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Nobel laureate Paul Krugman links Bitcoin’s collapse to Trump’s diminishing influence: ‘It’s the undoing of the Trump trade’

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It’s no coincidence that Bitcoin’s collapsing price has coincided with signs of President Donald Trump’s diminishing political power, according to Paul Krugman, Nobel Prize-winning economist and professor of economics at the Graduate Center of the City University of New York.

Fresh off its all-time high of $126,000 last month, Bitcoin has been in freefall for the past month, sitting at about $87,000 as of Wednesday after falling to a six-month low of about $81,000 last week. Cryptocurrency’s broader $1 trillion selloff has even cost the Trump family—with its ample ventures in crypto—$1 billion of its fortunes, according to the Bloomberg Billionaires Index.

To Krugman, formerly an outspoken and longtime New York Times columnist, Bitcoin’s latest rout is an indication that Trump has lost his edge. Krugman notes that Trump has long been friendly to the crypto industry, in addition to having significant investments in the sector.

“How should we understand Bitcoin’s recent crash? Think of it as the unraveling of the Trump trade,” Krugman said in a Substack post on Monday. “Trump remains as determined as ever to reward the industry that made his family rich, and those around him are as determined as ever to make America safe for predators of all kinds.”

“But Trump’s power is visibly diminishing, so the price of Bitcoin, which has in effect become a bet on Trumpism, has plunged,” he added.

Krugman’s argument of a ‘Trump trade’ collapse

Krugman, who has made no secret of his contempt for cryptocurrencies (or of Trump and Trumpism), argues their rise is inextricably linked with the Trump administration’s raft of friendly policies and actions toward crypto investors and exchanges. That includes calling for the creation of a government Bitcoin reserve, as well as signing an executive order in August to allow U.S. citizens to invest retirement savings in cryptocurrency, as well as other assets. Last month, Trump pardoned Binance founder Changpeng Zhao, who pleaded guilty in 2023 for violating U.S. money laundering laws while CEO of the crypto exchange. 

Trump himself holds an estimated $870 million in Bitcoin, making him one of the largest investors in the currency, and his family has grown its own crypto empire over the last few years. In September, American Bitcoin, a Bitcoin mining company backed by Eric Trump and Donald Trump Jr., began trading under Nasdaq and notched a $5 billion valuation in its debut. A Fortune analysis published in March found Trump’s crypto holdings made up about $3 billion of his net worth.

Trump’s broader policy moves have been correlated with past crypto selloffs, including last month, when a crash coincided with the president weighing an additional 100% tariff on China.

But lately, Krugman noted, Trump’s partisan influence has wavered, evidenced by near-unanimous bipartisan support for the release of the Epstein files, as well as waning Republican approval for the president’s handling of the economy following growing concern over a “K-shaped economy.” That’s on top of blowout Democratic victories at the polls, including the election of democratic socialist mayors in New York and Seattle.

In Krugman’s eyes, these election defeats and increased scrutiny of Trump’s handling of the economy loosen Republicans’ willingness to show “lockstep obedience” with the president. He cites blogger and journalist Josh Marshall, who has posited that “power is unitary,” or that weakness in any part of the president’s image translates to an overall perception of weakness, which extends in his influence in the crypto sector.

“A weakened Trump is less able to work his will on all fronts, including his efforts to promote crypto,” Krugman said.

To be sure, Krugman may be generous in how much credit he gives Trump for his control over cryptocurrency, which operates in its own environment, only adjacent to whomever holds political power. White House spokesperson Kush Desai said the Trump administration is implementing policies meant to help cryptocurrency prosper and rebuked the idea that non-policy factors in Trump’s presidency would have the ability to move the price of Bitcoin.

“Only a moron would ignore these policies and attribute price fluctuations for a privately traded cryptocurrency to non-economic matters concerning the President,” Desai told Fortune in a statement.

