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Recap May 23: Bitcoin/Dogecoin collapse, Inflation Fears (Recap Ep124)

In this week’s recap, U.S. stocks rebounded on Thursday after U.S. jobless claims data indicated that the labor market continued to recover, helping major indices break a 3-day losing streak. Had been under pressure after concerns that rising inflation could prompt central bankers to pare back easy-money policies.

Bitcoin, which shook markets earlier in the week with a 28% plunge, was stable for a 2nd day early Friday between the $40K to $41K range. The cryptocurrency market stabilized after a week of pain triggered by a Chinese regulatory move & forced selling. Other coins along w/Bitcoin slumped too, such as Ether’s -17% weekly plunge. Thursday, it emerged the U.S. requires crypto transactions of $10K or more to be reported to tax authorities. U.S Treasury: “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion”.

U.S. Treasury Department report said the tax gap is now estimated to be about $7T over the next decade. Around 80% of the gap is from underreported income, largely from income sources like proprietorships & partnerships among the wealthy. President Biden wants to increase tax compliance from the rich, (+$400K a year) to raise revenue for his American Families Plan (expanded education, child care & paid leave).

Tesla shares down, influenced by Burry’s statements; Bitcoin fell -13% after new bans on Chinese financial companies; DarkSide received $ 90M in bitcoin for ransom payments; the population of bald eagles in the US has quadrupled its number; Gates resigned his seat on Microsoft’s board due to an affair with an employee; AMC shares rose again with the reopening of theaters in the US; Lamborghini will transition to hybrid and electric cars in this decade.

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