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Bitcoin Plummets Below $5K as the Fed Cuts Interest Rates Near Zero

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On March 16, 2020, Bitcoin dropped below $5,000 according to CoinDesk.

As of March 17, 2020, it is now over $5,000.

Most of the price volatility that Bitcoin has recently experienced in this due to the uncertainty emerging from the Wuhan virus outbreak.

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Especially, the U.S. Federal Reserve’s decision to cut interest rates to near zero, which is the lowest point since 2015. It also carried out a $700 billion asset purchase of U.S. Treasury bills.

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After this announcement, other central banks around the world, which included banks in Japan, Australia, and New Zealand, also put forward their own stimulus packages.

According to CoinDesk, “Bitcoin’s movements have mirrored those of the traditional markets during this crisis, countering the popular safe-haven narrative. After spiking by as much as 14 percent immediately following the Fed’s announcement, it quickly corrected and continued on a strong downwards trajectory.”

Several leading members of the cryptocurrency shared their perspectives on the price drop.

Bobby Ong, Chief Operating Officer of CoinGecko, told CoinDesk: “In my opinion, the price drop below $5,000 today is due to [crypto derivatives exchange] Bitmex’s liquidations. Some traders believe Bitmex has a huge backlog of liquidations to be done from last week’s crazy free fall, which saw price fall 50 percent.”

The sharp decline in bitcoin prices last Thursday catalyzed the most long-short liquidations on BitMEX in 16 months.

Culture

Starbucks Barista FIRED After Refusing to Wear “Pride” T-Shirt for Religious Reasons, According to Lawsuit

She is a Christian and was apparently told by her manager that she didn’t have to wear it.

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A former Starbucks barista is filing an unlawful discrimination lawsuit against the coffee giant, claiming they fired her for refusing to wear a “Pride” t-shirt that violated her Christian religious convictions.

Betsy Fresse started working as a barista in December 2015. After transferring to a Glen Ridge, New Jersey, store in early 2019, managers apparently “assured” her that her Christian faith wouldn’t be an issue.

Then in June 2019, she noticed a box of Pride shirts on a desk and asked if they’d make her wear one. Her store manager said she wouldn’t have to, but two months later she found herself out of a job after being terminated by a district manager.

A notice of separation claims that Fresse was fired for violating Starbucks’ “core values.” It specifically mentions an incident where she said her colleagues “need Jesus” when given the “Pride” shirt.

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Starbucks maintains that “no part of our dress code requires partners to wear any approved items that they have not personally selected” and that Fresse’s claims are “without merit,” in a comment to the New York Post.

So Starbucks denies that she was fired for not wearing the shirt, yet their notice of separation appears to claim that they fired her for something she said about Jesus. Not a good look either way.

Fresse is seeking backpay, punitive damages, money to cover the cost of an attorney, and a permanent injunction that prevents Starbucks from “failing to accommodate […] sincerely held religious beliefs.”

Starbucks has long been a major player in the world of Woke Capital. Back in February Big League Politics reported on how the British branch of Starbucks was raising money for a pro-transgender lobbying group:

The U.K. branch of Starbucks is raising money to push for the chemical castration and surgical mutilation of children.

Nathanael Blake at The Federalist reported that the multinational titan is selling special mermaid-shaped cookies to help the pro-transgender lobbying group Mermaids. Curiously, the group’s founder took her underage son to Thailand to undergo a castration procedure.

Blake correctly observed “That Starbucks is supporting this group illustrates how thoroughly radicals have conquered both the LGBT movement and corporate culture.”

He also called attention to how “In a few years the fight has shifted from government recognition of same-sex relationships as legal marriages to mastectomies, sterilization, and castration for children.”

Here’s hoping that Betsy Fresse is successful in her lawsuit.

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