Good morning and welcome to Markets Desk, your midday read on the stories moving markets right now.
Bit Digital took a hit in pre-market trading, sliding five percent after reporting third-quarter revenue of twenty-seven million dollars, coming in sixteen percent below what analysts had penciled in. That five-million-dollar shortfall is a meaningful miss for a company already navigating a volatile crypto mining environment, and investors are repricing accordingly.
Turning to the macro picture, October's Consumer Price Index came in hotter than expected, rising four-tenths of a percent for the month. That reading exceeded economist forecasts and signals that inflation remains stubbornly embedded in the consumer economy. With the Federal Reserve's December meeting approaching, this print narrows the already tight window for any dovish pivot.
And on the security front, ARK's research director is sounding an alarm that should concern anyone with exposure to digital assets. Crypto hackers have stolen eight point seven billion dollars so far in two thousand twenty six, a figure that now surpasses the total projected annual onchain revenue generated across the entire industry. In other words, for every dollar earned on the blockchain this year, fifty-seven cents has been stolen. That ratio is not sustainable and regulators are watching closely.
That's the tape. Markets Desk, signing off the floor.
