Famed economist David Rosenberg has warned of a “crash touchdown” and an impending recession for the U.S. financial system. Referring to the Philadelphia Fed’s manufacturing index chart, he careworn: “Take a superb arduous take a look at this chart and inform me we’re heading right into a ‘smooth’ or ‘no’ touchdown. Extra like a ‘crash’ touchdown.”
Famed economist David Rosenberg warned that the U.S. financial system could also be headed for a crash touchdown in a tweet final week. Rosenberg is the president and chief economist of Rosenberg Analysis. He was beforehand chief economist and strategist at non-public wealth administration agency Gluskin Sheff and chief North American economist at Merrill Lynch in New York.
Sharing a chart on Twitter Thursday displaying the Federal Reserve Financial institution of Philadelphia’s manufacturing enterprise outlook since 1968, he wrote:
Take a superb arduous take a look at this chart and inform me we’re heading right into a ‘smooth’ or ‘no’ touchdown. Extra like a ‘crash’ touchdown.
Rosenberg additional famous that the Philadelphia Federal Reserve (Philly Fed) has precisely predicted recessions in the USA with 100% accuracy up to now. He wrote:
Philly Fed at a stage that’s 8 for 8 on the recession name and with no head fakes.
The Philadelphia Fed Manufacturing Index relies on the month-to-month Enterprise Outlook Survey of producers within the Third Federal Reserve District, which is residence to over 13.3 million individuals in Delaware, southern New Jersey, and jap and central Pennsylvania. The survey has been carried out every month since Could 1968. The index within the U.S. ticked up 1 level to -23.2 in March.
Charlie Bilello, chief market strategist at wealth administration agency Artistic Planning, equally defined on Twitter in February how the Philly Fed Manufacturing Index precisely predicted recessions up to now, stating:
Previously (information since 1968), each time this indicator was at or under present ranges the U.S. financial system was both in or approaching a recession.
Quite a few outstanding voices within the monetary business are predicting a crash and a extreme recession for the U.S. financial system. Wealthy Dad Poor Dad writer Robert Kiyosaki just lately warned of a “crash touchdown forward.” The “Massive Quick” investor Michael Burry in contrast the present banking turmoil to the Panic of 1907. Economist Peter Schiff expects the present monetary disaster to be worse than in 2008. In the meantime, enterprise capitalist Balaji Srinivasan stated Friday that hyperinflation is occurring now, anticipating the worth of bitcoin to leap to $1 million in lower than 90 days.
Do you agree with economist David Rosenberg that the U.S. financial system is on a trajectory towards a crash touchdown and a recession? Tell us within the feedback part under.
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US President-elect Donald Trump announced his cryptocurrency “$TRUMP” on Saturday, January 18, ahead of his appointment as the 47th President of the United States of America on Monday, January 20.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Fun!” said Donald Trump in his social media post on platform X.
This meme coin is a Solana-based cryptocurrency that made a stellar debut on the crypto market and skyrocketed over 300 per cent on the first day, crossing the market capitalisation of $6 billion, according to Mint’s earlier reports.
The Trump meme coin has gained more than 230 per cent in the last 24 hours, as the market capitalisation of the cryptocurrency crossed the $14.3 billion mark on Sunday, January 19, according to data collected from CoinMarketCap.
The trading volumes of the $TRUMP coin has gained over 330 per cent, currently at a little over $18 billion, as of 5:02 p.m. (IST). According to the official website, there are 200 million $TRUMP coins in circulation which is expected to grow to a total of 1 billion $TRUMP over the next three years.
The $TRUMP coin hit its record high again on January 19, at $72.70. The coin is currently trading at $72.71 as of 5:04 p.m. (IST).
According to the official website, the $TRUMP meme coin marks the celebrations of Trump’s White House comeback as the leader eyes the inauguration ceremony on January 20.
The website also mentioned that the Trump meme coins aimed to symbolise as an expression of support for the upcoming Trump administration. People have raised their doubts about the legitimacy of the crypto coin, but the official website and Trump himself have backed the coin as the “Official Trump Meme, by President Donald J. Trump.”
“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type. GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency,” according to the website data.
These coins are tracked on the Solana blockchain, and the website officially claims that this cryptocurrency is not associated with any political campaign, office or government agency.
In the crypt market investors have always raised a primary concern of legitimacy and the authenticity of a digital asset or an NFT. This move from Trump comes as one of the first moves for an upcoming President to back a meme coin.
So far, the meme coin has given investors staggering returns, but given the general volatility of the crypto market, investments should be made after careful consideration, exercising caution, and sound financial advice.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
TORONTO, Jan. 18, 2025 (GLOBE NEWSWIRE) — Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for digital-first players, today announced it has added U.S. President-elect Donald Trump’s official Solana cryptocurrency ‘$TRUMP’ as an accepted payment method.
Ahead of the U.S. Presidential Inauguration on January 20th, Rivalry users are now able to deposit and wager using $TRUMP, a cryptocurrency on the Solana blockchain which currently has a fully diluted value of over USD $30 billion. The addition of $TRUMP as a payment method on Rivalry comes less than 24 hours after the President-elect released the cryptocurrency on Friday evening.
