Today we are in the midst of a technological revolution that is fundamentally changing our world, reshaping, how we communicate access information and purchase goods and services as the central bank of the United States. The federal reserve is charged with promoting monetary and financial stability and the safety and efficiency of the payment system in pursuit of these core functions. We have been carefully monitoring and adapting to the technological innovations. Now transforming the world of payments, finance, and banking. The effective functioning of our economy requires that people have faith and confidence, not only in the dollar, but also in the payment networks, banks and other payment service providers that allow money to flow on a daily basis. Our focus is on ensuring a safe and efficient payment system that provides broad benefits to American households and businesses. While also embracing innovation in the Fed's early days, the development of dedicated Telegraph wires fa...

The one asset class that I really want to focus on today is Bitcoin and cryptocurrencies in general, which really crashed today. Now that doesn't mean, I think the bottom is in. It's not, but we certainly got. A short term capitulation type sell off, which is something I have been anticipating and warning about for the last couple of weeks on this podcast. As I've been watching Bitcoin carving out a classic head and shoulders top, and to me, there was an extreme amount of complacency. In the crypto community with respect to this ominous technical side. And it seemed pretty obvious to me that we were going to get a pretty big sell off. And we did. We got the whole thing today. In fact, the big drop happened between about I think eight 30 and nine o'clock in the morning. Eastern time. That's where Bitcoin fell from about 38,000 to about 3000 within a half hour. That is a 20% decline in one half an hour. I mean, one thing that today's action should do once and for ...