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Bitcoin's Week Amid Crackdown
Photo by Mariia Shalabaieva / Unsplash
Today is Wednesday, June 14, 2023.
The Early Bird Index today is 56.43.
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Bitcoin's Week Amid Crackdown
Amid the recent regulatory crackdown against cryptocurrency exchanges that caused altcoin prices to plummet, Bitcoin and Ethereum remain steady.
Background: Last week, the U.S. SEC (Securities and Exchange Commission) filed lawsuits against crypto platforms and called out certain altcoins as securities. The SEC is also trying to freeze assets owned by the crypto platform Binance. On Tuesday, the crypto investing platform eToro delisted a few of the altcoins.
Price: In the past week, Bitcoin is down less than 5% and Ethereum is down less than 8%. It is a different story for altcoins during that time. Dogecoin is down 12%, Cardano is down 20%, Polygon is down 23%, and Solana is down nearly 25%. And as most cryptos fell on Tuesday, Bitcoin and Ethereum appeared to be more resilient.
Powering the Story: It appears that Bitcoin and Ethereum are able to withstand these regulatory pressures. Unlike altcoins, Bitcoin and Ethereum are not directly correlated to these crypto platforms. Instead, Bitcoin and Ethereum appear to be more tied to the economy.
Also: Investors are leaving the altcoins and staying with Bitcoin and Ethereum. The total crypto market capitalization of Bitcoin and Ethereum and stablecoins totaled 80% on Tuesday, according to K33 Research.
Final Thoughts: Bitcoin and Ethereum are far from perfect, but at least they are somewhat steady right now.
Notables
Notable Earnings Today: Lennar (NYSE: LEN), Aurora Cannabis (Nasdaq: ACB), Anterix (Nasdasq: ATEX), High Tide (Nasdaq: HITI), AMMO (Nasdaq: POWW), RF Industries (Nasdaq: RFIL).
Notable IPOs Today: CalciMedica, Inc. Common Stock (Nasdaq: CALC), ESH Acquisition Corp. Unit (Nasdaq: ESHAU), Simplify Exchange Traded Funds (NYSE Arca: EQLS).
Notable Equity Crowdfunding Campaigns Ending Today: Refactor Games (StartEngine).
Notable Economic Events Today: Producer Price Index (8:30 a.m. ET), Core PPI (8:30 a.m. ET), Cushing Crude Oil Inventories (10:30 a.m. ET), FOMC Statement / Fed Interest Rate Decision (2:00 p.m. ET).
Logitech Drops as CEO Exits
Photo by Sebastian Banasiewcz / Unsplash
Shares of the computer company Logitech International (Nasdaq: LOGI) decreased by 2.58% in after-hours trading on Tuesday due to the sudden resignation of CEO Bracken Darrell.
Details: The resignation is effective immediately as Darrell wants to pursue another opportunity, but Darrell will remain with the company over the coming month for the transition. Board member Guy Gecht becomes interim CEO and a search for a replacement is underway.
Quote: “After nearly a decade of consistent growth and building market leadership across multiple categories, I feel this is a good point to hand over leadership.” - Exiting Logitech CEO Bracken Darrell.
Stock Price: Shares of Logitech are up about 1% in 2023, lagging other tech stocks this year.
Final Thoughts: Darrell’s departure was somewhat of a surprise for investors. Last month, the company reported better-than-expected financial earnings.
Cineverse Falls on Proposed Public Offering
Entertainment company Cineverse (Nasdaq: CNVS) dropped by 25.84% in after-hours trading on Tuesday after announcing that it wants to sell shares of its stock in a new public offering.
Final Thoughts: Cineverse, down 55% this year, also joined the Independent Streaming Alliance (ISA) as a founding member on Tuesday.
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Trends to Watch
Europe Delay: Google forced to postpone Bard chatbot’s EU launch over privacy concerns (Politico)
Bad Meat: Tyson Foods to lay off 228 employees near Chicago who decline move to Arkansas (Reuters)
Cleanup on Aisle 5: Grocery Prices Rose Slightly. What’s Behind The Ascend? (Barron’s)
Lasting Several Hours: Amazon’s cloud computing service recovers from outage (The Washington Post)
Fantastic: Fanatics holds second investor day as the company moves toward IPO (CNBC)
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