Bitcoin plummeted below $17,000 in Asian morning trade on Thursday. The other top ten non-stablecoin cryptos by market value also fell after SEC Chairman Gary Gensler claimed the cryptocurrency industry is short of time to adhere with securities regulations.
According to CoinMarketCap, Bitcoin dropped 1.4% to US$16,847 in the 24 hours to 8 a.m. in Hong Kong, while Ether slid 3.1% to US$1,232.
Dogecoin, the leading memecoin on CoinMarketCap’s list, suffered the most losses, plunging 4.4% to US$0.095. Polkadot fell 3.7% to $5.30 USD. Litecoin has also down 3.7% to US$76.96.
According to Gensler, his agency has enough jurisdiction to begin holding digital asset businesses responsible to securities legislation.
According to Gensler, crypto exchanges and lending platforms must comply with these requirements. “They can do that responsibly, working with the SEC,” he continued, “or we can continue on a track with more enforcement actions, and I would have to say that the runway is growing shorter.”
According to Gensler, numerous crypto businesses have been operating co-mingled platforms that offer financing, trading, hedge funds, and other services, and such operations must be discontinued.
He made no mention of the collapse of the Bahamas-based cryptocurrency exchange FTX.com. It has been claimed that FTX utilized client cash from its exchange to trade cryptocurrency and invest through its associated brokerage Alameda Research.
In September, Gensler stated that any proof-of-stake cryptocurrency, such as the $150 billion Ethereum network, should be treated as a security.
On Wednesday, US stocks closed mainly down. The Nasdaq Composite Index fell 0.5%, while the S&P 500 Index fell 0.2% for the sixth day in a row. The Dow Jones Industrial Average moved slightly.
Investors interpret a recent run of optimistic economic data as contradicting statements made by US Federal Reserve Chair Jerome Powell last week, in which he stated that the central bank may begin to lessen the pace of interest rate hikes in order to lower inflation.
According to the Institute for Supply Management’s monthly survey, which was issued on Monday, service industry activity in the United States was 56.5% in November.
A result of 50% or higher indicates that the economy is expanding, while 55% is regarded as extremely robust. According to the November jobs data, the economy added 263,000 jobs, which was higher than the 200,000 predicted.
Pre-Market Earnings Report
Here are the pre-market earnings report for companies releasing their earnings this week.
Campbell Soup Company (CPB)
Campbell Soup Company (CPB) is to report earnings for the fiscal quarter ending October 31, 2022. The consensus earnings per share projection for the food firm from the analysts that follow the stock is $0.86.
This figure shows a 3.37% reduction from the same quarter last year. CPB has matched analyst expectations once in the last year and exceeded them the other three times.
Thor Industries, Inc. (THO)
Thor Industries, Inc. (THO) will release its earnings report for the fiscal quarter that ended October 31, 2022. The consensus earnings per share projection for the construction firm by the three analysts that monitor the stock is $2.08.
This figure is a 52.07% reduction from the same quarter last year. THO has outperformed expectations in every quarter over the last year. The greatest was in the third calendar quarter when they outperformed the expectation by 24.7%.
Ollie’s Bargain Outlet Holdings, Inc. (OLLI)
Ollie’s Bargain Outlet Holdings, Inc. (OLLI) is set to report its earnings for the fiscal quarter ending October 31, 2022. The consensus earnings per share projection for the consumer company from the analysts that follow the stock is $0.41.
This figure reflects a 20.59% rise over the same period the previous year.
United Natural Foods, Inc. (UNFI)
United Natural Foods, Inc. (UNFI) will issue its earnings report for the fiscal quarter ended October 31, 2022. The average earnings per share projection for the food firm by the four analysts monitoring the stock is $1.14.
This figure indicates a 17.53 percent rise over the same quarter the previous year. UNFI has exceeded expectations in every quarter over the last year. The greatest was in the third calendar quarter when they outperformed the expectation by 1.6%.
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