Major coins traded in the green on Thursday as investors evaluated the impacts of the recent banking sector issues and sluggish U.S. economic growth data.CryptocurrencyGains (+/-)Price (Recorded 9:30 p.m. EST)Bitcoin BTC/USD +2.80%$29,547Ethereum ETH/USD +1.13%$1,913Dogecoin DOGE/USD +0.60%$0.080
What Happened: BTC experienced a slight dip following the release of the Commerce Departments report of a tepid 1.1% gain in GDP for the first quarter. The result fell below expectations of an annualized 2% gain, along with disappointing personal consumption data. However, BTC eventually rebounded after the dip.CryptocurrencyGains (+/-)Price (Recorded 9:30 p.m. EST)Cronos+10.09%$0.077Immutable +9.22%$1.07Internet Computer+6.25%$5.72
The US stocks ended on a high note on Thursday, propelled by a splendid performance from Meta Platforms which, in turn, lifted the tech-related names. With the Nasdaq Composite soaring high by 2.43%, the S&P 500 climbed up significantly by 1.96%.
At the time of writing, the global crypto market capitalization stood at $1.21 trillion, an increase of 1.69% over the last day.
See More: Best Crypto Day Trading Strategies
Analyst Notes: According to crypto analyst Michael Van De Poppe, the recent correction on Bitcoin has had a ripple effect on altcoins.
The analyst said that the drop in levels is quite evident with Bitcoin trading at $29,000. Moving forward, potential longs need to hold the $28,200 mark, while breaking and flipping $29,200 will continue the upward trend toward the highs.
Ultra nasty correction on #Bitcoin, causing a chain reaction on #altcoins too.
Levels are quite clear, as #Bitcoin is still at $29,000.
Needs to hold $28,200 for potential longs.
Breaking and flipping $29,200 is continuation towards the highs. pic.twitter.com/wn2lzi0xcC Michal van de Poppe (@CryptoMichNL) April 27, 2023
Crypto trader Justin Bennett has issued a warning to his 112,200 Twitter followers about BTCs recent price movements. Bennett suggests that the recent pump may be short-lived and warns that Bitcoin may experience a significant drop in the near future based on the price action of the S&P 500 (SPX). Bennett notes that BTCs latest peak appears to be nothing more than a fakeout, and suggests that investors should be wary of what may come next.
What a fakeout.
Do I even have to say what comes next? $BTC pic.twitter.com/wZZpm5UXtf Justin Bennett (@JustinBennettFX) April 26, 2023
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
With £99 a month to live off Aida has turned to a food bank.
“It’s very difficult. Extremely difficult. But I have to live,” says Aida Mascarenhas. The 75-year-old tells us £99 is all she has left after paying her bills. Aida’s accommodation is provided by the local authority.
“Ninety-nine pounds in a month – even for bedding, pillows or something. So many things for a house.”
At the food bank, Aida is called forward to collect handouts to get her through the week.
Image: Aida Mascarenhas uses food banks, saying she has just £99 left every month after bills
Image: Organisers are able to offer the basics like potatoes, pasta and spices
It’s three years since we last visited this food bank at the Marks Gate Community Hub in Romford, Essex, when the cost of living crisis was being described as the worst in a generation.
After three grinding years of making ends meet, the food bank organiser – and her clients – tell us things aren’t improving. In fact, they feel things have got even worse.
“Overall the cost of living crisis has gone up considerably since three years ago. It’s worse,” says Asma Haq, founder of the Marks Gate Relief Project.
“For charities like us it was a storm anyway and now it’s a hurricane. We are busy non-stop.”
Image: Asma Haq, founder of the Marks Gate Relief Project, thinks the cost of living crisis has worsened ‘considerably’
Asma is running around calling people forward – offering them basics like potatoes, pasta and spices.
She tells us some always come early, anxious the supplies will run out.
Next in line at the food bank is a woman dragging a large suitcase – pulling the zip back to shove in a large bottle of cooking oil and anything else the food bank will give her.
Image: This woman at the food bank is looking for basic groceries to keep her going
Asma describes almost all the people who come to the hub as non-white British, first-generation migrants.
She says most have broken or no English with little to no computer skills and want help to access a changing benefits system.
“It’s also about so many other barriers they face. A lot aren’t tech-savvy. They used to get a lot of council tax support which has been reduced considerably.
We’ve had people literally put their phones in our faces and say ‘do it for us’.”
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The threads of why people say they’re struggling weave through all communities. Across the road from the community centre we talk to people who again and again tell us they feel the cost of living has been forgotten about.
