Crypto stocks battered as bitcoin tumbles to below $30,000

BTC Health

22/06/2021 15:40

(Updates, adds quotes)
    ** Shares of cryptocurrency and blockchain-related firms
slammed as bitcoin  BTC=BTSP  slides below $30,000 for first
time since January
    ** BTC now down 7.1% at $29,385
    ** "The crypto market is in freefall," says DailyFX analyst
Nicholas Cawley 
    ** "It's a guessing game at the moment – will Bitcoin be up
or down $10,000 in a month's time - no one knows and those who
tell you they do know, don't"
    ** The losses follow an 11.1% drop on Monday as China
extended its crackdown on cryptocurrency mining  urn:newsml:reuters.com:*:nL3N2O31NJ
    ** U.S.-listed crypto miners Riot Blockchain  RIOT.O  and
Marathon Patent Group  MARA.O  down 9.1% and 9.9%, respectively
    ** Chinese bitcoin mining machine maker Ebang International
 EBON.O  slumps 11%, MicroStrategy Inc  MSTR.O  - a major
bitcoin buyer - falls 11.2% 
    ** MSTR has issued hundreds of millions of dollars in debt
to buy BTC
    ** China-focused SOS  SOS.N  drops 8.5%, while shares of
crypto-exchange Coinbase Global  COIN.O  slide 5%
    ** Bitcoin bank Silvergate Capital Corp  SI.N  down 7.7%
    ** Overstock.com  OSTK.O  - an online retailer and
blockchain tech investor - slips 2.3%, while China-based Future
Fintech Group Inc  FTFT.O  down 4.6%
    ** BTC had more than doubled in value at one point in 2021,
broadly lifting the market values of crypto-related stocks
    ** The cryptocurrency has seen steep declines since the
April peak and is now up less than 1.9% YTD
    ** "If you believe in cryptos, and are a holder, your exit
strategy has just been pushed further into the distance." -
DailyFX's Cawley 


 (Reporting by Sagarika Jaisinghani and Aaron Saldanha in
Bengaluru)
 ((Aaron.Saldanha@thomsonreuters.com; +91 80 6749 1130))