Pope Leo bestows blessings upon enthusiastic rave crowd in Slovakia

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new video loaded: Pope Leo Blesses Rave Crowd in Slovakia

transcript

transcript

Pope Leo Blesses Rave Crowd in Slovakia

Pope Leo XIV blessed hundreds of people at a rave in Slovakia via a video message in early November. The event was hosted by Guilherme Peixoto, a Portuguese priest who doubles as an electronic D.J.

“[Your presence] is a tangible sign of the fraternity and peace that is instilled in our hearts by friendship with Christ. And may the blessing of almighty God, the Father and the Son and the Holy Spirit come upon you and remain with you always. Amen.” “This is for our beloved archbishop brethren. Come, come.” [cheering]

Pope Leo XIV blessed hundreds of people at a rave in Slovakia via a video message in early November. The event was hosted by Guilherme Peixoto, a Portuguese priest who doubles as an electronic D.J.

By Axel Boada

November 26, 2025

‘Pause’: UMG UK Unveils a Studio Transforming Music Video Stills into Artwork

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Universal Music Group UK has launched Pause, a studio that turns stills from music videos into collectible, one-of-a-kind art prints.

The Pause player allows users to scan a music video, find a frame they particularly like, and have it turned into a print on either A3- or A2-sized paper. Every frame of a video is only ever used once, ensuring a unique collectible product.

Pause is launching with Amy Winehouse’s You Know I’m No Good, a track off the legendary artist’s second and final album Back to Black. For every print sold, UMG UK will donate to the Amy Winehouse Foundation, a charity that helps vulnerable and disadvantaged young people, with a focus on substance abuse. The charity says it has reached over 440,000 people since it was launched in 2011, in the wake of Winehouse’s premature death.

“Amy Winehouse’s legacy continues to resonate across generations, and we’re excited to give fans a new way to connect with her work. It’s about celebrating the creativity and artistry that went into her music videos, and recognizing music videos as an important cultural medium in their own right,” said James Wheatley, Senior Director, Commercial Development & Technology at UMG.

“The beauty of Pause and what excites us about the proposition is that it is easy to articulate to artists, management and fans alike, everyone gets it and recognizes the value. To be able to choose a favorite moment from the artist you love as a one-of-one art piece that no-one else can ever own feels truly special.”

Each print from the Pause studio comes with a certificate of authentication. Prices range from GBP £65 (USD $89) for an A3-sized print without frame, to £495 ($655) for an A2-sized Collector Edition with a walnut frame featuring a magnetic closing system.

“To be able to choose a favorite moment from the artist you love as a one-of-one art piece that no-one else can ever own feels truly special.”

James Wheatley, Universal Music Group

“Music videos are some of the most creative, emotional, and culturally influential pieces of visual storytelling we have. Yet too often they disappear into the digital ether after release,” Pause Co-Founder Steven O’Connor said.

“At Pause, our mission is to resurrect these moments as art, turning single frames from iconic videos into lasting, collectible artworks. We want to give fans the opportunity to own a piece of music history, and in doing so, help people rediscover and celebrate the artistry of the music video.”

Pause Co-Founder Wai Hung Young said the studio’s products are “a bridge between music, creativity, and the tangible world. Our goal is to elevate the music video from a transient screen experience to a collectible art form, inspiring a new generation of collectors while preserving the cultural and emotional significance of these works.”

Young added that the Amy Winehouse collection “is one of our largest launches in the UK and a significant step in building a broader category where visual music culture is valued as art.”

Other artists working with Pause are Norwegian singer Aurora, alt-rock band Keane, singer Self Esteem, and actor and singer Jeff Goldblum.

While its prints are at present focused on music videos, the company says it plans to expand its visual collectibles into film, gaming, TV, fashion, and sport.Music Business Worldwide

Mitchell and Cunningham Top NBA 2K26 Ratings Update – Basketball Insiders

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NBA 2K26 has released its newest ratings update, and several rising stars gained ground after strong recent play. The changes reflect real production across the league, and the biggest jumps belong to Donovan Mitchell, Cade Cunningham and Jalen Johnson.

