Bitcoin slump puts the "cry" in crypto for hodlers

Sos

19/05/2021 16:21

(Updates after market open)
    ** Shares of cryptocurrency and blockchain-related firms
battered as bitcoin  BTC=BTSP  drops 18.5% to $34,927
    ** Bitcoin and ethereum  ETH=BTSP  set to post their worst
one-day losses since March 2020 after China imposed fresh curbs
on transactions involving cryptocurrencies
 urn:newsml:reuters.com:*:nL2N2N60Q4 urn:newsml:reuters.com:*:nL2N2N61KU 
    ** China, a major hub for crypto mining, bans financial
institutions, payment firms from providing services related to
crypto transactions; also warns investors against speculative
trading    
    ** Tesla CEO Elon Musk tweets, saying "Tesla has" with
emojis implying "diamond hands" - a term used on online to
describe fearless holders of cryptocurrencies or meme stocks -
bit.ly/3f2Bex7
    ** Bitcoin bank Silvergate Capital Corp  SI.N  down 4.7%;
cryptocurrency miners Riot Blockchain  RIOT.O  and Marathon
Digital Holdings  MARA.O  7.9% and 10.1% lower, respectively    
 
    ** China-based Future Fintech Group Inc  FTFT.O  slips 3.9% 
    ** Shares of Overstock.com  OSTK.O , an online retailer and
blockchain tech investor, down 5.2%; shares of MicroStrategy Inc
 MSTR.O , a BTC buyer and business intelligence software firm,
9.8% lower
    ** China-focused SOS  SOS.N  declines 5.2%; crypto exchange
Coinbase Global's stock  COIN.O  drops 7.7%, COIN also hit by
$1.25 bln capital raise  urn:newsml:reuters.com:*:nL2N2N615H
    ** YTD, BTC has risen ~26.5%, broadly lifting market values
of crypto-related stocks with it

 (Reporting by Aaron Saldanha and Lisa Mattackal)
 ((Aaron.Saldanha@thomsonreuters.com; +91 9810644993; Reuters
Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))