Crypto-exposed stocks underperform broader markets as bitcoin slips

BTC Health

11/11/2022 11:18

** Shares of cryptocurrency and blockchain-related companies
tick lower in early trading before the bell
    ** Bitcoin  BTC=BTSP , the world's biggest and best-known
cryptocurrency, slips 1.4% to $17,287 
    ** BTC has fallen 17.4% this week as cryptocurrency exchange
FTX stood on the brink of failure after a bailout from larger
rival Binance collapsed and the chances of other rescue funding
looked slim
    ** Meanwhile, Wall Street futures were set to extend gains 
on hopes cooling inflation will push the Federal Reserve to
soften its aggressive rate hike stance  .N 
    ** Ether  ETH=BTSP  falls 1.7% to $1,272
    ** "Right now people are cautious. We're waiting a bit to
see what the exact fallout from FTX is," says Stefan Rust, CEO
of blockchain development house Laguna Labs
    ** Crypto exchange Coinbase Global  COIN.O  down 0.4%    
    ** Crypto miners mixed - Riot Blockchain  RIOT.O  and
Marathon Digital  MARA.O  fall 1.5% and 1.1%. Bit Digital
 BTBT.O  adds 5% and Hut 8 Mining  HUT.O  rises 1.1% in thin
trades 
    ** BTC mining machine maker Canaan Inc  CAN.O  up 1.1%
    ** Software company and BTC buyer MicroStrategy  MSTR.O 
slips 0.8%
    ** Crypto bank Silvergate Capital  SI.N  drops 4.4%, while
Signature Bank  SBNY.O  is yet to start trading  
    ** BTC down ~62.6% so far this year
 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com; Twitter:
@BansariKamdar))