Crypto stocks drop as Bitcoin sinks on Chinese crackdown

Sos

21/06/2021 10:32

** Shares of cryptocurrency and blockchain-related firms
fall premarket, as Bitcoin  BTC=BTSP  drops 7.6% to $32,904.2
and is set for its worst day in a month
    ** Cryptocurrencies tumble as China's crackdown on bitcoin
mining expands to the Sichuan province  urn:newsml:reuters.com:*:nL3N2O325R urn:newsml:reuters.com:*:nL3N2O31NJ
    ** Cryptomining is a big business in China, accounting for
more than half of the global bitcoin production
    ** U.S.-listed crypto miners Riot Blockchain  RIOT.O  and
Marathon Patent Group  MARA.O  fall 7.5% and 7.2%, respectively,
before the bell
    ** China-based Future Fintech Group Inc  FTFT.O  slips 2.2%,
Ebang International  EBON.O , a Chinese bitcoin mining machine
maker, is down 3.8%
    ** Shares of MicroStrategy Inc  MSTR.O , a BTC buyer and
business intelligence software firm, slide 6.1% 
    ** China-focused SOS  SOS.N  drops 3.9%, while shares of
crypto exchange Coinbase Global  COIN.O  fall 2.7%
    ** Bitcoin bank Silvergate Capital Corp  SI.N  is down 0.9%
in low volumes
    ** BTC has risen ~12.5% YTD, lifting the market values of
crypto-related stocks with it

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