Crypto company stocks slump as bitcoin drops below $20,000


Shares of companies exposed to cryptocurrencies slumped Monday, after bitcoin BTCUSD, -1.98% fell back below the $20,000 level for the first time in seven weeks, as hawkish comments from Federal Reserve Chairman Jerome Powell last week sparked a risk-off selloff. Bitcoin dropped 3.6% to $19,690, putting it on track for the fifth close below $20,000 since mid-June, after not closing below it since December 2020. Among shares of companies that are all about crypto, Coinbase Global Inc. COIN, -0.45% slid 3.0%, Marathon Digital Holdings Inc. MARA, -4.27% shed 4.3% and Riot Blockchain Inc. RIOT, -2.58% declined 4.4%. Among some other companies with significant crypto exposure, shares of MicroStrategy Inc. MSTR, -2.68% slumped 3.7% and Signature Bank SBNY, -1.26% slipped 0.6%. Meanwhile, futures ES00, -1.36% for the S&P 500 SPX, -1.32% dropped 0.9%, following a 3.4% plunge in the S&P 500 on Friday after Powell made his hawkish comments.

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