..

Inflation Still Near 40-year Highs as Bitcoin Drops Below $40K

Written by:
Aaron Goldstein
Published on:
May/11/2022

The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.  The new numbers were released as Bitcoin plummeted below the $30,000 mark Wednesday morning, representing a near 7% drop over the past 24 hours.

bolcrypto.gif

Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.

Gasoline costs at the pump this week reached their highest level ever not adjusted for inflation.

“We’re starting to see energy pull back a little bit, but it’s not enough,” Kathy Jones, chief fixed income strategist at Charles Schwab, told CNBC. “The markets were hoping for a better number and it’s not good enough to rule out more Fed tightening.”

The Dow was down around -147 to 32,045 shortly after opening.  BetOnline has dropped its June 30 Dow Jones closing total by 250 to 32250.5 in the past 24 hours.

Inflation or other economic woes might cause people to cut the cord with cable, cut back on eating out, and of course, take fewer vacations, writes Daniel Kline in a piece for TheStreet.com that focuses in on the vulnerability of casino stocks.

Caesars CEO Tom Reeg has a different take and shared his thoughts during his company's first-quarter earnings call.

"There's clearly something about gaming even within travel and entertainment with the social aspect if you want to, you walk the floors here and see groups of people that have not been out with each other in quite some time enjoying them," he said.  "So there's, there's a social aspect to this that I don't know how well we appreciated this until it was gone. And that's, I think, a significant driver of what we've got going here."

Elsewhere, cryptocurrencies continue to get hammered.  Bitcoin, the largest of the digital assets, has managed to stay just above the $29,000 mark following a sharp decline in recent days.  The price has decreased nearly 25% in the last week.

On the flipside, the 24-hour trading volume soared by 84% or as much as $83.3 billion, the Bitcoinist reports.

"This is the highest influx in transaction activity since mid-October 2021 when we started tracking," Glassnode analysts said in their report published Monday. "This further supports the case that bitcoin investors were seeking to de-risk, sell or add collateral to margin in response to market volatility."

Dow Jones Price June 30th at Close

03:30 AM

Over 32500.5 Points

-120

Under 32500.5 Points

-120

Gallon of Gas US National Avg on June 30th

03:30 AM

$4.00-$4.24

+200

$4.25-$4.49

+200

$4.50 or Higher

+200

$3.75-$3.99

+650

$3.50-$3.74

+2500

Less than $3.50

+3000

Oil Price (Barrel) June 30th at Close

03:30 AM

Over 99.5 USD

-140

Under 99.5 USD

+100

Place Your Financial Bets Here

Business/Financial News

Dow Jones Betting Total Closing Day June 30 Now 32250.5 Points

Dow Jones Betting Total Closing Day June 30 Now 32250.5 Points

The Dow sank 1,000 points on Wednesday, or 3.2%, as dismal results from Target renew fears that inflation is battering companies.

Betting Markets Indicate No Musk Takeover and Falling Twitter Stock

Betting Markets Indicate No Musk Takeover and Falling Twitter Stock

Elon Musk taking over Twitter seems like a 50-50 proposition at this point, but the people who crunch numbers for a living are giving it even less of a chance.

Craig Wright’s Defamation Suit Will Proceed...Plus Calls for Hearing on TerraUSD's Collapse

Craig Wright’s Defamation Suit Will Proceed...Plus Calls for Hearing on TerraUSD's Collapse

The price of UST plunged to 10 cents last week, while Luna fell to "virtually zero", down from an all-time high of $119.51.

Elon Musk Bets Still Available as Twitter Purchase No Longer a Sure Thing

Elon Musk Bets Still Available as Twitter Purchase No Longer a Sure Thing

Elon Musk says that $44 billion Twitter acquisition deal cannot proceed until there is proof provided that the social media platform has fewer than 5% fake accounts as BetUS continued offering

Find Elon Musk Twitter Odds: Promises to Allow Trump Back on Platform

Find Elon Musk Twitter Odds: Deal Halted?

Elon Musk has closed on deal worth around $44 billion in cash.  Now BetOnline has offered updated odds on whether Musk will reinstate former US President Donald Trump.  But Musk may now be looking for an off-ramp.

Syndicate