One woman tells us: “I don’t know how people are going to live. They keep putting it up and up and up. It’s everything. You’re worrying about the gas bill, the electric bill, the council bill.
“And I know people that’s desperate and they cannot pay their bills and they’re worried about ending up in court.”
Image: The cost of living crisis is being felt by this woman in Romford: ‘You’re worrying about the gas bill, the electric bill, the council bill’
Continuing to retrace our steps from three years ago, we head back to Barking in east London and revisit a launderette where we meet a familiar face – Myriam Sinon who has worked in the business for the last 10 years.
I ask her if she imagined we would be standing here three years after we last met and things wouldn’t have improved.
“I didn’t expect that it would be worse,” she says.
Image: Despite rising energy prices, this launderette in Barking has chosen not to increase prices
Image: Myriam Sinon, who works at the launderette, says customers are finding ways to share the cost of cleaning clothes
Myriam says electricity prices have quadrupled in the past three years – but the launderette has not increased prices, fearing it would drive customers away.
Everyone needs to wash things and she says people are finding ways to share the cost – gathering up washing from people they know to create a maximum load for the machines.
People are hoping to see an end in sight. But Myriam has a stark prediction if things don’t improve.
“There will be crime every time,” she says. “When people don’t get enough money they start stealing. They might kill you for a watch or phone.”
The government will fund any further local inquiries into the grooming gangs scandal that are deemed necessary, Sir Keir Starmer has said.
However, the prime minister said it is his “strong belief” that the focus must be on implementing recommendations from the Alexis Jay national review before more investigations go ahead.
It follows a row over whether Labour is still committed to the five local inquiries it promised in January, after safeguarding minister Jess Phillips failed to provide an update on them in a statement to parliament hours before it closed for recess on Tuesday.
Image: Sir Keir Starmer joins police officers on patrol in Cambridgeshire. Pic: PA
Instead, Ms Phillips told MPs that local authorities will be able to access a £5m fund to support locally-led work on grooming gangs.
On Thursday morning, Home Secretary Yvette Cooper insisted the “victim-centred, locally-led inquiries” will still go ahead, while a Home Office source told Sky News more could take place in addition to the five.
Speaking to Sky News’ Rob Powell later on Thursday, Sir Keir confirmed that there could be more inquiries than those five but said the government must also “get on and implement the recommendations we’ve already got”.
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The prime minister said: “Of course, if there’s further local inquiries that are needed then we will put some funding behind that, and they should happen.
“But I don’t think that simply saying we need more inquiries when we haven’t even acted on the ones that we’ve had is necessarily the only way forward.”
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Yvette Cooper speaks to Sky News
Ms Phillips’s earlier comments led to accusations that the government was diluting the importance of the local inquiries by giving councils choice over how to use the funds.
Sky News understands she was due to host a briefing with MPs this afternoon at 5pm – the second she had held in 24 hours – in an attempt to calm concern amongst her colleagues.
Review recommendations ‘sat on a shelf’
Sir Keir insisted he is not watering down his commitment for the five local enquiries, but said the Jay recommendations were “sitting on a shelf under the last government” and he is “equally committed” to them.
He added: “At the most important level, if there is evidence of grooming that is coming to light now, we need a criminal investigation. I want the police investigation because I want perpetrators in the dock and I want justice delivered.”
In October 2022, Professor Alexis Jay finished a seven-year national inquiry into the many ways children in England and Wales had been sexually abused, including grooming gangs.
Girls as young as 11were groomed and raped across a number of towns and cities in England over a decade ago.
Prof Jay made 20 recommendations which haven’t been implemented yet, with Sir Keir saying on Thursday he will bring 17 of them forward.
However, the Tories and Reform UK want the government to fund a new national inquiry specifically into grooming gangs, demands for which first started last year after interventions by tech billionaire Elon Musk on his social media platform X.
Image: Elon Musk has been critical of Labour’s response to grooming gangs and has called for a national inquiry. Pic: Reuters
‘Fuelling confusion’
Reform leader Nigel Farage said the statement made by Ms Phillips “was one of the most cowardly things I have ever seen” as he repeated calls for a fresh inquiry.
Robert Jenrick, the shadow justice secretary, also told Sky News that ministers were “fuelling confusion” and that the “mess.. could have been avoided if the government backed a full national inquiry – not this piecemeal alternative”.
Tory leader Kemi Badenoch said the government needed to look at “state failings” and she would try and force a fresh vote on holding another national inquiry, which MPs voted down in January.
‘Political mess’
As well as facing criticism from the Opposition, there are signs of a backlash within Labour over how the issue has been handled.