Mitchell Reaches New High at 94 OVR

Donovan Mitchell continues to deliver elite scoring for the Cleveland Cavaliers. His latest stretch pushed him to a 94 OVR, up one point. Mitchell has averaged 32.1 points, 6.6 rebounds and 6.4 assists over the last two weeks. The numbers match the best rhythm of his career, and the game now mirrors that surge.

Cleveland saw more movement in this update. Jarrett Allen climbed to 85 OVR, while Evan Mobley dropped one point to 88. De’Andre Hunter, Jaylon Tyson and others also improved.

Cunningham Climbs After Huge Triple-Double

Cade Cunningham also rose by one point, landing at a 93 OVR. His jump follows a massive triple-double: 46 points, 12 rebounds, 11 assists, five steals and two blocks. At just 24 years old, he continues to trend upward.

Detroit had several upgrades. Jalen Duren moved to 87 OVR after a three-point rise. Daniss Jenkins posted the biggest leap for the Pistons, climbing nine points to 79 OVR.

Donovan Mitchell On Cavs' Disappointing Season 'Let City Down'Donovan Mitchell On Cavs' Disappointing Season 'Let City Down'

Jalen Johnson Continues Breakout Rise

Jalen Johnson’s stock has risen faster than almost anyone in the league. At launch, he barely cracked the top-100 players list. Since then, he has climbed four points and gained two more in this update. He now sits at an 87 OVR for Atlanta. Johnson has stepped into a major role with Trae Young out, and 2K rewarded that growth.

Young Hawks teammate Kon Knueppel also jumped to 82 OVR after a three-point boost.

Notable Movers Across the League

Devin Booker rose to 93 OVR, Tyrese Maxey reached 90 OVR, and Paolo Banchero dropped one point to 89. Lauri Markkanen moved to 88 OVR, while Brandon Ingram and Scottie Barnes both improved.

Rookies and role players saw major shifts as well. Grayson Allen climbed four points to 82 OVR, Derik Queen rose six points to 80, and Brandon Williams jumped four points to 77.

The update shows how quickly the league can change. Strong stretches keep pushing young players forward, and NBA 2K26 continues to mirror that movement.

Innovative Electrostatic Car Speakers Produce Immense Soundstage

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If the listening experience inside your car just isn’t cutting it, perk up your ears: a UK-based hi-fi audio company has returned to its physics textbooks to build a new speaker system that makes your music sound like it’s playing in a space 10 times bigger than the cabin.

The bold claim comes from Warwick Acoustics, which makes super high-end headphones and amplifiers for discerning audiophiles – we’re talking around US$S50,000 for a pair and a companion DAC.

It specializes in electrostatic speaker technology, where you’ll see an ultra-thin, electrically charged diaphragm sandwiched between two perforated metal plates that act as electrodes. When an audio signal passes through these plates, it creates a varying electrostatic field that pushes and pulls the diaphragm back and forth, producing sound waves.

In electrostatic speakers, when an audio signal passes through a pair of ‘electrodes,’ a varying electrostatic field pushes and pulls the sandwiched electrically charged diaphragm, producing sound waves

Warwick Acoustics

This sort of speaker can be much thinner than conventional dynamic speakers that have cones and voice coils. In fact, Warwick’s approach for automotive audio involves speakers that measure just 1 mm in thickness, and are said to weigh 90% less than regular ones. The housing adds a bit of thickness, but even so, they’re basically just flat panels.

A conventional dynamic speaker (top), compared to a Warwick Acoustics electrostatic speaker for cars, measuring just 12 mm thick including its housing (bottom)
A conventional dynamic speaker (top), compared to a Warwick Acoustics electrostatic speaker for cars, measuring just 12 mm thick including its housing (bottom)

Warwick Acoustics

Interestingly, electrostatic speakers don’t contain any rare earth elements, and Warwick says it makes its speakers entirely from upcycled and recycled materials – so there’s a small sustainability win there. Warwick says it’ll be the first to produce an automotive speaker system using this tech. The company’s been working on this specifically for cars for years now, and it’s close to production.

