Finance

Janet Yellen’s Vision: Expanding Bank Access for All Americans

On Tuesday, Treasury Secretary Janet Yellen announced a plan aimed at ensuring more Americans have access to bank accounts and affordable credit, which she believes will foster a stronger and more equitable economy. This initiative marks the Treasury Department's first comprehensive strategy to enhance financial system access for Americans, a request made by Congress in 2023.

TECH

Kissing the Ring: Tech Leaders Navigate the New Power Dynamics

Former President Donald Trump claims that some of the world's wealthiest and most influential figures have privately praised him, despite the lack of public endorsements from most tech leaders, with one notable exception. Trump alleges that figures like Google CEO Sundar Pichai and Apple’s Tim Cook have reached out to express admiration or share concerns, such as Cook’s complaints about EU fines. Additionally, he asserts that Facebook's Mark Zuckerberg has contacted him multiple times to apologize, citing a heightened sense of loyalty after a near-assassination attempt in Pennsylvania. 

If true, these claims would represent a striking shift for leaders of companies Trump has accused of manipulating elections and bias against him. However, skepticism abounds regarding the accuracy of Trump’s statements, as he is known for embellishing conversations. It’s possible that tech executives are simply trying to navigate a precarious political landscape, uncertain about the election's outcome, and aware of Trump’s tendency to make vindictive policy decisions. In this context, flattery might serve as a strategic move to avoid potential backlash. Notably, Trump has previously threatened Google and expressed grievances about negative media coverage, further complicating relations with tech giants.

CRYPTO

Bitcoin on the Brink: Approaching All-Time High as Presidential Election Nears

Bitcoin has surged over 8% this week, nearing its all-time high on Tuesday, briefly exceeding $73,000 before pulling back on Wednesday as the crypto market anticipates a potential win for Republican presidential candidate Donald Trump. Crypto enthusiasts believe Bitcoin could set a new record, previously reached in March, in the days leading up to the election. After a sharp rise of over $2,000 in just a few hours, Bitcoin's price has fluctuated between $71,000 and $73,000, reflecting a 12% increase throughout "Uptober," a month known for Bitcoin's profitability.

The broader cryptocurrency market has followed suit, with Ethereum and Solana increasing by 4% and 5%, respectively, while Dogecoin has jumped 23% due to Elon Musk's recent mentions of the coin at Trump rallies. Additionally, spot Bitcoin exchange-traded funds (ETFs) experienced significant inflows, bringing in $870 million amid pre-election market volatility—the third-largest influx since their approval in January. Bitcoin's previous all-time high of over $73,000 was achieved in March, coinciding with the launch of these ETFs.