Crypto stocks and funds close sharply lower, as bitcoin plunges briefly to a 2-year low

Dow Jones2022-11-09

MW Crypto stocks and funds close sharply lower, as bitcoin plunges briefly to a 2-year low

By Frances Yue

Crypto company shares and funds closed sharply lower on Tuesday as bitcoin dropped briefly to a two-year low, even though the three major U.S. equity indexes ended higher.

Bitcoin tumbled to as low as $17,484 Tuesday, the lowest level since Nov. 2020, after Binance, the world's largest crypto exchange, said it had signed a letter of intent to acquire the non-U.S. assets of rival FTX, which faces a "significant liquidity crunch."

Read:Bitcoin falls to two-year low after crypto exchange Binance proposed to buy rival FTX

Bitcoin lost over 12% to around $18,374 over the past 24 hours, according to CoinDesk data. Ether fell 17.6% over the past 24 hours. The 50 largest cryptocurrencies, except some dollar-pegged stablecoins, are all in red Tuesday.

Shares in Crypto exchange Coinbase$(COIN)$closed down 10.6% at around $50.92, according to Dow Jones Market data. MicroStrategy $(MSTR.AU)$ finished 21% lower at around $211.8.

Mining company Riot Blockchain $(RIOT)$ shares went down 7.4% to around $5.30, and Marathon Digital Holdings $(MARA)$ shares lost 5.2% to $9.96. Another miner, Ebang International Holdings Inc.$(EBON)$ shares dropped 1.4% to around $0.31.

Among crypto funds, ProShares's Bitcoin Strategy ETF $(BITO)$ plummeted 13.2% to $11.15, while its Short Bitcoin Strategy ETF $(BITI)$ rallied 13.2% to $40.06. Valkyrie Bitcoin Strategy ETF $(BTF.SI)$ tanked 13.5% to $6.94, and Grayscale Bitcoin Trust (GBTC) dived 12.5% to $10.55.

-Frances Yue

(END) Dow Jones Newswires

November 08, 2022 16:22 ET (21:22 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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Ether fell 17.6% over the past 24 hours. The 50 largest cryptocurrencies, except some dollar-pegged stablecoins, are all in red Tuesday. \n</p>\n<p>\n  Shares in Crypto exchange Coinbase<a href=\"https://laohu8.com/S/COIN\">$(COIN)$</a>closed down 10.6% at around $50.92, according to Dow Jones Market data. MicroStrategy <a href=\"https://laohu8.com/S/MSTR.AU\">$(MSTR.AU)$</a> finished 21% lower at around $211.8. \n</p>\n<p>\n  Mining company Riot Blockchain <a href=\"https://laohu8.com/S/RIOT\">$(RIOT)$</a> shares went down 7.4% to around $5.30, and Marathon Digital Holdings <a href=\"https://laohu8.com/S/MARA\">$(MARA)$</a> shares lost 5.2% to $9.96. 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Ether fell 17.6% over the past 24 hours. The 50 largest cryptocurrencies, except some dollar-pegged stablecoins, are all in red Tuesday. \n\n\n  Shares in Crypto exchange Coinbase$(COIN)$closed down 10.6% at around $50.92, according to Dow Jones Market data. MicroStrategy $(MSTR.AU)$ finished 21% lower at around $211.8. \n\n\n  Mining company Riot Blockchain $(RIOT)$ shares went down 7.4% to around $5.30, and Marathon Digital Holdings $(MARA)$ shares lost 5.2% to $9.96. Another miner, Ebang International Holdings Inc.$(EBON)$ shares dropped 1.4% to around $0.31. \n\n\n  Among crypto funds, ProShares's Bitcoin Strategy ETF $(BITO)$ plummeted 13.2% to $11.15, while its Short Bitcoin Strategy ETF $(BITI)$ rallied 13.2% to $40.06. 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