Crypto stocks plunge amid risk-off stoked by rate tightening, slowdown concerns

BTC Health

09/05/2022 10:31

** Cryptocurrency- and blockchain-related stocks plummet as
bitcoin  BTC=BTSP , the world's largest digital asset, falls to
its lowest since Jan amid global risk-off sentiment  MKTS/GLOB 
 urn:newsml:reuters.com:*:nL2N2X107A
    ** BTC down 1.4% at $33,714 while Ethereum  ETH=BTSP  skids
3% at $2,456 to its lowest since March
    ** Miners Riot Blockchain  RIOT.O , Marathon Digital
 MARA.O  and Bit Digital  BTBT.O  drop between 3% and 6%
    ** Blockchain farm operator Bitfarms Ltd  BITF.O  declines
9%, while BTC buyer and business intelligence software co
MicroStrategy  MSTR.O  drops 5%
    ** BTC mining machine makers Canaan  CAN.O  plummets 10% and
crypto exchange Coinbase Global  COIN.O  loses 4%
    ** Nasdaq crypto index  .NCID , which tracks a basket of
digital assets, down 7%
    ** BTC has lost about 27% YTD while the tech-heavy Nasdaq
 .IXIC  is down 22% this year amid rate tightening fears by the
U.S. Federal Reserve, which raised rates last week
    ** Wall Street set for weaker open amid global slowdown
worries, stoked by tighter financial conditions and lockdowns in
China  MKTS/GLOB 

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))