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Recap May 15: Elon Musk Dogefather, Binance Investigation, War in Israel (Recap ep123)

In today’s recap, we talk about how Elon Musk is affecting the behavior of Dogecoin and other cryptos; There’s an undergoing investigation for Binance, and the armed conflict between Palestine and Israel is rising.

Tesla CEO Musk said Wednesday that Tesla has suspended vehicle purchases using Bitcoin, out of concern over the rapid increasing use of fossil fuels for Bitcoin mining. The price of Bitcoin dropped about -5% in the 1st few minutes after the announcement. It has since dropped a total of -12% to below $50K, once again. In an SEC filing in February, Tesla had revealed that it bought $1.5B worth of Bitcoin.
Palestinian militants fire more rockets into Israel’s commercial heartland, as Israelis kept up a heavy bombing campaign in Gaza & massing tanks & troops on the enclave’s border. The 4 days of cross-border violence showed no sign of abating w/Israeli Prime Minister saying the campaign will take more time. Violence spreading to mixed communities of Jews & Arabs in Israel, a new dangerous front in the conflict.
The jump in U.S. prices steeper than expected rising +0.8% month-over-month in April, or 4.2% over the last 12 months. Was the largest 12-month increase since Sept 2008, exacerbating fears that inflation could prompt the Fed to accelerate its timeline for scaling back its easy-money policies. Near-0 rates have buoyed demand for stocks, which have hit dozens of records, since pandemic sent them tumbling early last year.
The global precious metals market continues with insatiable demand for physical silver. On Thursday, the United Kingdom Royal Mint reported a 540% increase in the bullion silver bar sales vs. last year. The Royal Mint also said that its 1-ounce silver Britannia 2021 coin saw sales increase 100% between March & April, compared to last year.
The global semiconductor chip shortage will cost automakers $110B in lost revenues this year, up from a prior estimate of $61B, says the consulting firm AlixPartners, as it forecast the crisis will hit the production of 3.9M vehicles.

U.S. prices for used cars jumped +10.0% in April; Biden restarted construction of the wall on the country’s southern border; High lumber prices in the US force to look for other materials to build homes; Inflation expectations increase over the next half decade.

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