Fearing a Hawkish Fed: Economists Focus on Upcoming FOMC Meeting as Global Market Rout Slows

By Jamie Redman

Global markets have been feeling the pressure of fear and uncertainty, as the upcoming Federal Open Market Committee (FOMC) plans to make a decision on Wednesday concerning changing the current monetary easing policy and raising the benchmark interest rate. Economists and market analysts fear the hawkish Federal Reserve will tighten markets too fast after the central bank expanded the U.S. monetary supply like never before in history.
Allianz Chief Economic Adviser: ‘Fed Maintained Its Transitory Inflation Narrative for Way Too Long’
All eyes are on the Federal Reserve this week and the conversation has turned into speculation about the upcoming FOMC meeting. The committee will make a decision on Wednesday at 2 p.m. (EST) which will be followed by a press conference from the central bank chairman Jerome Powell. Last week global stocks were roiled and dropped significantly, while crypto markets followed the same path as the crypto economy shed billions in value. Precious metals like gold and silver managed to stave off the market rout, and both metals are up a few percentages over the last 30 days.
The Federal Open Market Committee (FOMC) plans to meet on Wednesday, and market participants are expecting a shift in monetary policy. Federal Reserve chair Jerome Powell (pictured above) will hold a press conference after the FOMC meeting at 2:30 p.m. (EST) on January 26.
As the U.S. central bank has hinted at tightening quantitive easing (QE) and raising interest rates, the Fed’s critics believe the pivot is too fast. Mohamed El-Erian, the chief economic adviser at the financial services company Allianz, is one of those critics. “The first policy mistake was completely misunderstanding inflation,” El-Erian said on Tuesday. He added that the Fed’s Board of Governors “maintained its transitory inflation narrative for 2021 way too long, missing window after window to slowly ease its foot off the stimulus accelerator.”

FOMC tomorrow so probably range today till then
— TraderSZ (@trader1sz) January 25, 2022

Now that the Fed seems to be moving in the direction of tightening monetary easing quickly, traders and analysts are fearful about creating new positions in the market. “I would be very [reluctant] to look at getting in or adding to positions to anything until we hear from an increasingly hawkish Fed on Wednesday,” the managing director at Strategic Funds, Marc LoPresti, told the press on Monday.
Market Participants Try to Predict the Fed’s Monetary Tightening Timeline
Meanwhile, as the FOMC meeting has been trending on social media and forums, analysts have been trying to predict the decision ahead of time.

The Fed released some of its 2023 FOMC dates. So, I was able to extend this table.
Here is the latest pic.twitter.com/6qwXj1AEVm
— Jim Bianco biancoresearch.eth (@biancoresearch) January 24, 2022

The prediction markets operated by kalshi.com are also trying to forecast when the U.S. central bank will raise the benchmark rate. 98% of those leveraging kalshi.com’s Fed prediction market say the Fed will raise the rate above 0.25% in July.

The least-chosen month was December 2022 and 84% chose that specific date. The financial analyst on Twitter that goes by the name “Mac10,” explained that market bulls need to break their strength.
“The way I see is that either the market crashes between now and FOMC, forcing the Fed to reverse,” Mac10 wrote. “Or, the Fed comes in hawkish and the market crashes. I don’t see a Goldilocks scenario. Bulls, something must break for the Fed to reverse. That something is you.”

UBS Executive: ‘This Week’s Fed Meeting Is Likely to Underscore the Fed’s Shift in Policy Priorities’
Mark Haefele, CIO of Global Wealth Management at UBS, thinks the upcoming Fed meeting will “underscore” the Fed’s current line of thinking.
“For much of the past decade, market volatility was calmed by the notion that the Federal Reserve and other global central banks stood ready to step in to support the economy in the event of weakness, exogenous shocks, or an unexpected tightening in global financial conditions,” Haefele said in a statement on Tuesday. “Today, with inflation still elevated, that support feels less certain, and this week’s Fed meeting is likely to underscore the Fed’s shift in policy priorities away from supporting growth and toward fighting inflation,” Haefele added.

