Cryptocurrencies have lost about $60-billion in less than a week following the continuing decline of Bitcoin, Ethereum, Litecoin, Ether, and Ripple. Bitcoin tumbled to $4,237 before regaining support in the late afternoon session. According to CoinMarketCap.com, digital-currency assets have lost approximately $700-billion of market value since the peak in December 2017.
Bitcoin’s hash rate, or the speed at which a given mining machine operates by finding and solving blocks through complex computations, has dropped and led some crypto miners to shut down their rigs. The 2018 bear market is forcing many miners to operate at a loss, and some are pulling the plug on their operations.
[We do not recommend what investors should do at this stage but we feel compelled to remind everyone that the market for all emerging, disruptive technologies, such as cryptocurrencies, are volatile. Major price dips are to be expected rather than viewed as the end of the market. The reason so few people never buy low and sell high is that, when prices fall, they run for the exit doors instead of seeing it as possibly the opportunity they are hoping for. Click here for additional commentary on this phenomenon.] – GEG commentary
Cryptocurrencies have lost about $60 billion in less than a week following the collapse of Bitcoin, Ethereum, Litecoin, Ether, and XRP, which hit their lowest levels since 2017. Bitcoin tumbled to $4,237, a 13-month low, before regaining some support in the late afternoon session. If $4,207 support is breached, Bitcoin could crash even more to the weekly 200sma at $3,130.
After months of low volatility and declining volume, everything has been flipped upside down, and cryptocurrency bulls are left scrambling after a 30% liquidity gap opened up in the last several weeks.
According to CoinMarketCap.com, digital assets have lost approximately $700 billion of market value since the crypto-mania peak in December 2017. Since the peak, Bitcoin has sustained 87% declines as hash rates have also taken a dip.
According to eToro senior analyst Mati Greenspan, Bitcoin hash rates have fallen to the lowest levels since August, and this has led some crypto miners to shut down their rigs.
Chicago police raided the home of two Nigerian brothers who had appeared on the Empire TV series and know Smollett. Police collected bleach, shoes, electronics, receipts and other items from their home.
Representative Mo Brooks (R-AL) says the spending deal will lead to an amnesty for millions of illegal aliens because the bill stops illegal aliens from being deported and makes sure that newly arrived border crossers are resettled in the US.
Amazon canceled its plans to expand to New York, which stood to gain 25,000 jobs and an estimated $27 billion in tax revenue over the next two decades. New York offered the company $3 billion in tax benefits to build a campus in the Long Island City neighborhood.
Two top executives at 21 Air, Adolpho Moreno and Michael Steinke, have “either coincidental or direct ties” to Gemini Air Cargo, a company previously named by Amnesty International as one of the air charter services involved in a CIA rendition program.
The NY Daily News reported, “DNA has unparalleled power to wrongly accuse. Genetic testing can now reveal a profile based on a few cells, and we shed hundreds of thousands of cells a day. Your DNA can show up in places you’ve never been.”
Los Angeles Mayor Eric Garcetti, in support of the Green New Deal, announced that Los Angeles will abandon plans to rebuild three natural gas plants, despite concerns the city will suffer acute power shortages. Population control is the end goal.
California is one of the worse offenders as the state automatically registers people to vote and gives driver’s licenses to non-citizens, including illegal aliens. The DMV has acknowledged making 105,000 registration errors since Motor Voter began on April 23, 2018. Some customers were registered to the wrong party.
The Democrats are setting up a scam system that they are pushing to go national, following the California model of automatically registering everyone to vote when they get a driver’s license, and then adding to the corruption by allowing them to vote from home with their phone.
NBC reported, “Both Republicans and Democrats are telling us that they found no direct evidence of a conspiracy between the Trump campaign and Russia, which after all was the big question that everyone was asking.”
Three shipping containers, intended to be exported to Australia, were filled with speakers stuffed with 3,810 pounds of meth, and also contained 55.9 pounds of cocaine and 11.5 pounds of heroin. Australian officials said the total street value of the haul was $1.29 billion and contained 17 million doses.
UK: A mother was reportedly arrested in front of her four children, and locked up for seven hours, for calling a biological man a man on Twitter. She is accused of a ‘campaign of targeted harassment’.
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Ten Days at Jekyll Island, a novel by Patrea Patrick, tells the true story of a secret meeting held in November of 1910 on a privately owned resort island, the outcome of which drastically changed the world. It was at this meeting that a banking cartel was forged; a cartel that, three years later, would be issued a government charter to do business as The United States Federal Reserve System. You will discover why secrecy was essential. Based on historical documentation from The Creature from Jekyll Island by G. Edward Griffin. (More)
Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (More)
Charlie Lee, the creator of the world’s fifth-biggest cryptocurrency, Litecoin, announced that he was cashing in his profits after a 9,300% rally in the past 12 months. The San Francisco-based software engineer who founded Litecoin in 2013 said he sold and donated all of his holdings over the past few days. He declined to say how many Litecoins he sold, but said it was a small amount of what is traded daily, so it did not hurt the currency.
Bitcoin makes another dramatic advance, this time above $9,500 as Korea’s second largest bank, Shinhan Bank, tested Bitcoin services for its clients. The bank intends to manage and issue the private keys of bitcoin addresses and wallets. Shinhan is no small enterprise with $192-billion in assets and over 13,000 employees in 2016. Bitcoin now has a market cap over $156-billion, leaving the cryptocurrency worth more than Merck, Disney, and GE.
Goldman Sachs’ startup cryptocurrency company, Circle, is launching the US Dollar Coin, or USDC, with the goal of replacing US currency. Coinbase, which is owned by the Federal Reserve, is on track to become the nation’s crypto-regulatory agency.