Labour MPs angry with government decision grooming gangs
With about an hour until the House of Commons rose for Easter recess, the government announced it was taking a more “flexible” approach to the local grooming gang inquiries.
Safeguarding minister Jess Philips argued this was based on experience from certain affected areas, and that the government is funding new police investigations to re-open historic cases.
Speaking on Times Radio, former chair of the Equality and Human Rights Commission Sir Trevor Phillips called the move “utterly shameful” and claimed it was a political decision.
One Labour MP told Sky News: “Some people are very angry. I despair. I don’t disagree with many of our decisions but we just play to Reform – someone somewhere needs sacking.”
The government has insisted party political misinformation was fanning the flames of frustration in Labour.
The government also said it was not watering down the inquiries and was actually increasing the action being taken.
But while many Labour MPs have one eye on Reform in the rearview mirror, any accusations of being soft on grooming gangs only provides political ammunition to their adversaries.
One Labour MP told Sky News the issue had turned into a “political mess” and that they were being called “grooming sympathisers”.
On the update from Ms Phillips on Tuesday, they said it might have been the “right thing to do” but that it was “horrible politically”.
“We are all getting so much abuse. It’s just political naivety in the extreme.”
Ms Phillips later defended her decision, saying there was “far too much party political misinformation about the action that is being taken when everyone should be trying to support victims and survivors”.
“We are funding new police investigations to re-open historical cases, providing national support for locally led inquiries and action, and Louise Casey… is currently reviewing the nature, scale and ethnicity of grooming gangs offending across the country,” she said.
“We will not hesitate to go further, unlike the previous government, who showed no interest in this issue over 14 years and did nothing to progress the recommendations from the seven-year national inquiry when they had the chance.
“We will leave no stone unturned in pursuit of justice for victims and will be unrelenting in our crackdown on sick predators and perpetrators who prey on vulnerable children.”
New Hampshire’s House and Florida’s House insurance and banking committee have respectively advanced bills allowing their states to create Bitcoin reserves.
New Hampshire’s House passed its Bitcoin reserve bill, HB302,in a 192-179 vote on April 10 which will now head to the Senate. The state is now the fourth to pass a Bitcoin (BTC) reserve bill through one chamber, joining Arizona, Texas and Oklahoma.
If HB302 clears New Hampshire’s Senate and Governor Kelly Ayotte signs it into law it would allow the state’s treasurer to use 10% of the state’s general fund and other authorized funds to invest in precious metals and certain digital assets. The bill also sets out how they should be custodied.
The bill specifies that only cryptocurrencies with a market capitalization of over $500 billion would be eligible for investment, a criteria that only Bitcoin currently meets.
In a debate prior to the vote, Democrat Representative Terry Spahr argued that the bill is unnecessary and could undermine the future security of the state’s digital assets stockpile.
“Unbeknownst to the committee and to the sponsor […] the treasurer testified that they already have that authority,” Spahr said. He added that cryptocurrency is “constantly shifting and changing, and it’s sort of dangerous to be kind of locked into certain types of security measures, and I think that bill does this.”
Republican Representative Jordan Ulery countered that the bill was necessary as it could create the “potential for a large amount of money being earned by the state in these investments.”
New Hampshire has two other blockchain-related bills working their way through the legislature — HB310, which covers stablecoins and real-world asset tokenization (RWA) and HB 639, which deals with blockchain regulation and dispute resolution.
Florida House Committee passes Bitcoin reserve bill
Meanwhile on April 10, Florida’s House Insurance and Banking Committee passed the state’s Bitcoin reserve bill, HB487,with a unanimous vote.
The bill has three committees to clear before it progresses to Florida’s House.
WATCH: Florida House Committee PASSES Bitcoin Reserve Bill
The Insurance and Banking Committee passed HB 487 unanimously today
Similar to New Hampshire’s bill, HB487 would allow Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds — including the General Revenue Fund and the Budget Stabilization Fund — into Bitcoin.
The bill’s sponsor, Republican Representative Webster Barnaby pleaded with the Committee before the vote “to vote up on this very important bill” which he claimed would “put Florida in the leading edge of this very new technology.”
Florida’s bill gives the state’s financial chief the ability to invest in digital assets directly, through certain qualified custodians, or through exchange-traded products and details security and custody requirements.
According to Bitcoin Laws, which tracks the progress of digital assets legislation, Arizona is currently leading the race to become the first US state to establish a strategic Bitcoin reserve.
On March 24, two digital assets reserve bills, SB1373 and SB1025, cleared Arizona’s House Rules Committee and are now headed to the state’s House for a full floor vote.
If passed by the House, the bills would then need the signature of Arizona’s Democratic governor, Katie Hobbs to become law.