Inflation numbers rise to the highest they've been in four decades.
Jen Psaki keeps her eyes on Putin as we keep our eyes on the charts.
One explosive announcement rocks the XRP community.
My name is Ben.
This is your nightly crypto news wrap-up.
Let's get it!
The CPI numbers are here, and it set another record.
This is what White House press secretary Jen Psaki had to say.
So because of the actions we've taken to address the Putin price hike,
we are in a better place than we were last month.
But we expect March CPI headline inflation to be extraordinarily elevated
due to Putin's price hike.
And we expect a large difference between core and headline inflation
reflecting the global disruptions in energy and food markets.
Core inflation doesn't include energy and food prices.
Headline inflation does.
And, of course, we know that core inflation,
you know, energy, the impact of energy, of course, on oil prices, gas prices,
we expect that to continue to reflect what we've seen the increases be
over the course of this invasion.
And just as an example,
since President Putin's military buildup accelerated in January,
average gas prices are up more than 80¢.
Most of the increase occurred in the month of March.
And at times, gas prices were more than $1 above pre-invasion level.
So that roughly 25% increase in gas prices will drive tomorrow's inflation reading.
And certainly, it's not a surprise to us, but we certainly think it will be reflected.
She wasn't lying when she said the numbers would be extraordinarily elevated.
CPI jumped 8.5% from a year ago,
which marks the highest inflation rise since December 1981.
In the past two months alone, overall goods prices have jumped up 2%.
And Psaki and the White House are pointing the finger at Russia,
calling this "Putin's price hike."
The US ban of Russian oil imports has caused an 18.3% increase in gasoline prices
in the span of one month.
And energy prices as a whole are up 32% from last year.
So, yes, they're right that the Russian invasion of Ukraine
holds a fair share of responsibility for the increased CPI,
but to deflect all the heat and to blame the entire inflation issue on Putin isn't exactly fair either.
Central bank has spent the past 10 years devaluing the dollar.
America was burning through money faster than Gerald Cotten
well before Putin's invasion.
So, how will this affect the crypto market?
Good question.
Let's go to Frankie Candles for a breakdown.
Thank you, Ben!
Alright, guys. Let's jump in and do a little market watch here.
We got Bitcoin barely holding on to $40K.
We were just below $40K.
We are back above it now.
Holding on for dear life.
Coming in at about $40,109.
Up about 1.5% on the day.
Still down 12% on the week.
Ethereum coming in at $3,028.
Up about 1.5% for the day.
Still down 11% on the week.
Now, let's go ahead and check on some of the biggest losers.
We got GMT down 7.3% for the day.
We got MINA down about 6.6% for the day.
We have Kyber Network down about 5.8% on the day.
And Waves down almost 4% on the day.
So, guys, there is blood in the streets right now.
Bitcoin barely holding on to $40K.
We were just below it, and now we're back above,
so that is a good sign.
If you guys want to follow me,
it's Frankie Candles on YouTube and @Frankie_Candles on all socials.
Back to the news.
Alright. Thank you, Frank!
But I can't sign off without telling you what happened over at the SEC.
Judge Sarah Netburn denied the SEC's motion for reconsideration of DPP ruling
that the 2018 DCF speech from Bill Hinman was agency guidance.
This is after the SEC had stalled the trial
and demanded that the Hinman speech wasn't agency guidance.
Judge Netburn said,
"Nuh-uh. You can't have it both ways, Gare Bear.
You can't say that Hinman wasn't making SEC guidance
and then change your mind when the trial isn't going your way."
Judge Netburn went on to say, "The SEC has failed to demonstrate
that the court overlooked any factual matters that were put before it
in deciding the privilege's applicability to entry 9 of Appendix A.
Its motion for reconsideration is denied."
Killshot!
This is considered by many to be the nail in the coffin for the SEC,
and even though it has 14 days to file an objection,
legal minds agree that there is no there there for the district judge to consider.
After this news, it wasn't surprising to see XRP battle Solana for market cap
even as the rest of the markets bled out.
The next two weeks will be telling,
and the XRP Army should be on high alert in case the SEC finally capitulates.
That's all I got.
Be blessed.
BitBoy out.