So where does the magic of this 10x soundstage enlargement happen? First, we’ll need to understand in-car audio a bit. As soundwaves travel through the air, they flatten and spread out, and the human ear can perceive where the sound is coming from – and from how far away. With conventional speakers in the confines of a car, there’s not a lot of room for the sound to appear to be coming from anywhere but your immediate surroundings.

Warwick Acoustics says its slim speakers generate planar, or “near-flat”, sound waves that initially sound flat – without soaring highs or booming bass. “We then perceive this as a sound that has begun further away – in some cases up to 30 m (nearly 100 ft) – from our ears, and thus representative of a venue much bigger than the physical size of the car cabin. The speed and accuracy of Warwick Acoustics’ electrostatic speakers also reduces the need to manipulate sound using digital techniques giving the potential to reduce the size, cost and energy consumptions of the digital signal processing (DSP) components,” explains the company’s CCO, Ian Hubbard.

Warwick Acoustics expects to debut its electrostatic automotive speaker system in a luxury car from a major brand in 2026
Warwick Acoustics expects to debut its electrostatic automotive speaker system in a luxury car from a major brand in 2026

Warwick Acoustics

Along with this, the tech allows for the flexibility of placing the speakers at or above ear level, such as in the A-pillars and the roof lining. This further enhances these electrostatic speakers’ ability to mimic the experience of listening to music in a large hall.

Getting the speakers into locations at or above ear level can help your music sound like it's being played in a large space
Getting the speakers into locations at or above ear level can help your music sound like it’s being played in a large space

Warwick Acoustics

That all sounds like a treat – and remarkably different than the descriptions of audio systems for most cars on the market today. We won’t have to wait long to hear this in action: Warwick says its tech will feature in a vehicle from a “global luxury car maker” sometime next year. My ears are ready.

Source: Warwick Acoustics

Trump’s beef policies leave US ranchers reeling | Business and Economy News

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It has been a whiplash-inducing month for the American rancher, one of United States President Donald Trump’s most steadfast voting blocs.

Starting with an October 19 quip from Trump that the US would increase beef imports from Argentina to the ensuing rancher backlash against the announcement of an investigation into the hyperconsolidated US meatpacking industry and the dropping of tariffs on Brazilian beef, ranchers have found themselves caught between the president’s desires to appease both them and the American consumer in the face of high beef prices.

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US ranchers have enjoyed rising cattle prices, largely the result of the lowest herd numbers for beef cattle since the 1950s. Other factors constricting supply include the closure of the Mexican border to live cattle due to concerns over screwworm and steep tariffs on foreign beef.

Cattle prices paid to ranchers are separate from consumer beef prices, which, as of September, were $6.32 for a pound (453 grams) of ground beef, an 11 percent rise from September 2024 when they were $5.67 a pound. The Bureau of Labor Statistics did not release economic data, including the consumer price index for last month, because of the government shutdown.

Trump had no patience for the typically loyal ranchers objecting to his plan to import more Argentinian beef, which they saw as a threat to their recent economic gains.

“If it weren’t for me, they would be doing just as they’ve done for the past 20 years – Terrible! It would be nice if they would understand that,” Trump wrote in an October post on his Truth Social platform.

While Corbitt Wall, a commercial cattle manager and market analyst, is clear that he “totally supports Trump and everything he does”, he also saw hubris and a misunderstanding of the cattle industry by the president.

“There was not a person in the cattle business on any level that was not insulted by that post,” he told Al Jazeera.

Wall religiously follows prices across the cattle trade from ranch to slaughterhouse and has watched the futures market for cattle slide down by more than 15 percent since Trump’s October 21 announcement.

Futures prices dictate what ranchers can expect to sell cattle for down the line and sway current sale prices as well. For ranchers’ sake, Wall said he hopes Trump leaves the cattle market alone.

“He doesn’t live in this world, in this cattle world, and doesn’t realise the impact that a statement can make in our business,” Wall said.

