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OFFON

BIT DIGITAL, INC.

(BTBT)
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Bitcoin slips after China central bank vows to crack down on crypto trading

09/24/2021 | 05:58am EDT
FILE PHOTO: Crypto currency ATM machine is pictured in a shop in Union City

LONDON (Reuters) - Bitcoin fell nearly 5% on Friday after China's central bank said it would crack down on cryptocurrency trading, banning overseas exchanges from providing services to mainland investors.

The largest cryptocurrency was last down 4.6% at $42,874, with smaller coins that typically trade in tandem with bitcoin also tumbling. Ether fell over 8% while XRP slipped 7%.

The People's Bank of China also said it will bar financial institutions, payment companies and internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities.

"Crypto markets are in an extremely frail state overall, and these sorts of downswings speak to that; there's a degree of panic in the air," said Joseph Edwards, head of research at cryptocurrency broker Enigma Securities.

"Crypto continues to exist in a grey area of legality across the board in China."

Shares in cryptocurrency and blockchain-related firms also came under pressure with U.S. listed miners Riot Blockchain, Marathon Digital and Bit Digital slipping between 4.1% and 5.1% in premarket trading.China-focused SOS slipped 1.2% while crypto exchange Coinbase Global fell 2.7%.

Earlier this year, Chinese authorities said they would crack down on cryptocurrency mining, sparking a massive sell-off of bitcoin and other coins.

(Reporting by Tom Wilson, additional reporting by Sagarika Jaisinghani, editing by Karin Strohecker)

By Tom Wilson


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIT DIGITAL, INC. 4.86% 11.22 Delayed Quote.-48.79%
BITCOIN (BTC/EUR) 0.40% 52711.796035 Real-time Quote.124.03%
BITCOIN (BTC/USD) 0.38% 61141 Real-time Quote.113.30%
COINBASE GLOBAL, INC. 7.93% 280.61 Delayed Quote.0.00%
MARATHON DIGITAL HOLDINGS, INC. 12.16% 48.89 Delayed Quote.368.30%
RIOT BLOCKCHAIN, INC. 6.62% 27.85 Delayed Quote.63.92%
SOS LIMITED -0.47% 2.11 Delayed Quote.42.57%
All news about BIT DIGITAL, INC.
10/12BIT DIGITAL : to Buy Bitcoin Mining Hardware From Bitmain; Shares Sink
MT
10/12BIT DIGITAL : to Buy Bitcoin Mining Hardware From Bitmain
MT
10/12BIT DIGITAL : Announces Agreements to Purchase 10,000 Antminers from Bitmain
PR
10/12BIT DIGITAL : Remarks by Bryan Bullet, Chief Executive Officer - Form 6-K
PU
10/07Bit Digital, Inc. announced that it has received $80.000017 million in funding
CI
10/06BIT DIGITAL : Shares Jump 14% After Closing on $80 Million Private Placement
MT
10/05BIT DIGITAL : Raises $80 Million From Private Placement - Shares Surge
MT
10/05BIT DIGITAL : Announces Closing of $80 Million Private Placement
PR
09/30BIT DIGITAL : Announces $80 Million Private Placement (Form 6-K)
PU
09/30BIT DIGITAL : to Sell $80 Million Securities in Private Placement; Stock Slides
MT
More news
Analyst Recommendations on BIT DIGITAL, INC.
More recommendations
Financials (USD)
Sales 2021 122 M - -
Net income 2021 62,0 M - -
Net Debt 2021 - - -
P/E ratio 2021 8,98x
Yield 2021 -
Capitalization 778 M 778 M -
Capi. / Sales 2021 6,39x
Capi. / Sales 2022 7,78x
Nbr of Employees 6
Free-Float 79,6%
Chart BIT DIGITAL, INC.
Duration : Period :
Bit Digital, Inc. Technical Analysis Chart | BTBT | KYG1144A1058 | MarketScreener
Technical analysis trends BIT DIGITAL, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 11,22 $
Average target price 14,00 $
Spread / Average Target 24,8%
EPS Revisions
Managers and Directors
Bryan Bullett Chief Executive Officer
Erke Huang Chief Financial Officer & Director
Zhaohui Deng Chairman
Min Hu Independent Director
Xiong Yan Independent Director
Sector and Competitors
1st jan.Capi. (M$)
BIT DIGITAL, INC.-48.79%778
MARATHON DIGITAL HOLDINGS, INC.368.30%4 871
RIOT BLOCKCHAIN, INC.63.92%2 672
ARGO BLOCKCHAIN PLC263.64%771