Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology.
Let us all WIN!
Dogecoin Swept By Avalanche, And Solana Surpasses Binance’s Native Token; Tesla Recalls 120,000 Model S, Benzinga
Source link ]]>
GM stock has dropped about 49 percent from the 2021 ATH as the automaker struggles to make a deal with the UAW Union amid a possible recall of over 1 million vehicles for faulty airbags.
General Motors Company (NYSE: GM) shares closed Thursday trading at $30.31, down 2.35 percent from the day’s opening price. The company’s stock value has been declining since early last year, with a high chance of revisiting COVID-19 lows if the company does not revert to the situations at hand. Notably, thousands of members of the Union Auto Workers (UAW) union went on strike last month after failing to reach a deal on a new labor contract.
Earlier this week, the company noted that its dealers delivered 674,336 vehicles in the United States during the third quarter, up approximately 21 percent YoY. However, this quarter’s production could significantly be hampered by the ongoing UAW union strike that has taken longer to resolve.
The situation with GM production could be facing much bigger challenges after a report by WSJ highlighted that at least 20 million vehicles delivered to customers could have faulty airbags. The US National Highway Traffic Safety Administration raised an alarm of possible recall to avoid any injury or deaths.
Currently, the company has recalled 1 million vehicles believed to have airbag issues and reiterated that there is no basis for more recalls. Nonetheless, the company indicated that it is closely working with the NHTSA and other manufacturers to ensure a long-term solution to the airbag problem.
“Neither the affected automakers nor NHTSA, despite eight years of study and investigation, have identified a systemic design or manufacturing defect in ARC frontal airbag inflators,” the company noted. “If GM concludes at any time that any unrecalled ARC inflators are unsafe, the company will take appropriate action in cooperation with NHTSA.”
General Motors (GM) and the Market Outlook
In a bid to reinstate its normal operations, General Motors confirmed that it had made a counteroffer to the UAW union. This is after the company indicated that it has lost about $200 million due to the ongoing strike. However, the UAW union has constantly refused to make any deal until its contract is fully fulfilled, hence worsening the impasse.
“We believe we have a compelling offer that would reward our team members and allow GM to succeed and thrive into the future. We continue to stand ready and willing to negotiate in good faith 24/7 to reach an agreement,” the company recently noted.
The $42.71 billion company is facing intense competition from established electric vehicle companies like Tesla Inc (NASDAQ: TSLA) that do not support the UAW union. As a result, the company’s stock market faces more selling pressure in the coming quarters which could significantly reduce its valuation.
Crypto Market News: In the wake of statements that ‘the great accumulation of Bitcoin’ has started, traders have been digging the past about how the U.S. Securities and Exchange Commission (SEC) treated crypto native businesses. This comes after corporate bigwigs in the United States have suddenly shifted gears when it comes to taking the next big leap towards entering the digital assets market. Major financial companies like BlackRock, Invesco, Fidelity Investments, Wisdom Tree and Valkyrie Funds have in a series of events jumped into the crypto bandwagon.
Also Read: Crypto Participation Report On Fortune 100 Companies Will Shock You
These developments are undoubtedly bound to create long term ripple effects in crypto market, considering the massive reach these big players have in the mainstream financial world. For example, Blackrock alone managers assets of hundreds of companies across sectors and around the world.
The ‘Crypto Blueprint’
John Deaton, the attorney representing XRP Token holders in the Ripple Vs SEC lawsuit, recalled SEC Chair Gary Gensler’s old interview in which US investor Tim Draper speculated on what could be the possible blueprint to crypto adoption. Draper could be seen telling Gensler that the incumbents (banks) would initially sue crypto businesses, then exert media pressure and leverage government regulators to slow its progress before eventually adopting the space. Hence, Deaton indicated that Draper’s prediction draws parallel with the recent interest in crypto from the big corporations.
I’m sorry, but after watching, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank, all apply for #Bitcoin ETFs, spot exchanges, etc. only a few days after the SEC drops a TRO on Binance and sues Coinbase… how can’t you think this entire past year was a giant inside job…
— Preston Pysh (@PrestonPysh) June 20, 2023
A similar comment from popular crypto influencer Preston Pysh went viral, reaching as many as 2 million views.
Also Read: Elon Musk’s Tesla Has Special Dogecoin Page On Official Website
AD
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto News: Amid heightened enforcement actions and lack of regulatory clarity around crypto market in the United States, it is often discussed as to why the regulators are unfavorable to the web 3.0 ecosystem. Since January 2023, the U.S. Securities and Exchange Commission (SEC) began multiple enforcement actions against crypto businesses. The agency went after big names like Coinbase, Binance and Kraken, with the primary allegation being unregistered sale of digital assets, while it is an altogether different debate on whether certain cryptocurrencies should be called securities or commodities. Meanwhile, it is long argued that it is the big banks of Wall Street that want to gain market share in crypto ecosystem before the laws are streamlined.
Also Read: Circle Executive To Testify In US House Committee Hearing On Stablecoins
‘Crypto Panic’
Attorney John Deaton, who represents over 76,000 XRP token holders in the ongoing Ripple lawsuit against the SEC, has been long arguing that the big Wall Street banks want to get hold of some share in the crypto market and this is why the likes of SEC are dragging the regulation part. In a latest, he shared a video from 2018 wherein US investor Tim Draper is seen saying to SEC Chair Gary Gensler that the banks were in panic about the rise of cryptocurrency market.
“You can hear the bankers panicking right now (2018) and unite to say we are not letting this happen.”
The panic, in the words of Draper, is about crypto’s disruptive potential, and that incumbents would sue, exert media pressure and leverage government regulators to slow its progress. Deaton opined that it is all about protecting incumbents (banks).
Also Read: Terra Classic Community Remains Divided On Key Proposal, LUNC Price To Fall?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.