Custodia Bank’s application for membership in the Federal Reserve System was rejected by Federal Reserve Board in the United States. This was on the grounds that the bank’s “novel business model and proposed focus on crypto-assets presented significant safety and soundness risks.” The Fed also noted that Custodia’s risk management
Federal bank regulatory authorities in the United States have released a statement on the risks of cryptocurrencies to banking organizations. On Jan. 3, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement regarding the challenges that
The Federal Reserve is hiking interest rates in an attempt to achieve its dual mission of price stability and maximum sustained employment. As the Fed Chair Jerome Powell discussed at a US forum on the outlook for the economy and the changing labor market. Ahead of Jerome Powell Fiscal and
The dilemma around cryptocurrency is increasing, and the use of Central Bank Digital Currency “CBDC” is surging on more countries’ soil. To weigh this, New York has now been added to the list of the famed states that have been launching CBDCs. The Innovation Center of the Federal Reserve Bank
The interest rate hike has previously affected cryptocurrencies badly. Bitcoin and Ethereum both saw price drops in September after the hike. The WSJ reported on Oct. 21 that US Federal Reserve officials may be planning an additional interest rate rise of 75 basis points. The article also indicated that authorities
Friday stock market closing depicted around $930 billion liquidity in total. The number of people unemployed or seeking jobs remains 3.5% lower than the projected rate. The global market, both crypto, and the stock have trampled down post the U.S employment rate release. The current rate is alike to the
A surge in new unemployment claims may spark a cryptocurrency bull run. The cryptocurrency market’s future is being set by the state of the economy as a whole. Initial weekly unemployment claims data for this week have been provided by the US Department of Labor. The initial jobless claims increased
At its next meeting on November 4, the Fed will determine the next interest rate hike. Fed’s rate hikes this year will have a negative impact on developing nations. The United Nations has urged the Federal Reserve and other central banks to halt their interest rate hikes. To counteract growing
The dollar’s appreciation may be attributed to the Federal Reserve raising interest rates. As the supply of dollars dwindles, investors will have less money for riskier assets. Bitcoin is struggling to compete against the US currency. On Friday, the dollar index (DXY), which tracks the value of the dollar relative
The draft for regulation bill is in circulation among the U.S Representatives. The inclusion of stablecoins in the major payment portals makes it very common. U.S House of Representatives will slightly implement the regulatory bill on stablecoin by the end of 2022. The talk about the regulation draft came to
