BUZZ-Crypto stocks slide after Powell says Fed can't own bitcoin

Reuters12-19

BUZZ-Crypto stocks slide after Powell says Fed can't own bitcoin

** 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 BTC=, 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.O down ~8%, and crypto exchange Coinbase Global COIN.O falling ~9%

** Crypto miners drop: Riot Platforms RIOT.O 14 %, Mara Holdings MARA.O ~11%, Core Scientific CORZ.O 10%

** Shares of retail trading platform Robinhood Markets HOOD.O down >10%

** ProShares Bitcoin Strategy ETF BITO.P and iShares Bitcoin Trust ETF IBIT.O 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% .N

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380 ))

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after Powell says Fed can't own bitcoin** 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 BTC=, 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.O down ~8%, and crypto exchange Coinbase Global COIN.O falling ~9%\n** Crypto miners drop: Riot Platforms RIOT.O\n 14\n%, Mara Holdings MARA.O ~11%, Core Scientific CORZ.O 10%\n\n** Shares of retail trading platform Robinhood Markets HOOD.O down >10%\n\n** ProShares Bitcoin Strategy ETF BITO.P and iShares Bitcoin Trust ETF IBIT.O both down ~5%\n\n** BTC has \nrallied\n 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\n\n** Meanwhile, equity markets extending losses in late trading with all three major indexes declining more than 2% .N\n(Lance Tupper is a Reuters market analyst. The views expressed are his own)((lance.tupper@tr.com 1-646-279-6380 ))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492151691"}