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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.

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U.S. Law Enforcement Bust 27 People Connected to Mexican Sinaloa Cartel

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Over two dozen people were arrested on drug charges in connection to a Mexican cartel smuggling cocaine into the U.S. Following a two-year investigation, 27 people were arrested through Operation Tripwire, an investigation effort U.S. officials have been working on featuring members of the Sinaloa Cartel.

The trafficking network went from Los Angeles, California to Tucson, Arizona and Pittsburgh, Pennsylvania where cocaine originating from Mexico was smuggled stateside. The United States Attorney for the Western District of Pennsylvania, Scott Brady declared “this is a large organization that was trafficking hundreds of kilograms of cocaine throughout the country and has direct ties to the Sinaloa cartel in Mexico.”

U.S. authorities recounted that the investigations started after an agent in Pittsburgh was able to identify an address that received large quantities of suspicious-looking packages coming from California. Since then, agents started to do investigation on other members of the network across the U.S.

Across the span of seven months, authorities were able to intercept U.S. calls made by some of the alleged traffickers with Sinaloa carte leaders in Mexico. On September 9, 2020, 27 were arrested in Arizona, California, and Pennsylvania.

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According to American authorities, $1.3 million in cash and over 140 kilograms of cocaine were seized. The aforementioned people arrested are now facing a prison sentence of between 10 years and life in prison.

The border situation is no joke. Prior administrations have largely neglected the issue and have allowed for unprecedented levels of illegal immigration and drug trafficking to cross the U.S. border.

In a prior instance, BLP reported on how Mexico is a failed state that cannot maintain public order and is largely being pushed around by cartels. Due to its proximity to the U.S., Mexico’s problems will likely spillover stateside.

This is why border security is crucial. Thankfully, the U.S. has a president in Donald Trump that gets the memo. He’ll still need help from Congress, however,

That’s why it’s crucial that America First Republicans have strong showings at all branches of government in 2020.

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