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Tech Down With Bitcoin Prices -- Tech Roundup

05/21/2021 | 05:21pm EDT

Shares of technology companies fell as a rotation out of the sector resumed, driven by risk aversion and interest-rate outlooks.

The price of digital currency bitcoin resumed its recent crash after regulators in China warned they would rein in "mining" of the currency among other measures to reduce threats to financial stability. In the U.S., there's a proposal for more reporting of bitcoin transfers to the Internal Revenue Service.

Shares of tech companies that have, to one degree or another, embraced bitcoin, have fallen sharply in recent weeks, and were lower again on the day. Those include electric-car maker Tesla and financial-technology concern Square.

Apple Chief Executive Tim Cook took the witness stand in a court battle that could decide a key pillar of his growth strategy for the company, arguing that opening up the iPhone to rival app stores would hinder users. Shares of Apple are now in the red for the year to date.

Senior managers at Google artificial-intelligence unit DeepMind have been negotiating for years with the parent company for more autonomy, seeking an independent legal structure for the sensitive research they do, The Wall Street Journal reported.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

05-21-21 1720ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.77% 2694.53 Delayed Quote.54.94%
APPLE INC. 0.15% 145.86 Delayed Quote.9.93%
BITCOIN - EURO -1.42% 34785.6 Real-time Quote.49.62%
BITCOIN - UNITED STATES DOLLAR -1.29% 41271.77 Real-time Quote.45.13%
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
S&P 500 -0.54% 4395.26 Delayed Quote.17.65%
TESLA, INC. 1.45% 687.2 Delayed Quote.-2.62%
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