RABIT Weekly news (W2 Dec 2021)
- Bill proposed in India banning use of cryptocurrency payment methods
- Violators are liable to arrest without warrant
- Prohibition of mining, holding, sales, and transactions of cryptocurrency as an exchange medium and/or value storage and accounting unit.
- ‘Buy the dip’ frenzy continues among whales
- Third largest bitcoin holder buys 11,207 BTC after price adjustments in November
- U.S. House warms up to cryptocurrency in recent hearing
- U.S. debt limit increased. Senate passes.
- China to reduce reserve requirement ratio
- Fitch Ratings downgrades China Evergrande Group, to ‘restricted default’
- Finally officially bankrupt
- Unemployment claims total at 184,000 weekly, lowest since 1969
Labor shortage persists- Inflation due to higher wages acting as pressure
- CPI increase at 6.8% (from a year earlier), fastest pace since June 1982
- Prevailing view is that FOMC will announce plans to conclude its taper by March 2022 in December
- U.S. port congestion worsening, with ships resorting to open air storage
- G7 finance ministers to discuss measures against inflation
- First death due to Omicron variant recorded in UK, risk-averse selling spree ahead of FOMC
