China's digital currency, blockchain-related stocks drop after cryptocurrency slump

Bitfire group

20/05/2021 02:58

** Shares in China's digital currency and blockchain-related
firms extend losses, following a slump in cryptocurrencies  
    ** At one point on Wednesday nearly $1 trillion was wiped
off the market capitalization of the entire crypto sector
 urn:newsml:reuters.com:*:nL2N2N60Q4  
    ** While many analysts thought the explosion in crypto
interest this year was not sustainable, the trigger for the
shake-out was China's move to ban financial and payment
institutions from providing cryptocurrency services. It also
warned investors against speculative crypto trading  urn:newsml:reuters.com:*:nL2N2N510T
    ** HK-listed Okg Technology Holdings Ltd  1499.HK , an
affiliate of crypto exchange OK Coin, tumbles as much as 18.4%
to HK$0.4, its lowest since Feb 11, 2011 
    ** Huobi Tech  1611.HK , an affiliate of crypto exchange
operator Huobi, BC Technology Group  0863.HK  and Meitu Inc
 1357.HK  fall between 2.4% and 9.2% 
    ** On the mainland, Lakala Payment Co Ltd  300773.SZ ,
Hyunion Holding Co Ltd  002537.SZ , Chutian Dragon  003040.SZ 
and Beijing Advanced Digital Technology Co Ltd  300541.SZ 
decline between 1.6% and 4% 

 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))