Bitcoin fell below US$17,000 in Thursday morning trading in Asia. The other top 10 non-stablecoin cryptocurrencies by market capitalization also retreated after the U.S. Securities and Exchange Commission Chairman Gary Gensler said the crypto industry is running out of time to comply with securities laws. He spoke on Wednesday in an interview with Yahoo Finance.
See related article: SEC’s Gensler says proof-of-stake cryptocurrencies may be securities
Bitcoin fell 1.4% to US$16,847 in the 24 hours to 8 a.m. in Hong Kong, while Ether dropped 3.1% to trade at US$1,232 according to CoinMarketCap.
Leading memecoin Dogecoin saw the biggest losses in CoinMarketCap’s list, falling 4.4% to US$0.095. Polkadot lost 3.7% to US$5.30. Litecoin also fell 3.7% to trade at US$76.96.
Gensler said his agency had sufficient authority to begin holding digital asset firms accountable to securities regulation.
Gensler said crypto exchanges and lending platforms need to come into compliance with those regulations. “They can do that appropriately, working with the SEC, or we can continue on a course with more enforcement actions, and I would have to say that the runway’s getting shorter,” he said.
Gensler said that many crypto firms have been running co-mingled platforms offering lending, trading, hedge funds etc, and such practices will need to end.
He did not specifically address the collapse of Bahamas-based crypto exchange FTX.com. It has been alleged FTX used customer funds from its exchange to trade crypto and make investments through its affiliated brokerage Alameda Research.
Gensler said in September that any proof-of-stake cryptocurrency, such as the US$150 billion Ethereum network, should be considered a security.
U.S. equities finished mostly lower on Wednesday. The Nasdaq Composite Index lost 0.5% and the S&P 500 Index finished 0.2% lower for its fifth consecutive day of losses. The Dow Jones Industrial Average was little changed.
Investors see a recent run of bullish economic indicators conflicting with the comments of U.S. Federal Reserve Chair Jerome Powell last week, when he said the central bank may start to ease the pace of interest rate increases to slow inflation.
U.S. services industry activity came in at 56.5% in November, according to the monthly survey by the Institute for Supply Management released on Monday. A reading of 50% or greater shows the economy is growing, while 55% is considered to be very strong. The U.S. jobs report out Friday showed the economy added 263,000 positions in November or more than the 200,000 expected.
The Fed has increased interest rates since March to try to slow inflation, raising from near zero to a 15-year high of 3.75% to 4%, and has signaled that rates may end up exceeding 5%. The Fed has said it wants inflation in a target range of 2%. The consumer price index showed inflation was running at 7.7% in October, down from 8.2% in September.
See related article: Judge approves subpoenas for 3AC cofounders
Related Quotes
Celsius filed a motion in September to return crypto to customers who held assets in such accounts.
SEC Chair Gary Gensler again warned the crypto industry on its need to comply with existing securities laws and suggested FTX may have violated laws by co-mingling customer funds.
There has been few places to hide during the recent crypto meltdown.
Tyler Perry is known for bringing comedic relief to characters and situations that can be tough to navigate.
Total funding at crypto startups this year is set to exceed investments in 2021, research firm Pitchbook said on Thursday though the pace of capital deployment is slowing as a series of crypto blowups sapped private equity investment appetite. The amount of capital deployed, however, has trended downwards through this year with only $4.0 billion invested in third quarter, representing a 38.3% quarter-over-quarter decline and the lowest amount since second quarter 2021, Pitchbook said. The collapse of FTX last month was the most shocking in a series of closures of key market players this year including Celsius and Voyager, major tokens terraUSD and Luna that have shaken investment sentiment and wiped out $1.5 trillion in cryptocurrency market capitalization.
An Uber driver dropped off his fare before donning a mask and sexually assaulting her, the Lee County Sheriff's Office reports.
Rep. Ritchie Torres (D-NY) accused Gensler of being “singularly responsible” for failing to prevent FTX’s demise.
