Crypto stocks fall as Turkey ban rattles bitcoin

Sos

16/04/2021 11:11

** Shares of cryptocurrency-exposed stocks tumble in
premarket trade, tracking steep losses in bitcoin  BTC=  
    ** Bitcoin drops 4% from near record-high levels after
Turkey bans the use of cryptocurrencies and crypto assets to
purchase goods and services; The crypto market in the country
had gained momentum recently, due to spiking inflation and lira
 TRY=  weakness   urn:newsml:reuters.com:*:nL1N2M90AO
    ** Crypto miner Riot Blockchain  RIOT.O  leads losses, down
6.2%, while crypto exchange Coinbase  COIN.O , whose Nasdaq
listing this week had pushed Bitcoin to record highs, falls 1.1%
 urn:newsml:reuters.com:*:nL4N2M73OE
    ** Marathon Digital  MARA.O  and China-focused SOS Ltd
 SOS.N  fall more than 5% each
    ** Digital currency bank Silvergate Capital Corp  SI.N 
sheds 1.6%, while Chinese blockchain firm Future Fintech Group
 FTFT.O  falls 1.8%
    ** Electric car maker Tesla  TSLA.O , a major proponent of
Bitcoin, falls 0.4%
    ** Still, most crypto stocks trading comfortably higher YTD,
as Bitcoin doubles in value this year on a wave of fresh
mainstream interest


 (Reporting by Ambar Warrick in Bengaluru)
 ((Ambar.Warrick@thomsonreuters.com; +91-80-6182-2837; Reuters
Messaging: ambar.warrick.thomsonreuters.com@reuters.net;
Twitter: @AmbarWarrick))