Crypto stocks drop as bitcoin slides below $90,000
13/01/2025 15:08
** Cryptocurrency and blockchain-related stocks fall as bitcoin
falls 5% on Mon, hitting lowest level since Nov 18
** Bitcoin BTC= , world's biggest cryptocurrency, drops as
low as $89,613. It is recently off ~3% at around $91,688.
Smaller cryptocurrency Ether ETH= down 7% at $3,039
** Moves lower come as investors dial back bets on Fed rate
cuts this year .N
** Shares of BTC compiler MicroStrategy MSTR.O down ~3% on the
session
** Crypto exchange Coinbase Global COIN.O down 4%, while
U.S.-listed shares of blockchain farm operator Bitfarms BITF.O
losing >5%
** Crypto miners decline: Riot Platforms RIOT.O
, Mara Holdings MARA.O >4%, Core Scientific CORZ.O 2%
**
Shares of retail trading platform Robinhood Markets HOOD.O
dip 1%
** ProShares Bitcoin Strategy ETF BITO.P and iShares
Bitcoin Trust ETF IBIT.O both slip >3%
** In Dec, BTC soared above $108,000 amid hopes of a friendlier
regulatory environment for cryptocurrencies under a Donald Trump
administration
** With move on Mon, BTC off about 2% to start 2025 after
120% gain in 2024
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))