Crypto stocks slide after Powell says Fed can't own bitcoin
2024-12-19
Category: None

** Cryptocurrency and blockchain-related stocks slide in late afternoon trading on Weds after Fed chair Powell's comments
** "We’re not allowed to Bitcoin," Powell said at a press conference following the latest FOMC meeting
** In terms of the legal issues around holding Bitcoin, he said "that’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed"
** Bitcoin BTCUSD, world's biggest cryptocurrency, was last down about 5% around $101,000, while smaller crypto Ether (ETH=) off 6% at $3,698
** Shares of BTC stockpiler MicroStrategy MSTR down ~8%, and crypto exchange Coinbase Global COIN falling ~9%
    ** Crypto miners drop: Riot Platforms RIOT           14        %, Mara Holdings MARA ~11%, Core Scientific CORZ 10%  
    ** Shares of retail trading platform Robinhood Markets HOOD down >10%  
    ** ProShares Bitcoin Strategy ETF BITO and iShares Bitcoin Trust ETF IBIT both down ~5%  
    ** BTC has     rallied     to record high of $108,379 amid growing hopes for a strategic reserve and expectations of a friendlier regulatory environment for cryptocurrencies under Donald Trump  
    ** Meanwhile, equity markets extending losses in late trading with all three major indexes declining more than 2%   