Trump's Economic Approval Rating Drops to 42% Amid Shutdown and Inflation Concerns.

A CNBC survey found that Americans' views on the economy turned negative in Q3 due to concerns about jobs, inflation, and the outlook. The president's net approval rating on the economy dropped to 42% approving and 55% disapproving, the lowest of any survey during Trump's two terms. The president's overall approval rating also dropped to 44% from 46%. Blame for the shutdown was aimed at Republicans and the president, with 53% blaming them and 37% blaming Democrats.

A recent development in the crypto sphere has sparked significant interest and market movement. Newsmax, a New York Stock Exchange (NYSE)-listed firm, has announced plans to invest up to $5 million in Bitcoin and Trump Coin over the next year, according to a Cryptopolitan report. This move is poised to make Newsmax the first NYSE-listed company to hold Trump Coin on its balance sheet.

The decision comes amidst a backdrop of strong financial performance for Trump's crypto empire. A Cryptopolitan report summarizing a Financial Times investigation found that the Trump family has made over $1 billion in pre-tax profits during the past year, largely fueled by the crypto rally that has defined his new term. The Trump ecosystem spans various cryptocurrencies, including memecoins, NFTs, stablecoins, tokens, and even a DeFi platform, all wrapped in the family’s branding. That report goes into detail about the range of crypto products linked to the Trump ecosystem.

Newsmax's Chief Executive Christopher Ruddy explained that the initiative aims to diversify corporate holdings and align with the growing crypto adoption taking place across U.S. institutions, saying Trump Coin’s value “should track the success of the Trump presidency, which so far has been impressive,” as noted in the Cryptopolitan coverage.

The announcement of Newsmax's investment plan sent its shares up 4.1% in after-hours trading, landing at $11.27. This positive market response underscores investor confidence in the potential of Trump Coin and the broader crypto sector under Trump's administration.

Meanwhile, concerns about the U.S. economy have turned negative, with Americans' views on the economy souring in Q3 due to worries about jobs, inflation, and the outlook. A Benzinga report cited the CNBC survey showing the president's net approval rating on the economy at 42% approving and 55% disapproving, the lowest of any survey during Trump's two terms. The president's overall approval rating also dropped to 44% from 46%.

The ongoing government shutdown, which began on Oct. 1, has further overshadowed record highs for stock market indexes, with voters across the country dealing with the shutdown. The Benzinga piece reports that blame for the shutdown was aimed at Republicans and the president, with 53% blaming them and 37% blaming Democrats.

In another sector, Jamie Dimon, CEO of JPMorgan Chase, warned about "cockroaches" in the U.S. economy, highlighting unseen threats lurking in the financial system. A Cryptopolitan article on his remarks explained that his warning came as banks and investors dealt with fresh chaos linked to two bankruptcies in September—namely, Tricolor Holdings and First Brands. These collapses triggered a disaster that's now hammering mid-sized banks, investment firms, and their shareholders.

Regional banks such as Zions Bancorporation and Western Alliance suffered significant stock hits due to credit losses and fraud lawsuits. Meanwhile, Jefferies Financial Group also got pulled into the mess, with its stock falling over 10% due to $715 million in exposure tied to First Brands, as noted in the Cryptopolitan coverage of Dimon's comments.

These events underscore the volatile nature of the financial sector and the need for vigilance. As the U.S. economy faces multiple headwinds, the crypto sector under Trump's administration continues to grow, with Newsmax's investment plan being a notable example of this trend.