If the Fed doesn’t reverse course during the FOMC meeting on Wednesday, I think everything will fall further than most expect.
Once they inevitably reverse, #Bitcoin bounces fast in a BIG way📈.
— Joe Burnett (🔑)³ (@IIICapital) January 24, 2022

Metrics recorded 24 hours before the FOMC meeting show that stock markets saw some relief at the end of the day on Monday. Tech stocks, Nasdaq, NYSE, and the Dow Jones ended the day in green and cryptocurrency markets saw a similar pattern. On Tuesday morning, the crypto economy has gained 8.5% to $1.7 trillion in the last 24 hours with leading crypto assets like bitcoin (BTC) and ethereum (ETH) jumping 7-10% in value over the last day.

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What do you think about the upcoming FOMC meeting and the possibility of the Fed tightening monetary easing too fast? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Crypto Ban Proposed by Bank of Russia Met With Opposition in Parliament, Government

By Lubomir Tassev

The central bank’s push for a restrictive policy regarding cryptocurrencies is not gaining support among members of the Russian government, legislature, or law enforcement. A blanket crypto ban, as proposed by the bank, would make a laughingstock of Russia, lawmakers have warned.
Bank of Russia’s Hardline Stance on Crypto Rejected by Other Russian Institutions
The Central Bank of Russia’s lobbying for prohibitive legislation on cryptocurrencies has not been met with understanding by other government bodies, Russian media revealed. Last week, the regulator published a consultation paper urging for a wide-ranging ban on crypto activities, including the use, exchange, and mining of digital coins.
However, the Russian government, parliament, and even law enforcement departments such as the Ministry of Internal Affairs (MVD) and the Federal Security Service (FSB) are not willing to back the proposals of the monetary authority, Lenta.ru reported, quoting two high-ranking members of the State Duma.
A working group at the lower house of parliament is now discussing proposals to fill the regulatory gaps remaining after the law “On Digital Financial Assets” went into force in January 2021. It comprises representatives of various government institutions and the lawmakers claim that the CBR, with its view on cryptocurrencies, is now in isolation.
Anatoly Aksakov, who heads the Financial Market Committee, and Andrey Lugovoy, deputy chairman of the Security and Anti-Corruption Committee, also accused the bank of misinterpreting the current legislation. “It is quite obvious that we are talking, among other things, about cryptocurrencies – about bitcoins, about ethereums, about litecoins, about anything,” Lugovoy emphasized.

Russia May Become Laughingstock, Deputy Warns
Andrey Lugovoy remarked that ever since the adoption of the digital assets bill, Russian lawmakers have been consistently trying to legalize the new industry, including for tax purposes. He noted that a draft law regulating crypto taxation has already been approved on first reading in the Duma but the Bank of Russia is blocking its final adoption and rejecting all amendments, despite initially supporting the proposal.
No one has put an end to cryptocurrencies yet, Anatoly Aksakov insisted. He views the central bank’s report on the matter as only a ground for further discussions. The head of the Financial Market Committee has been calling for the legalization of crypto mining, suggesting it should be registered as an industrial activity and taxed accordingly.
Lugovoy added that Bank of Russia’s position is not fully substantiated and expressed his opinion that it’s impossible to prohibit the circulation of cryptocurrencies. “Let those who want to ban explain to us how they plan to do this from a practical standpoint, so that we do not act as a laughing stock for the whole world,” he urged.

