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    Crypto is collapsing. Mortgage rates are soaring. Here’s what it all means



    You have definitely seen the headlines: mortgage rates are spiking, crypto is collapsing, and bears are back on Wall Street. But what does it all mean? ‘Nightcap’ host Jon Sarlin talks with CNN Business’ experts about what on earth is going on in the economy. To get the day’s business headlines sent directly to your inbox, sign up for the Nightcap newsletter https://www.cnn.com/specials/nightcap.
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    Bitcoin drops below $20,000 as crypto meltdown continues

    The price of bitcoin breached $19,000 and ethereum fell below $1,000 Saturday morning, extending the brutal crypto bear market to new lows.

    Bitcoin plunged nearly 10% in less than 24 hours, adding to a series of sustained losses over the last several months. It now sits below $20,000 for the first time since November 2020, down more than 70% from an all-time high of $68,000 per coin in November 2021. B itcoin has lost $900 billion in value since that peak.

    Ether is also experiencing a so-called crypto winter. The second-largest digital token plummeted 10% on Saturday to $975, its lowest level since January 2021. The coin has lost 80% of its value from its record high last November.

    The massive crypto meltdown is part of a larger market downturn brought on by elevated inflation, rising interest rates, war in Ukraine, Covid lockdowns and supply chain chaos.
    This week, the Federal Reserve increased interest rates by 75 basis points, the largest hike since 1994. The change led to a retreat from all assets. The S&P 500 is also in a bear market and posted its worst week on record since 2020.

    Read more at: https://www.cnn.com/2022/06/18/investing/bitcoin-ether-cyrpto-drop/index.html

    View 35 Comments

    35 Comments

    2. Benson Winifred on

      An ex-colleague convinced me into stock trading and investment as a means of making more income maybe because of the few commissions she earns bringing people. Sad i fell, My portfolio have been down ever since. Next time, i will first spend my money on myself before investing.

    3. Tibore Goldberger on

      The Reichstag fire (German: Reichstagsbrand, listen (help·info)) was an arson attack on the Reichstag building, home of the German parliament in Berlin, on Monday 27 February 1933, precisely four weeks after Nazi leader Adolf Hitler was sworn in as Chancellor of Germany. Marinus van der Lubbe, a Dutch "council communist", was the apparent culprit; however, Hitler attributed the fire to Communist agitators. He used it as a pretext to claim that Communists were plotting against the German government, and induced President Paul von Hindenburg to issue the Reichstag Fire Decree suspending civil liberties, and pursue a "ruthless confrontation" with the Communists.[1] This made the fire pivotal in the establishment of Nazi Germany. CNN MSNBC ABC CBS CNN MSNBC

    6. Kineahora on

      Of COURSE we will have a recession🙄 we needed to raise interest rates in 2018–only that Orange Idiot pressured Jay Powell to keep interest rates low to overheat the economy during Trump admin so he could do a “victory lap” with the stock market. Too bad his failure to handle COVID ruined his bid for re-election anyway. Hopefully he will be in prison, but I digress.

      There will be a recession, obviously.

    9. Ivan Villamil on

      This crypto currency I don’t trust it at all; I’ve a feeling someone after they get the cash and issue you crypto they already invested or move it somewhere else and give you a fake value. It sounds like timeshares; then self-driving vehicles they are made by us we are not flawless and so they are going to be. Inflation has companies making record profits because they are taking advantage and increased prices purposely. They need to be held accountable for their actions. I’m glad I purchased the house last year and mortgage companies sending offers in the mail sorry don’t waste your time.

    10. Kitty Kitty on

      Anyone who wants a self driving car should take a bus! I know that a man who worked for Tesla was killed in his car while using that feature! Died! Dead! Driving looks easy and it should work but there are too many pitfalls that a computer program will never cover everything. Now on a road without cross streets or maybe on a certain route like bikes have, it might work but there are too many variables, if you ask me! Driving is dangerous enough with real eyes on the road!

    11. totalfreedom45 on

      They [cryptos] will come to a bad ending…Berkshire Hathaway will never have a position in them. I get into enough trouble with the things I think I know something about. —Warren Buffett, said to CNBC in 2018
      Only when the tide goes out do you discover who’s been swimming naked. —Warren Buffett 💕☮🌎🌌

    12. Marcos Olson on

      The system that "keeps you in your lane" has actually almost caused us an accident when a driver in the opposite lane crossed over the yellow line. I had to cross the white line on the side of the road to avoid the idiot in the other car, when the auto assist tried to pull me back into the lane occupied by the wrong way driver. It actually tried to pull me into an accident, instead of helping to avoid one.

    13. Daisy Pusher on

      What a bunch of pathetic excuses. Every one of these mainstream media sources will keep gaslighting us more and more the further we go into this. “What’s going on? We can’t figure this out! The war in Ukraine! Inflation! Supply chain! COVID!” 🙄 This is 100% about greed, lies, and exploitation. Any story claiming otherwise is propaganda from the billionaire investors running this whole 💩 show globally. Wake up, people! There’s only so much information they will put out for us!

    15. Patrick Hewitt on

      Crypto is like us currency before the dollar became standard. Every state in the US had there own money there was even currency for different cities. There are 19000 different Crypto currencies that is more than all the real countries currency. How dumb do you have to be to not see Crypto is a scam. It would be like if you decided to print you own currency in your home its called play money the stuff kids play with money doesn't grow on trees. And yes I know us currency is mostly made of cotton that why it last so long 🤪

    20. Ted Houk on

      I mowed using my scythe w/o gas. Our richness is from our knowledge and our ability. The printed money is just made up. Of course I should say the north Seattle home is closing in six days. My mother died a year ago and Dr. Gary helped sell it

    24. Ray Whitehead on

      Ok, two or three interest rate increases before Christmas for about 1.75 and 2.25 percent increase in the current interest rate. Which will effect the adjustable interest rates in those who took out jumbo loans…the Most. For home real estate. Advice, sell now and lower asking prices. Because interest rates will be more then 7.5% before Christmas.

    27. Eliezer Fernandes on

      I almost believed it would be a CNN video that make senses, but when he started blaming COVID just turned it into another nonsense analysis from CNN. COVID didn’t caused inflation. Reckless lockdowns and stimulus caused it. Non moderate Democrats winning the election worsened it. If you think it’s bad now, wait until 2024. This will be a very long fall unfortunately.

    28. espy on

      crypto is not the only thing falling. So you have to look at the markets altogether. Some see this as an opportunity, others see it as disaster. I will say that at the top, I sold enough crypto to get my principal plus taxes out (ouch on the taxes!) I will see what happens here, while reminding that there really isn't anything behind the dollar either.

    35. BEEF TACO🌮 on

      What's coming is the greatest financial/economic/housing collapse in human history, it'll be far worse than the great depression.The powers that be know this in fact they are doing EVERYTHING in their power to make sure it happens. This is ALL intentional folks, and it's not just "Biden doing it" it's not just "Trump doing it" it's BOTH of them, ALL of them are in on it. We must unsubscribe from the RIGHT/LEFT paradigm lie, it's a LIE folks abd the sooner we realize that the better off we'll be TOGETHER,thry want us to hate eachother, they want us constantly fighting with eachother so it's easier to rule us and strip our rights. Folks what's about to happen is really bad,but if we come together and help eachother and love eachother we will get through it no problem, TOGETHER. Be safe if you have started to prepare, please get on it ASAP, the hour is late.

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