U.S. Presidential Candidate Robert F. Kennedy Jr. has warned that “the banking collapse is the tip of an financial mega-crisis,” emphasizing that “It’s not simply the banks.” He additionally slammed President Joe Biden’s crypto mining tax proposal. “It’s a mistake for the U.S. authorities to hobble the business and drive innovation elsewhere,” Kennedy pressured.
Robert F. Kennedy Jr., who launched his presidential marketing campaign final month, issued a number of warnings this week concerning the state of the U.S. financial system, the banking disaster, and President Joe Biden’s cryptocurrency mining tax proposal. He’s a nephew of President John F. Kennedy and a son of U.S. lawyer common Robert F. Kennedy.
Firstly, Kennedy warned about an incoming financial “mega-crisis.” He tweeted Tuesday:
The banking collapse is the tip of an financial mega-crisis. It’s not simply the banks.
“Job openings plummeted for the third month in a row. Core manufacturing unit orders dropped for the second consecutive month. Inflation is destroying the center and dealing class. We have to flip our consideration to rebuilding our nation,” his tweet additional particulars.
Commenting on President Joe Biden assuring Individuals on Monday that the banking system is “secure and sound,” Kennedy identified in one other tweet that “financial institution shares are crashing.” He pressured: “The American folks deserve greater than glib assurances and notion administration.”
The presidential hopeful continued: “Bailouts create perverse incentives for banks to make reckless swings for the fences with depositors’ cash, figuring out they are going to pocket huge windfalls once they join and that the taxpayer will bail them out once they miss.”
He added: “I perceive the rationale for the rescue of First Republic Financial institution. The issue isn’t this particular bailout. It’s a system of too-big-to-fail establishments that requires bailouts within the first place.” Regulators seized First Republic Financial institution on Monday and offered most of its belongings to JPMorgan Chase.
On Wednesday, Kennedy additionally slammed the proposed Digital Asset Mining Power (DAME) excise tax. “Biden’s proposed 30% tax on cryptocurrency mining is a foul concept,” he tweeted, elaborating:
Cryptocurrencies, led by bitcoin, together with different crypto applied sciences are a significant innovation engine. It’s a mistake for the U.S. authorities to hobble the business and drive innovation elsewhere.
“Some advocate tight management of cryptocurrencies to stop their use by criminals. Nevertheless it isn’t simply criminals who need privateness. So do dissidents and strange residents,” he emphasised. “Governments harass their enemies and crush dissent by controlling financial institution accounts and fee platforms. Till we restore belief in authorities (a distant prospect) we’d like money and crypto to make sure freedom.”
What do you consider the warnings by Presidential Candidate Robert F. Kennedy Jr.? Tell us within the feedback part beneath.
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Bitcoin prices have retained much of their recent gains today. (Photo illustration by Chesnot/Getty … [+]
Bitcoin prices have maintained their strength over the last 24 hours, retaining the vast majority of the gains that materialized during the cryptocurrency’s latest rally.
The world’s largest digital currency by total market capitalization was trading above $65,000 at the time of this writing, according to CoinMarketCap data.
The digital asset held that value after rallying more than 8% in under 24 hours, reaching its highest since approximately April 24 and then extending those gains, additional CoinMarketCap figures show.
Focusing in on bitcoin’s short-term outlook, several market observers highlighted key fundamental developments that could impact the digital asset’s price, in addition to singling out price levels that could provide key support or resistance.
Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management, offered some input on this situation.
“Bitcoin remains range bound since the end of February, as the halving event wasn’t enough to push it to new highs,” he stated via emailed comments.
“I don’t see any other major catalysts on the horizon, other than increased institutional adoption. There is also the potential for the Fed to lower rates later this year, which could bring increased optimism for risk-on assets like Bitcoin,” said Sifling, referring to the federal funds rate, which is controlled by Federal Reserve policymakers.
The decisions of the Federal Open Market Committee have generated quite a bit of visibility over the last few years, as these government officials pushed the fed funds rate, which has an impact on broader borrowing costs, to its highest level since 2008.
This, in turn, has provided a significant headwind for economic activity, but inflation data has remained stubbornly high at many points in spite of high borrowing costs.
Yesterday, headline inflation figures that fell short of economist estimates were cited as a catalyst that helped bitcoin prices rally. This development was credited with helping provide investors with greater hopes that the Fed will cut rates soon.
As for the key price levels that technical traders should monitor going forward, Sifling offered some guidance.
“The recent all-time highs in March of around ~$74,000 is a key level to watch, as well as the lows of this recent range at ~$56,500,” he stated.
Grant Tungate, head of business development for Blockforce Capital, also shed some light on this matter.
“I don’t want to make any predictions but I’ll provide some commentary on levels I believe are important,” he said via email.
“Key levels are the new 30d high ~$67.3k, then the all time high ~$74k. On the downside the 30d low ~$57k is an important zone,” Tungate added, pinpointing figures similar to those identified by Sifling.
Armando Aguilar, an independent cryptocurrency analyst, also offered some input on this subject.
“The next critical support level for BTC holds in the high $62k range, if BTC struggles to maintain these levels it could retest low $61k range,” he stated.
“The resistance levels for BTC are in the mid $66k which if breached, we could see the blue chip cryptocurrency cruise to mid/high $68k,” Aguilar added.
“The ATH does provide a key resistance level which would require BTC inflows to pick up as it was the case for the first 2 months since launch. Don’t immediately see levels passing ATH as most custodians have reached maximum distribution capacity thus seeing low inflows into BTC,” he concluded.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.
PORTLAND — The Portland Police Department is warning residents about a scam where callers, posing as officials from the Cumberland County Sheriff’s Office, claim that the victims are in contempt of court for failing to appear as witnesses in a trial.
The scammers then demand payment of a substantial fine to avoid further charges, including arrest.
Victims are being instructed to make payments through Coinstar machines using Dogecoin or other cryptocurrencies.
The phone number used for the scam calls, when searched on Google, appears to be associated with the Cumberland County Courthouse.
Authorities urge anyone who receives such calls not to engage with the scammer.
Instead, they should contact the courthouse directly at 207-822-4200 to verify the legitimacy of the call.
Officials have clarified that the courthouse will never request payments over the phone.
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