The cryptocurrency market lost nearly $130 billion in value over the last 24 hours as major digital coins continue their extended sell-off, multiple sources reported.
Bitcoin dropped 4.81% to $33,693.63 over the last 24 hours while Ethereum slid 9.41% to $2,206.22, according to Coinbase. Both assets fell to their lowest level since July 2021, and each has lost roughly 50% of its highest value.
Cryptocurrencies have trended similarly to stocks, which have seen a sell-off since the start of 2022. Investors have dumped their assets, especially technology stocks, in preparation for tighter monetary policies from the Federal Reserve, including interest rate hikes and halting of the central bank’s asset purchasing stimulus program.
Magicians try to distract the audience from looking at one hand by dangling something shiny in the other. So do politicians.
The left’s latest magician: Saule Omarova, President Biden’s nominee to head the Office of the Comptroller of the Currency. OCC is an important agency — it has power to regulate all national banks and federal savings associations. OCC’s wrong moves negatively affect millions of Americans, making banking and other services more expensive and inaccessible, particularly for vulnerable, unbanked Americans.
Rather than answer serious congressional inquiries about whether she is the right fit for OCC, Omarova has attacked duly-elected members of Congress whose voters empower them to serve their interests. By refusing to answer basic questions about her work and worldview, Omarova has obstructed the constitutionally prescribed legislative process.
Every so often we receive a comment to the effect that we are paranoid and should stop seeing a Communist under every bed, however, it appears that based on the views expressed by Prof. Saule Omarova, President Biden’s nominee for Comptroller of the Currency, our concerns about the takeover of the Democratic Party by Socialists and Communists have received some very solid confirmation.
Indeed, Omarova is so far out in Communism’s Left Field that Janet Yellen, Biden’s Treasury secretary (a garden variety liberal Democrat) raised concerns about her taking the post.
And Secretary Yellin’s concerns are amply justified.
In 2019, Omarova posted to Twitter in support of the “old USSR” where there was “no gender pay gap.” She attempted to do damage control after being criticized for it, but failed to fully condemn the Soviet Union.
Republican lawmakers say China’s recent crackdown on financial technologies could offer an opportunity for the U.S. to press its advantage in innovation.
China’s central bank issued a statement Friday morning declaring all cryptocurrency transactions and services illegal, banning coin mining operations and vowing to crack down on its citizens’ use of foreign crypto exchanges.
Several Republicans say China’s loss could be the United States’ gain.
Wildly excessive federal spending is causing major inflation and shortages, which may lead to a recession and perhaps a financial crisis. Despite the evidence of inflation, Congress is proposing to spend $3.5 trillion on top of the $1.9 trillion COVID relief bill passed earlier this year and the intended $1.2 trillion infrastructure bill. For comparison, federal revenue is only expected to be $3.8 trillion this year.
Evidently, the Democratic Party and President Joe Biden have adopted Modern Monetary Theory (MMT) to the peril of every American citizen. MMT, which is similar to Keynesian economics, says that the U.S. should not be constrained by revenues in federal government spending since the government is the monopoly issuer of the U.S. dollar. MMT is a destructive myth that provides cover for excessive government spending. And it’s not modern, since reckless government spending has been around for thousands of years.
Embracing MMT is similar to providing whiskey and car keys to teenage boys. We know the outcomes will not be good.
How have cryptocurrencies been covered on television news? The timeline below shows total mentions of “cryptocurrency” and Bitcoin, Ethereum and Dogecoin over the past decade, showing an initial glimmer of mentions from 2013-2015, but that coverage of cryptocurrencies did not really take off until December 2017 when Bitcoin reached a valuation of $20,000 per coin. Mentions again took off in January of this year and have increased steadily month over month as it has attracted ever greater prominence.