Crypto-exposed stocks get some relief as Bitcoin rebounds
10/11/2022 10:08
** Shares of cryptocurrency and blockchain-related companies
rise in early trading before the bell after their sharp selloff
this week
** Bitcoin BTC=BTSP , the world's biggest cryptocurrency,
rises 4.9% to $16,655, after dropping to its lowest level in two
years in the previous session
** BTC has fallen 20.4% so far this week as investors
fretted about the fallout from the implosion of crypto exchange
FTX and the future of the industry
** Ether ETH=BTSP adds 8.8% to $1,196
** "It is investors looking to pick up bitcoin on the cheap,
taking advantage of the recent turmoil we have seen," - Stuart
Cole, head macro economist, Equiti Capital
** Crypto exchange Coinbase Global COIN.O gains 2.6%
** BTC mining machine maker Ebang International EBON.O is
up 3.8%, while Canaan Inc CAN.O advances 2% in thin trading
** Crypto miners Riot Blockchain RIOT.O and Hut 8 Mining
HUT.O gain 0.4% and 1.7%, while Bit Digital BTBT.O edges
lower and Marathon Digital MARA.O is flat
** BTC buyer MicroStrategy MSTR.O jumps 3.2% and
blockchain farm operator Bitfarms Ltd BITF.O rises 4.2%
** Online brokerage Robinhood Markets HOOD.O rises 0.6% on
saying co has no direct exposure to FTX
** HOOD has dropped 31.6% so far this week; FTX founder Sam
Bankman-Fried holds a stake in HOOD, with media reports earlier
this year saying FTX was even exploring an acquisition of HOOD
(Reporting by Bansari Mayur Kamdar in Bengaluru)
((BansariMayur.Kamdar@thomsonreuters.com))