”Meme coins are attention monetized, and the release of $TRUMP just days before an Inauguration is a quintessential internet and crypto culture-driven moment which enabled it to eclipse $30 billion in fully diluted value shortly after its debut” said Steven Salz, Co-Founder and CEO of Rivalry. “Rapidly deploying $TRUMP as a deposit method in less than 24 hours is a testament to our ability to identify and lean into these universal cultural moments, layer it into our core crypto gambling experience, and deliver first-of-its-kind experiences to our users.”
Additionally, Rivalry customers wagering on-site with $TRUMP will receive exclusive rewards through February 1, 2025 in recognition of the upcoming Presidential Inauguration, including multiplying the amount of NUTZ–the Company’s native token–players earn on every bet by 20x, a reflection of the inauguration on Monday, January 20, 2025.
With the acceptance of $TRUMP, along with a number of other major cryptocurrencies as part of Rivalry’s crypto-first approach, the Company has ongoing treasury holdings of various major cryptocurrencies and meme coins that it accepts as a deposit option. The Company will continue to add additional cryptocurrencies as needed to support its player base and continual expansion into the crypto gambling segment.
$TRUMP as a payment method will be available to Rivalry users in jurisdictions which apply to the Company’s Isle of Man license only.
About Rivalry
Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Company Contact:
Steven Salz, Co-founder & CEO
ss@rivalry.com
Investor Contact:
investors@rivalry.com
Media Contact:
Cody Luongo, Head of Communications
cody@rivalry.com
203-947-1936
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the three and nine months ended September 30, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Source: Rivalry Corp.
On Tuesday, President-elect Trump refused to rule out military action to pursue his unprecedented vow to take Greenland and the Panama Canal — plus absorb Canada. Why has he set his sights on expanding beyond the United States’ borders? Jim discusses that with Jim Zirin of Washington Monthly on “The Final 5.”
President-elect Donald Trump has launched a new meme coin called $TRUMP. He made the announcement in a post on Truth Social post late Friday, describing the cryptocurrency as a celebration of “WINNING” the presidential election.
Analysts say it has the potential to make a lot of money for Trump and his family, but some ethics experts say it’s another effort to cash in on the nation’s highest office.
The new Trump-backed meme coin is a cryptocurrency token with an image of Trump following his assassination attempt.
It was developed by Solana, a cryptocurrency and blockchain company, with a limited supply of 200 million $TRUMP coins at initial launch. The supply will expand to 1 billion coins over the next three years, the coin’s website states.
The remaining tokens that haven’t been put up for sale yet are owned by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware on Jan. 7, state filings show. Forbes reports that both companies will receive an undisclosed amount of revenue from the coin trade.
By the numbers:
The price of $TRUMP increased by more than 300% to just below $29 as of 10:15 a.m. ET Saturday. It reached a market cap of $5.81 billion, according to CoinMarketCap data obtained by Forbes.
There’s a disclaimer on the $TRUMP website stating that the token is “not intended to be, or the subject of” an investment opportunity nor a security of any type, and is “not political and has nothing to do with” any political activity or government agency.
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Dig deeper:
Although all cryptocurrency carries risk, meme coins can be especially risky for traders, an expert told CNBC.
“Meme coins are among the riskiest of cryptocurrencies because they seem to emerge from nowhere and information about them can be sparse,” he says. “They’re expected to soar and plummet as the public sentiment shifts this way and that. Meme coins may capture the public’s fancy today and be gone tomorrow.”
The other side:
Ethics attorneys called the latest venture by Trump and his family a blatant effort to profiteer from the presidency.
“It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president’s family in connection with his office” Adav Noti, executive director of Campaign Legal Center, a nonprofit ethics group, told The New York Times. “It is beyond unprecedented.”
The backstory:
The price of bitcoin topped $100,000 again early Friday as a pumped up cryptocurrency industry expects early action by Trump when he’s sworn in as president next week.
RELATED: Crypto markets surge after Trump’s election victory
Once a skeptic who said a few years ago that bitcoin ” seems like a scam,” Trump has embraced digital currencies with a convert’s zeal. He vowed on the campaign trail to take steps early in his presidency to make the U.S. into the “crypto capital” of the world.
His promises including creating a U.S. crypto stockpile, enacting industry-friendly regulation and event appointing a crypto “czar” for his administration.
“You’re going to be very happy with me,” Trump told crypto-enthusiasts at a bitcoin conference last summer.
By the numbers:
According to Forbes, bitcoin hit several new record highs after Trump’s win, surpassing $100,000 within a month of Election Day. Roughly $1.8 trillion was added to the global crypto market’s aggregate market value in 2024, and $1 trillion of that was since Election Day, according to CoinGecko via Forbes.
Big picture view:
Trump’s meme coin is one of several products he has launched in recent years. He has a line of perfumes and colognes, along with “Trump Watches” celebrating his election win. His pre-win “Trump Watches” were valued up to $100,000 in September, and there was also the debut of $100 silver coins, 1,000 pairs of limited edition sneakers, $60 Trump-branded bibles and NFT cards, according to Forbes. Trump also released a line of signed and unsigned guitars sold at $11,500 and $1,500 each, respectively, for $4.6 million in sales.
Trump has received the bulk of his merchandise revenue through his NFTs, which reportedly earned him about $7.2 million in licensing fees.
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