Crypto-linked stocks plunge in Hong Kong, bitcoin steadies (updated)

Bitfire group

27/09/2021 03:23

(Adds performance of crypto-linked stocks)
    HONG KONG/SINGAPORE, Sept 27 (Reuters) -
C ryptocurrency-linked stocks dropped in Hong Kong on Monday
morning, after Chinese authorities intensified their crackdown
on the industry, while major cryptocurrencies steadied. 
    Shares of crypto asset manager and trading firm Huobi Tech
 1611.HK , an affiliate of Huobi Global, one of the world's
largest exchanges, fell more than 30% after the opening bell. 
    Huobi Global said on Sunday it had stopped taking new
mainland customers https://www.reuters.com/world/china/cryptocurrency-exchange-huobi-clean-up-existing-mainland-clients-by-end-2021-2021-09-26
 from Friday and would close accounts belonging to
mainland-China based clients by the end of the year to comply
with local regulations.  urn:newsml:reuters.com:*:nL4N2QS04D 
    China's regulators intensified a crackdown https://www.reuters.com/world/china/cryptocurrency-exchange-huobi-clean-up-existing-mainland-clients-by-end-2021-2021-09-26
 on Friday, banning cryptocurrency transactions and mining, and
saying that overseas exchanges are barred from providing
services to mainland investors via the internet and that
mainland-China based employees of overseas crypto exchanges
would be investigated. 
    OKG Technology Holdings Ltd  1499.HK , a fintech and
construction company majority owned by Xu Mingxing the founder
of cryptoexchange OK Coin, fell more than 20%. 
    However, cryptocurrencies traded firmly on Monday, having
rebounded from selling driven by the Chinese crackdown as
buy-the-dip speculators swooped in.
    Bitcoin  BTC=BTSP  was up about 2.4% in Asia trade at
$44,250, having fallen to just below $41,000 in the wake of
Friday's announcement of a blanket ban on crypto mining and
transactions in China - the most wide-ranging clampdown yet.
 urn:newsml:reuters.com:*:nL1N2QQ0MG
    Rival token ether  ETH=BTSP  rose 3% to $3,163 and has
recouped its Friday losses.

 (Reporting by Tom Westbrook in Singapore and Alun John in Hong
Kong; Editing by Muralikumar Anantharaman and Jacqueline Wong)
 ((tom.westbrook@tr.com; +65 6973 8284;))