of the Winter Session, the Centre had listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, on the official website of the Lok Sabha. Details of the proposed bill had revealed that the suggested regulations will ‘outlaw all private cryptocurrencies’ in India.
UK ad regulator bans Coinbase, Papa John’s, eToro crypto ads
The United Kingdom’s Advertising Standards Authority (ASA) has banned 7 crypto-related promotions as part of a wider focus on potentially harmful crypto ads. The ASA has targeted crypto promotions from Coinbase Europe, eToro, Papa John’s, Luno Money, Exmo Exchange, Payward, and Coinburp. All seven ads were “banned for irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment,” the ASA said.
Crypto ban tough to impose: Geeta Gopinath
International Monetary Fund (IMF) chief economist Gita Gopinath said that cryptocurrencies pose a challenge to emerging economies that have checks on capital flows and foreign exchange. She called for a coordinated global action for regulating them, while suggesting that a ban may be tough to impose.
Michael Jordan joins Web3 via Solana App for Athletes
Michael Jordan and son Jeffrey have revealed HEIR, a Web3 fan engagement platform built on Solana. Jordan revealed plans to launch a fan engagement app platform. The platform is designed to link professional athletes with their most ardent supporters. HEIR has raised $10 million in seed funding and will launch in 2022.