The current crypto crash is a big talker among investors. Author and Managing Editor of The American Prospect, Ryan Cooper, believes cryptocurrencies, NFTs, and stablecoins are a “trillion-dollar trash fire.” He said, “The situation lends powerful evidence to what crypto skeptics have been saying for years: The whole thing is a steaming pile of garbage.” On Thursday, during an interview on Fox’s “Mornings with Maria,” Arizona Senate candidate Blake Masters said that crypto is “exceptionally volatile.” “I always tell people only get involved only buy bitcoin if you’re ready to buckle up and weather the storm because this is the wild west… And it means when you get involved with this thing, maybe buckle up and be ready because you’re going to have some volatility. That’s what we’re seeing now.”
The American Prospect/David Lin
Lessons From the Crypto Crash
Cryptocurrencies are in trouble. At time of writing, all the biggest ones—Bitcoin, Ethereum, XRP, and Solana—were down by double-digit percentage margins just in the last 24 hours. Bitcoin is down by 58 percent from its high late last year; Ethereum is down 60 percent. The crash has wreaked economic havoc among gullible retail investors who bought into the hype—Reddit forums are filled with stories of people who have lost their life savings and are contemplating suicide. El Salvador, whose crackpot president tied his whole country’s economy to Bitcoin, is likely to default on its debt.
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Crypto crash: Blake Masters urges investors to ‘buckle up’ for ‘exceptionally volatile’ market
During an interview on “Mornings with Maria” Arizona Senate candidate Blake Masters said investors should be prepared to face the exceptional volatility of cryptocurrencies, calling it the ‘Wild West.’
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Kitco News/Anna Golubova
Fed Chair Powell confirmed for 2nd term as Fed focuses on its inflation battle
The U.S. Senate confirmed Federal Reserve Chair Jerome Powell’s second term in an 80-19 vote as the U.S. central bank steps up its fight against high inflation.
The vote showed broad support for Powell after the Federal Reserve decided to raise rates by 50-basis-points in May, the steepest hike since 2000.
Even though Powell was confirmed just now, he has been heading the U.S. central bank in a temporary capacity since February.
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