Years of rough seasons

Oregon rancher David Packham said that while cattle prices have jumped in ranchers’ favour, many are still struggling in the face of years of rough seasons.

Years of drought across the country raised feed costs for all and pushed some ranchers to sell off cattle. Sticker prices on farm equipment from tractors to pick-up trucks have ballooned as well, especially on the back of supply chain challenges during the COVID-19 pandemic, and are expected to rise further on account of Trump’s tariffs.

Packham said he has regularly sold cattle at a loss and doesn’t want consumers to think ranchers are living high off the hog.

“I’m looking at a 40-year-old tractor that I use on a daily basis just to keep putting off replacing it, making repairs, although it’s difficult to find parts for now, just to keep it limping along because I couldn’t afford $100,000 for a new tractor,” Packham said. “When I say we’re not really making a whole lot of money, it’s because we have all this loss carryover.”

Cattle are sold at Nevada Livestock Marketing in Fallon, Nevada [Courtesy of Corbitt Wall]

Packham was a registered Republican until Trump’s first term. The president’s Argentina comments and the subsequent chaos for the cattle industry have propped open a door for ranchers critical of Trump, but they represent a minority within the community, he said.

“I’m noticing more and more of them [ranchers] that had been cautiously neutral, that are now kind of like me and just saying, ‘You know what? No. This is bulls***. He’s a train wreck,’” Packham said.

‘Perennial issue’

One action ranchers can support, however, is Trump’s November 7 announcement of a Department of Justice investigation into the big four US meatpackers – Tyson, JBS, Cargill and National Beef – “for potential collusion, price fixing and price manipulation”.

Historically, ranchers looking to sell cattle have held little negotiating power as the four companies control more than 80 percent of the market.

However, a prior Department of Justice investigation into meatpacker price-fixing was started under the first Trump administration in 2020 due to a gulf created by falling cattle prices and rising consumer beef prices. The investigation continued under President Joe Biden’s administration but was never publicly concluded. According to Bloomberg News, the investigation was quietly closed with no findings just weeks before Trump announced the November antitrust probe.

James MacDonald, a research professor in agricultural and resource economics at the University of Maryland, views the administration’s antitrust investigation announcement as “entirely for political consumption”.

“It is a perennial issue that p***es off ranchers, and you can gain some political ground by attacking the packers,” MacDonald said.

Packham would prefer the new investigation to come at a different time and said that given the squeeze from the tight cattle market, packers are operating under slimmer margins and not from a position of absolute power.

On Friday, Tyson announced the closure of a Nebraska beef-processing plant that employed more than 3,000 people. MacDonald called the decision a “shock” indicative of the depths of the US beef shortage. The current low cattle inventory in the US came from years of drought, which wiped out grazing lands and slowed herd rebuilding. Replenishing the cattle supply chain is a years-long process.

“That’s sort of a fact and a fundamental, and it’s not going to change for a while,” MacDonald said.

MacDonald also doesn’t believe the increased Argentina imports will ease this shortage or lower prices as the country largely sends lower-grade, lean beef to the US, accounting for only 2 percent of imports. He expected that while the reintroduction of largely lean Brazilian beef will impact the import market, it holds less weight on overall beef supply.

McDonald also cited heifer retention numbers, which indicate how many female cattle that ranchers hold back to produce future herds years down the line, which are still low.

Tyson likely factored in these numbers when making the decision to shutter its Nebraska plant, and it doesn’t seem like the industry is expecting herd numbers to rebound either, McDonald told Al Jazeera.

“It’s Tyson saying we don’t think cattle supplies are going to recover anytime soon,” MacDonald said.

While the actual mechanisms of Trump’s recent policies might not budge consumers’ bottom lines or change the cattle market for the time being, Wall is more concerned about the ripple effects from the news cycle, saying ranchers “live and die” by the cattle markets. While his faith is shaken, Wall regardless believes that ranchers, conservative as ever, will show up for Trump when election time comes around.

