What does the crypto industry expect from the Fed’s meeting?

What does the crypto industry expect from the Fed’s meeting?

Synopsis

The stock market is likely to indicate the outlook for the crypto market. The stock market is having another rough ride, said Anndy Lian, Chairman, BigONE Exchange.​

New Delhi: The global crypto industry is awaiting the outcome of the Fed’s two-day policy meeting, which will be released on Wednesday. The hawkish stance from the Fed and signals of four rate hikes in 2022 has spooked the global markets lately.

With a sharp correction in global equity markets, particularly in tech stocks, the crypto cart followed the carnage and eroded wealth worth $1 trillion from the global crypto market cap.

However, the crypto traders are showing some signs of recovery, but the volumes have remained muted as the traders are eyeing Fed’s commentary on the issue.

Clearly, the Fed intends to curb and pump out the easy money policy. The hawkish view from the US central banks hammered the crypto cart and the top coins saw a big drop in their pricing.

The stock market is likely to indicate the outlook for the crypto market. The stock market is having another rough ride, said Anndy Lian, Chairman, BigONE Exchange.

Market experts believe that the Fed will try to restrain the rising inflation without dismaying the already fragile markets further, without the complete certainty of the success of their plans.

Bill Hughes, Senior Counsel & Director of Global Regulatory Matters, ConsenSys, said: “We should expect the entire world to hold its collective breath while a room of central bankers make decisions that will have ripple effects in all world markets, which is the hallmark of a financial system that crypto believes it can improve upon.”

He specifically expects the Fed to try to walk the very difficult and uncertain line of curbing inflation while not further panicking already nervous markets, he added. “Whether they are successful or not, it’s not completely in their control.”

Michael Terpin, Founder and CEO, Transform Group, a global blockchain advisory company, said that there had been a general climate of investor fear around the eventual tightening of the unprecedented loose monetary policy of the Fed.

“The stock market should bear the brunt of this, as there are no buybacks in crypto,” he added. “Calling everything risk-on or risk-off oversimplifies the markets.”

Impact on the mood of the market
In the short term, if the Fed decides to tighten credit markets, then the tide of investment dollars into crypto might ebb to some degree, which may affect the crypto start-ups that have a harder time fundraising without ubiquitous cheap money.

But in the medium and long term, and with respect to the more attractive investment opportunities in the space, these monetary policy moves will have little to no meaningful effect.

Blockchain technology is here to stay and growing at leaps and bounds, said Hughes from ConsenSys. “This will drive the investments flowing into the space as people and institutions place bets on the industry, building the future of finance and global online culture.”

What should investors do?
The news about the executive order emerged a day after the Federal Reserve Board (FRB) released a discussion paper that explores the pros and cons of creating a central bank digital currency (CBDC) for the US, which seeks public comment through May 20.

“Looking at the timeline, I think investors have to reposition their investment strategies for crypto. This could also mean the rise of the altcoin markets,” said Lian from BigONE.

Crypto investors need to have a long-term outlook and patience, said the market experts. In the short term, crypto markets are poised to show wild volatile swings.

There has never been a period where prices were not higher for Bitcoin four years later, said Terpin. “Stock market investors generally have at least ten-year horizons, and crypto investors need to adopt the same philosophy,” he added.

Controlling and taxing income is every governments’ responsibility and prerogative, and that should have been priced into the market already, said the experts.

We could look at it as something bad — where growth and free-market are being restricted by the Fed or as crypto investing has a big impact on investing and has enough mainstream money invested that it has begun to matter to policymakers, said Pratik Gauri, CEO and Founder, 5ire.

“Both the crypto investing and associated innovation are becoming mainstream. Investing in crypto as a value proposition or a value building vehicle is not going to be affected anytime soon,” he added.

 

 

Original Source: https://economictimes.indiatimes.com/markets/cryptocurrency/what-does-the-crypto-industry-expect-from-the-feds-meeting/articleshow/89136991.cms

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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Korea eSports Industry Association Official Meeting: Pushing Gaming to New Heights with Blockchain

Korea eSports Industry Association Official Meeting: Pushing Gaming to New Heights with Blockchain

The Korea eSports Industry Association (KeIA) held an official meeting to update their core members on the latest work carried out in both the Korean and international markets.

KeIA aims to revitalize the eSports industry, protect the rights of esports players and create win-win cooperation and synergies between members of the Association and their affiliations.

Chairman of KeIA, Bong Kyu Park welcomed everyone to the meeting and looked forward to a pleasant and exciting year ahead for the esports scene in South Korea. “South Korea has been one of the most active in eSports. We took part and won many international tournaments. This year, I will lead KeIA together with my Secretary General James Kim promoting eSports and getting ourselves connected to new markets. We are not just a Korean Association, we are international with existing partners in China, Singapore, Vietnam and beyond.”

Deputy Secretary General Tae Yoon Kim told our Blockcast.cc reporter: “I am particularly interested in reaching out to the European markets. For this meeting, we invited foreign guests to share their experiences with us. We want to explore how blockchain technology can help us promote esports more effectively. We want to build the market together and spread the esports Korean culture globally.”

“Thank you to Chairman Park for the invitation. As a blockchain gaming platform, we allow gamers to communicate with other gamers, manage their digital gaming assets and be rewarded with GMRX tokens for allowing our platform to use their GPU power. This is the power of our gaming platform. You can find out more at www.gaimin.io and the mining plugin will be launched to the public for download very soon.” said Clive Aroskin, COO of Gaimin.io, who gave a speech during the meeting. He also shared how their IEO with Biconomy had introduced global gamers to the platform and he hopes to share their experiences with the Association.

Anndy Lian who is an active member in the Korean technology community is being appointed as the Chairman for Singapore at KeIA: “I believe that blockchain technology and the usage of cryptocurrencies will transform the eSports industry as it opens up new global communities for the games to grow. Blockchain is the future of esports, it helps to fill up existing issues and gaps like payment along with bridging online and offline assets. As the chairman, I want to bring my international experiences to the KeIA and connect the KeIA to global companies and players.”

According to Statista, the eSports industry will reach USD1.79 billion in 2022, while blockchain technology revenues are expected to climb to over USD23.3 billion in size by 2023. A combination of both industries will produce revenues in the trillions of dollars over the coming years.

eSports will be the new growth engine to lead innovation in the economic world during this Fourth Industrial Revolution. For more information about KeIA, go to http://e-keia.com/.

Media Contact:

Company: Blockcast.cc
Media Contact: Jenny Zheng
Title: Editor
Contact Number: +65 9883 2707
Country: South Korea

 

Original Source:

https://blockcast.cc/press-releases/korea-esports-industry-association-official-meeting-pushing-gaming-to-new-heights-with-blockchain/

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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