Bitcoin’s plunge below $29,000 wipes out ALL of this year’s gains
The plunge comes a day after the People’s Bank of China, in a further extension of its nationwide crackdown on cryptocurrencies, summoned banks and payment companies and ordered them to stop facilitating crypto transactions.Bitcoin has lost over half its value since peaking above $64,000 in mid-April. Also on rt.com Bitcoin plummets as China steps up crackdown on crypto miners According to technical analysts, the next level to watch for support could now be as low as $20,000.“$30,000 – we’ll see if it holds on the day. We might plunge below it for a while and close above it. If it’s really breached, $25,000 is the next big level of support,” Galaxy Investment Partners CEO Mike Novogratz told CNBC.For more stories on economy finance … [READ MORE...]
Richard Stolley, Founding Editor of People Magazine, Dies at 92
“I think the climate in the country was absolutely right for this type of magazine,” Mr. Stolley said in 1978 in an interview with his hometown newspaper then, Greenwich Time, in Connecticut.He said he believed that by the 1970s, the interests of readers of mass magazines had shifted away from the political turmoil of the 1960s and toward personalities. Still, Mr. Stolley said, he was never sure whether People had spawned personality-driven journalism or whether it had tapped into something already in the zeitgeist.Either way, the magazine focused relentlessly on humans, not issues or trends. Mr. Stolley had rules about covers, which had to grab readers at the newsstand in an instant.“He said that pretty sells better than ugly, young sells better than old, movies sell better than TV, TV … [READ MORE...]
A Los Angeles Tech Flex
Nikil Viswanathan, a founder of Alchemy, a blockchain developer platform that recently raised $80 million, showed up in a sailor suit. (He was attending a theme party afterward.) Austyn J.R Brown, a TikTok star and card game developer with nearly five million followers, and Eric Wei, a founder of Karat, a credit card for influencers, were also there.There were also more traditional Hollywood types, including a Netflix executive and Arturo Castro, who appeared in the series “Narcos” and “Broad City.” Staffers from Snapchat, TikTok and YouTube mingled as well.Los Angeles has long had a thriving technology industry. TikTok and Snapchat have headquarters in the city, and many tech executives, including Elon Musk, call it home. But more recently, Gen Z and millennial tech leaders have emerged, … [READ MORE...]
Latest News
Beef Prices Are Rising as Bottlenecks Limit Supply
But Mr. DeBruycker hasn’t made a dollar in profit on his cattle-feeding operation in four years, and he doesn’t believe it’s because of a simple imbalance in supply and demand. Cattle feeders typically buy cattle from ranchers when the animals are under one year old and feed them until they reach their slaughter weight of around 1,500 pounds. Then they sell them to the packing plant.“Sometimes I’ve lost $400 to $500 a head, sometimes only $20 to $30 a head,” Mr. DeBruycker said. “I get … [Read More...]
The Teamsters consider a new emphasis on organizing Amazon workers.
Amazon did not immediately reply to a request for comment on Tuesday.In an opinion column this month for Salon, Randy Korgan, a Teamsters official from Southern California who has been the national director for Amazon since the position was created last year, wrote that the union would bypass traditional workplace elections conducted by the National Labor Relations Board.Instead, Mr. Korgan wrote, the union will focus on building support from both Amazon workers and from other warehouse and … [Read More...]
They Relied on Chinese Vaccines. Now They’re Battling Outbreaks.
The reason for the surge in Mongolia, Mr. Batbayar said, is that the country reopened too quickly, and many people believed they were protected after only one dose.“I think you could say Mongolians celebrated too early,” he said. “My advice is the celebrations should start after the full vaccinations, so this is the lesson learned. There was too much confidence.”Some health officials and scientists are less confident.Nikolai Petrovsky, a professor at the College of Medicine and Public Health at … [Read More...]
It’s Summer in the Ski Towns, 2.0
Vail Resorts was one of the first to capitalize on the new legislation with its Epic Discovery summer program, introduced at Vail Mountain and Breckenridge in Colorado, and Heavenly in California, starting in 2016. Zip lines, alpine slides, ropes courses and more, along with educational components, aim to let visitors immerse themselves in the mountain environment. Since then, many other resorts have followed suit. This June, for example, Telluride, in southwestern Colorado, introduced its first … [Read More...]
Previous news
- How NYC Faces a Lasting Economic Toll Even as the Coronavirus Pandemic Passes
- The Economic Gauges Are Going Nuts. Jerome Powell Is Taking a Longer View.
- Federal Reserve Expects to Raise Interest Rates in 2023
- The Recession Isn’t Over Till They Say It’s Over. (But Who Are They?)
- OSHA Issues Covid Workplace Safety Rule, but Only for Health Care
Small Business
A Los Angeles Tech Flex
Nikil Viswanathan, a founder of Alchemy, a blockchain developer platform that recently raised $80 million, showed up in a sailor suit. (He was attending a theme party afterward.) Austyn J.R Brown, a TikTok star and card game developer with nearly five million followers, and Eric Wei, a founder of Karat, a credit card for influencers, were also there.There were also more traditional Hollywood … [Read More...]
Grocery-to-Table Is a Challenge for Restaurants in the Pandemic
By last summer, Nick Wiseman, a founder of Little Sesame, a small chain of hummus shops in Washington, D.C., had made all the expected “pivots” to save his business. He’d offered delivery, meal kits and pantry items, and worked with local nonprofits to feed the hungry.But with both of his shops in downtown business districts — and no signs that office workers would be returning — he needed … [Read More...]
Your Money
Banks Slowly Offer Alternatives to Overdraft Fees, a Bane of Struggling Spenders
“The most egregious practices are largely the same as they have been for nearly 20 years,” said Rebecca Borné, a senior policy counsel at the Center for Responsible Lending, an advocacy group. “Charging a fee averaging $35 apiece for things that cost the bank very little, charging overdraft fees on small debit transactions, charging up to $140 in fees in a single day and calling that a limit.”It’s … [Read More...]
Add Boats to the List of What’s Hard to Find (and More Expensive)
“It’s the first time I’ve owned a boat, because I was told you don’t own these things, you charter them,” Mr. Pierce said. “I had multiple problems with chartering. There was a general lack of availability but also a lack of choice.”Mr. Pierce, who divides his time between Puerto Rico and Florida, said he justified the purchase because he lives next to the water. But in his first few months of … [Read More...]