CNBC: The flagship cryptocurrency fell to more than three-month lows on Wednesday, dropping to about $30,000 at one point.

• The recent slide is a reversal from the dramatic rise that started in the second half of last year.
• Part of the reason for bitcoin’s weakness seems to be at least a temporary reversal in broader acceptance for cryptocurrency, as well as regulatory concerns and weakness in more speculative areas of financial markets.

The dramatic pullback in bitcoin and other cryptocurrencies comes as a flurry of negative headlines and catalysts, from Tesla CEO Elon Musk to a new round of regulations by the Chinese government, have hit an asset sector that has been characterized by extreme volatility since it was created.

The flagship cryptocurrency fell to more than three-month lows on Wednesday, dropping to about $30,000 at one point for a pullback of more than 30% and continuing a week of selling in the crypto space. Ether, the main coin for the Ethereum blockchain network, was also down sharply and broke below $2,000 at one point, a more than 40% drop in less tha

Daily Wire: President Joe Biden (D) faced intense backlash on Tuesday over a report that said that his administration was going to waive sanctions on a company and its CEO who are responsible for building Russia’s Nord Stream 2 pipeline to Germany.

“Pride goeth before destruction, and an haughty spirit before a fall.” Proverbs 16:18 KJV

“The State Department will also acknowledge that the corporate entity in charge of the project (Nord Stream 2 AG) and its CEO (Putin crony and former East German intelligence officer Matthias Warnig) are engaged in sanctionable activities,” Axios reported. “However, the State Department will waive the applications of those sanctions, citing U.S. national interests.”

The report said that the Biden administration will instead sanction some Russian ships, even though experts told Axios that the way to stop the pipeline was to sanction the German end users of the gas.

The report sparked widespread backlash against the administration after there had been a bipartisan effort to stop the pipeline because it will give Russian President Vladimir Putin leverage over Europe.

Consumer Price Index (CPI) data for April came in much hotter than expected. Year-on-year, inflation is up 4.2%. The big number even prompted Federal Reserve Vice Chairman Richard Clarida to say, “We were surprised by higher than expected inflation data.”

” … and he that earneth wages earneth wages to put it into a bag with holes.” Haggai 1:6

Peter Schiff appeared on Tucker Carlson’s show to talk about the consequences of more printed money chasing fewer goods. Peter said inflation is going to hit the middle class harder than the pandemic.

Peter said this hot CPI print is a cause for concern and ultimately it is a tax.

It is the inflation tax. And if you look at how much the cost of living went up, measured by the CPI in the first four months of this year, it’s 2%. So, if you triple that to annualized it, we have consumer prices rising at 6% annually. But if you look at the monthly numbers, every month it accelerates. So, if you extrapolate the trend of the first four months of this year for the entire year, you’re going to get a 20% increase in consumer prices in 2021.”