Crypto stocks slide after Powell says Fed can't own bitcoin

Bitdeer Technologies

18/12/2024 20:54

** Cryptocurrency and blockchain-related stocks slide in late
afternoon trading on Weds after Fed chair Powell's comments
** "We’re not allowed to Bitcoin," Powell said at a press
conference following the latest FOMC meeting
    ** In terms of the legal issues around holding Bitcoin, he
said "that’s the kind of thing for Congress to consider, but we
are not looking for a law change at the Fed"
    ** Bitcoin  BTC= , world's biggest cryptocurrency, was last
down about 5% around $101,000, while smaller crypto Ether  ETH= 
off 6% at $3,698
** Shares of BTC stockpiler MicroStrategy  MSTR.O  down ~8%, and
crypto exchange Coinbase Global  COIN.O  falling ~9%
    ** Crypto miners drop: Riot Platforms  RIOT.O 
    
      
    
    %, Mara Holdings  MARA.O  ~11%, Core Scientific  CORZ.O  10%
  
    ** Shares of retail trading platform Robinhood Markets
 HOOD.O  down >10%
  
    ** ProShares Bitcoin Strategy ETF  BITO.P  and iShares
Bitcoin Trust ETF  IBIT.O  both down ~5%
  
    ** BTC has 
    rallied
     to record high of $108,379 amid growing hopes for a
strategic reserve and expectations of a friendlier regulatory
environment for cryptocurrencies under Donald Trump
  
    ** Meanwhile, equity markets extending losses in late
trading with all three major indexes declining more than 2%  .N 
  
     

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380
))