The report comes after Dutch Trade Minister Liesje Schreinemacher last month said the Netherlands was in talks with the U.S. government about new export restrictions for semiconductor equipment to China. Under pressure from the United States, the Dutch government since 2018 has not allowed the country's largest company, semiconductor equipment maker ASML Holdings NV, licences to ship its most advanced machines to China because they are considered "dual use" equipment with potential military applications.
STORY: Mosques in Qatar have become one ofthe main attractions for World Cup fans(Sadat Anwar, Volunteer) “Many people are interested, this what we expected and what we hoped for and many many fans are taking time out from soccer from watching the games to experience some of Qatari culture and we had a lot of visitors here at the Blue Mosque or the Katara Mosque. People are really interested in seeing the architecture, appreciating the beauty of the mosque and watching worshippers as they engage in one of the five daily prayers.” Visitors can be seen observingthe muezzin calling for prayerwhile others listen to volunteers talk aboutmosque architecture and Qatari culture(Maria Rodrigues, World Cup fan) “Since I was a child I was always interested in religion and mostly Middle East religion. When we decided my family to come here in Qatar for the World Cup, we were very excited to know different mosques and the religion indeed. My feelings when I first get in mosque was I feel very comfortable, I feel safe.”
The company put it in a UX crossover. Not exactly an enthusiast favorite.
The artificial intelligence software company C3.ai says it expects to be non-GAAP profitable and cash flow positive by the end of fiscal 2024.
Cryptocurrencies wiped away nearly $2 trillion from the sector as higher interest rates and exacerbating worries of an economic downturn cratered prices that eliminated key players such as Voyager Digital, Three Arrows Capital and Celsius Network. But the bigger blow to digital assets came since larger crypto exchange FTX filed for bankruptcy protection. Analysts expect Coinbase's revenue to plunge 75% to $621.5 million in the fourth quarter, according to data from Refinitiv.
Amazon has released an update that turns the Echo Show 15 into a Fire TV.
Others alleged this happened to them too.
Sam Bankman-Fried's ambition for celebrity endorsements might have snared the "Anti-Hero" singer, but she proved to be smarter than a lot of other famous people.
(Bloomberg) — Masayoshi Son has quietly tightened his grip on SoftBank Group Corp. during a tumultuous market downturn, edging closer to the point where he could bid to take the world’s largest technology investor private.Most Read from BloombergPutin Calls Russian Nukes Deterrent Factor, Says War Risk RisingPeru’s President Accused of Coup After Move to Dissolve CongressBe Careful, Here Come the Predictions for 2023Why Did So Many US Men Quit Working? Social Status May Hold the Key, Study Says
An opposition legislator in Tuesday was hospitalized Tuesday following a brawl that broke out in the country's parliament during a tense debate over next year’s budget. Television footage showed dozens of lawmakers from President Recep Tayyip Erdogan’s ruling party and from opposition parties engaged in a tussle. The private DHA news agency said Huseyin Ors, a lawmaker from the opposition Good Party, was punched in the face.
A U.S. bankruptcy judge on Wednesday ruled that some customers of crypto lender Celsius Network should receive their deposits back, giving relief to a relatively small group of customers whose deposits were never commingled with other Celsius funds. U.S. Bankruptcy Judge Martin Glenn is weighing broader questions of who owns crypto assets that were deposited with Celsius. His ruling Wednesday was limited to customers who had non-interest bearing custody accounts, whose funds were not commingled with other Celsius assets, and whose accounts were too small for Celsius to seek to claw them back to repay other customers, according to Celsius' official creditors committee.
Solana devs look to rebuild as they unwind DeFi on the network from Sam Bankman-Fried’s Serum, replace it with OpenBook, and plot a course for the future.
Semafor Business & Finance Editor Liz Hoffman joins Yahoo Finance Live to discuss the state of tether and how it's faring amid the crypto market meltdown.
Author
Administraroot
Related Posts
