Crypto stocks fall as inflation data dampens ETF exuberance

Silvergate Capital

11/01/2024 17:14

(Updates)
    ** Shares of cryptocurrency-related companies fall as
inflation data gloom overshadows optimism surrounding spot
bitcoin exchange-traded funds (ETFs)
        ** Bitcoin  BTC=  pares gains after hitting its highest
in more than two years
  
        ** Inflation data showed a 
    bigger-than-expected surge
     in consumer prices last month, keeping optimism on Wall
Street in check  .N 
  
        ** Analysts had also warned of some profit-booking after
the massive rally in crypto-related stocks in the run-up to
Wednesday, when the Securities and Exchange Commission 
    approved a spot bitcoin ETF
  
    ** Crypto exchange Coinbase Global  COIN.O  falls 6.5%,
while blockchain farm operator Bitfarms Ltd  BITF.O  drops 12.7%
    ** Crypto miner Marathon Digital  MARA.O  plummets ~14%, and
major bitcoin buyer MicroStrategy  MSTR.O  falls 4.8% 
    ** Bitcoin mining machine maker Ebang International  EBON.O 
drops 9.1%
    ** ProShares Bitcoin Strategy ETF  BITO.K , the
futures-based bitcoin ETF that was approved in 2021, falls 1%
    ** Retail-focused trading app operator Robinhood Markets
 HOOD.O  falls 3.3%


 (Reporting by Shashwat Chauhan and Niket Nishant in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))