“You look at what the other side has to offer, and there’s no way people are going to go for that,” Wall said. “So in the long run, they’ll stick with him.”

Client Challenge: Overcoming Obstacles for Success

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Twenty-four schoolgirls rescued one week after being abducted in Kebbi state

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A group of 24 Nigerian girls who were abducted from their boarding school over a week ago have been released, the country’s president says.

Armed assailants stormed the school in Nigeria’s Kebbi State on 17 November, killing two members of staff and abducting 25 students. One was able to escape soon after.

Nigerian President Bola Tinubu praised security forces for their “swift response” to the kidnapping – although the circumstances of the girls’ release remained unclear.

Africa’s most populous nation suffered a spate of abductions last week – with more than 250 children abducted from a Catholic school last Friday still missing, according to the school authorities.

Friday’s kidnapping, in Niger State, has been described as one of the worst mass abductions in Nigeria’s history. However, some officials say the number of missing children has been overstated.

Addressing the earlier abduction in Kebbi State, Bayo Onanuga, a special adviser to the president, confirmed on Tuesday that all the kidnapped schoolgirls had been accounted for.

Onanuga’s statement said the attack had triggered copycat kidnappings.

President Tinubu said more personnel would be deployed to “vulnerable areas to avert further incidents of kidnapping”.

In a post on X, he wrote: “The Air Force is to maintain continuous surveillance over the most remote areas, synchronising operations with ground units to effectively identify, isolate, disrupt, and neutralise all hostile elements.”

More than 1,500 children have been abducted from Nigerian schools since 2014, when 276 girls were taken during the infamous Chibok mass abduction.

The kidnapping of people for ransom by criminal gangs, known locally as bandits, has become a major problem in many parts of Nigeria.

In the north-east of the country, jihadist groups have been battling the state for more than a decade.

On Friday, at least 300 children and staff were abducted from St Mary’s, a Catholic boarding school in Niger state, according to the Christian Association of Nigeria (Can). The organisation says at least 250 people remain unaccounted for.

On Wednesday, Niger state governor Umar Bago told the BBC that 11 St Mary’s pupils had been found in a “farm settlement” and rescued by security forces. He refused to give any further details about the operation.

Bago also cast doubt on Can’s statement that 300 people had been abducted, saying the organisation had not presented any reliable data.

“They should declare their register available to the authorities,” he said.

Niger State’s police commissioner has also questioned Can’s figures.

Meanwhile, the head of Can in Niger state, Bishop Bulus Dauwa Yohanna, who is also responsible for St Mary’s school, has criticised the government’s response, saying it is making “no meaningful effort” to rescue those still missing.

The abduction at the school was the third to hit Nigeria in a week, forcing President Bola Tinubu to cancel his trip to the G20 summit, held in South Africa at the weekend, to deal with the crisis.

Dozens of people seized from a church in Kwara state, south of Niger, have since been freed.

UN education envoy Gordon Brown called on the international community to “do our utmost” to support efforts to return the abducted children.

Brown, a former UK prime minister, said: “It’s also incumbent on us to ensure that Nigerian schools are safe spaces for learning, not spaces where children can be plucked from their classroom for criminal profit.”

Earlier this month, US President Donald Trump threatened military action, accusing the Nigerian authorities of failing to protect Christians from attacks from Islamist militants.

The Nigerian government has called claims that Christians are being persecuted “a gross misrepresentation of reality”.

The BBC was told that the schoolgirls abducted from the Government Girls Comprehensive Senior Secondary School (GGCSS) in Kebbi are Muslim. An official has said that “terrorists attack all who reject their murderous ideology – Muslims, Christians and those of no faith alike”.

Organisations monitoring violence say most of the victims of the jihadist groups are Muslim because most attacks happen in the majority-Muslim north of the country.

Additional reporting by Wedaeli Chibelushi

EU countries step back from mandating Big Tech to identify and eliminate child pornography

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EU states back away from forcing Big Tech to detect and remove child pornography