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Do you think Bank of Russia will reconsider its stance on cryptocurrency regulation? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Spellfire to Huobi Primelist on January 27th

By Bitcoin.com Media

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Huobi is the industry’s leading digital asset exchange in both liquidity and real-trading volume. Their partnership boosts Spellfire’s profile as one of the most anticipated blockchain games of 2022.
Spellfire’s listing on Huobi will introduce the project to a huge new audience of potential players and investors. In addition to providing our community an easy way to access the $SPELLFIRE token, it will also support its long-term value.
This news arrives shortly after the announced conclusion of funding rounds. To date, the project has raised a staggering $3.8 million and is backed by industry-leaders DAO Maker and Shima Capital amongst others.
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Exclusive Augmented-Reality cards create new levels of interaction with voice and gesture-controlled cards.
Players have the unique prospect of customizing and minting their own NFT cards. Members of the community and real-life landmarks can be reinterpreted for the Spellfire world.
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The unique mix of past and future
As it stands, Spellfire is a comprehensive package that manages to pack 30 years of history into a Collectible Card Game (CCG) fit for the gamers of today, regardless of whether they feel most comfortable at a tabletop or in front of a monitor.
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The nostalgic feeling many fans get from physical cards is an essential part of the experience, so the game has been designed to seamlessly blend real-world printed cards with their digital equivalents.
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Oman Invites Bids From Firms Interested in Creating Regulatory Framework for Virtual Assets

By Terence Zimwara

Authorities in the Middle Eastern state of Oman have asked specialized companies, interested in helping the country set up a regulatory framework for virtual assets, to submit their proposals. Interested companies need to submit their proposals no later than March 23, 2022.
Process Divided Into Two Phases
The Oman financial regulator, the Capital Markets Authority (CMA), recently invited companies interested in helping it set up a regulatory framework for virtual assets to participate in a tender process.
According to a report by Unlock Media, this process of creating the regulatory framework will be divided into two phases. The first part will identify and set out the legislative and regulatory framework required for the regulation of virtual assets. It will also establish the proper safeguards for investors.

The next phase, according to the report, will involve training and technical support for the CMA as well as creating the work manuals forms. Meanwhile, in a screenshot of the tender advertisement shared by a Twitter user, the CMA asks “specialized” companies that wish to participate in the tender process to pay a tender and to submit the required documents which include a copy of the commercial registration certificate.

Crypto Taskforce
The CMA’s floating of the tender comes several months after the country’s central bank warned Oman residents of the risks of cryptocurrency trading. The tender invitation also comes nearly four months after the central bank’s launch of a task force mandated with studying the pros and cons of authorizing the use of cryptocurrencies.
According to the tender advertisement, interested companies need to file their proposals on or before March 23, 2022.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Report: Google Launches Blockchain Division

By Sergio Goschenko

The software behemoth Google has reportedly started a new blockchain-based division inside its Labs group. The division will also deal with other distributed computing and data storage technologies. While the company has been wary of associating with any form of cryptocurrency, Bill Ready, Google’s president of commerce, stated on January 19 they were paying a lot of attention to the area.
Google Goes Blockchain
Google, one of the biggest software companies in the world, is reportedly launching a new blockchain division as part of its Labs group. The blockchain division will be led by Shivakumar Venkataraman, an engineering vice president for Google. The division will focus on “blockchain and other next-gen distributed computing and data storage technologies,” according to an email obtained by Bloomberg.
While the company has been involved in certain blockchain projects, it has been very wary of being associated with any cryptocurrency in particular. The new blockchain division will be directed to the experimentation with these decentralized technologies under the umbrella of the Labs group. Labs is an experimental division that groups all the AR and VR efforts, and other potential projects in the tech area. The new Google Labs group also includes an in-house incubator for projects called Area 120.
This development is seen by some analysts as a response to how other companies like Meta (formerly Facebook) are growing to include more of these new developments into their business model.

Closer to Crypto
The company, whose stance on crypto was delicate, even banned all cryptocurrency-related advertising including initial coin offerings, crypto exchanges, cryptocurrency wallets, and cryptocurrency trading advice from its platform, has changed.
Since then, it completed a partnership with Coinbase and Bitpay, two cryptocurrency exchanges, to include allowing customers to store cryptocurrency in digital cards. However, the company is still not accepting cryptocurrency transactions. Also, last year, the company also inked a partnership with Bakkt, a digital platform, to allow users to spend cryptocurrencies using its card on the Google Pay platform.
Google’s president of commerce, Bill Ready, commented on the vision that the company has on cryptocurrencies and their possible uses. At the time, Ready stated:

Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.

