Cryptocurrency Stocks Slump as China Extends Its Crackdown
- MicroStrategy, Coinbase and Marathon are among the decliners
- China central bank says crypto transactions are illegal
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Cryptocurrency stocks declined after China extended its crackdown to digital currencies, with its central bank saying all crypto-related transactions are illegal.
Argo Blockchain Plc slumped 10% in London, while Bitcoin miner Northern Data AG lost 2.5% in Frankfurt. In the U.S., Coinbase Global Inc., the cryptocurrency exchange, and retail trading platform Robinhood Markets Inc. each dropped as much as 3.5%. Meanwhile, MicroStrategy Inc. fell as much as 6.7% and Marathon Digital Holdings Inc. declined 8.1%.