The company also announced recently it was hiring a former Paypal executive, Arnold Goldberg, as a part of a push to include new services in its platform, including cryptocurrencies.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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LBank Exchange Will List ADENE (ADEN) on January 27, 2022

By Bitcoin.com Media

press release

PRESS RELEASE. INTERNET CITY, DUBAI, Jan. 25 2022 – LBank Exchange, a global digital asset trading platform, will list ADENE (ADEN) on January 27, 2022. For all users of LBank Exchange, the ADEN/USDT trading pair will be officially available for trading at 18:00 (UTC+8) on January 27, 2022.
The gambling industry has become an empire that is owned by some powerful bodies (centralized casino system) who are solely making profits only for themselves. As the first fully decentralized game system of the 4th generation, ADENE (ADEN) is here to disrupt the gambling culture, end this monopoly, and create its own realm of gambling to bring back equality and justice to the gambling industry. Its utility token ADEN will be listed on LBank Exchange at 18:00 (UTC+8) on January 27, 2022, to further expand its global reach and help it achieve its vision.
Introducing ADENE
As the first fully decentralized gambling system of the 4th generation, ADENE gives its community access to possibilities previously exclusively owned by the game monopoly. Thanks to the use of NFTs, users are now becoming operators. ADENE innovations begin where ordinary gaming platforms end. For the first time in the millennia-old history of gambling, users and operators are becoming one. ADENE users can practically construct their own casino business with low barriers to entry. Starting one’s own business creatively has never been easier.
ADENE is the first platform to ever create NFTs out of slot machines. Slot machines are NFTs created by the users and made available to the community of ADENE, so each slot machine is unique. NFTs should not only be static digital assets, but assets that have feasible business use cases to sustain the circular economy of ADEN tokens. If users purchase any NFT games, they can upload them on the ADENE NFT Marketplace, provide sufficient liquidity in ADEN tokens, and operate the game. ADENE platform also allows users to mint their customized slot machines.
A decentralized gambling platform with fairer, more transparent and ethical games for both the operators and the players is provided by ADENE. Thanks to the peer-to-peer gaming system, games in ADENE are not rigged by a centralized entity. The games of chance are not owned by the casinos, but by users, so that the win/loss ratio of the games will be fairer for both users than in real-life casinos. And by utilizing ADEN tokens, ADENE reimagines the future of the gambling system.
About ADEN Token
ADEN is a BEP20 token based on BSC. It is created to support cheaper and faster transactions. ADEN tokens issuer is separate from Adene.io who is only supporting ADEN tokens as the utility token because of the efficiency. ADEN tokens use case ecosystems and networks are expanding fast and are currently co-operating with organization in NFT sports and charities.
The total supply of ADEN is 1 billion (i.e. 1,000,000,000), 29% of it is provided for liquidity, 10% is for pre-sales, 2% is allocated to advisors, another 2% is for private investment, 5% is provided for operation and marketing, 10% is for seed investment, 8% is for product development, 15% is for community development, and the rest 19% is allocated to founders and team.
The ADEN token will be listed on LBank Exchange at 18:00 (UTC+8) on January 27, 2022, investors who are interested in ADENE investment can easily buy and sell ADEN on LBank Exchange by then. The listing of ADEN on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.
Learn More about ADEN Token:
Official Website: https://adene.io/
Telegram: https://t.me/AdeneNetwork
Twitter: https://twitter.com/AdeneNetwork
Facebook: https://www.facebook.com/AdeneNetwork
About LBank Exchange
LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 6.4 million users from now more than 210 regions around the world.
Start Trading Now: lbank.info
Community & Social Media:
l Telegram
l Twitter
l Facebook
l Linkedin
Contact Details:
LBK Blockchain Co. Limited
LBank Exchange
media@lbank.info

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