Crypto-Currencies Crash Bringing Related Companies Down With Them

Shares of cryptocurrencies like Ripple, Ethereum and the granddaddy of all, Bitcoin are falling today, bringing the shares of related publicly-traded companies down with them.

BANK HALTS WIRE TRANSFERS: Over this past weekend, Fortune reported that Metropolitan Bank Holding Corp, which had facilitated the operations of cryptocurrency companies and investment firms, halted all "all cryptocurrency-related international wires effective immediately." According to Fortune's sources, the bank had verification issues with international wire transfers for cryptocurrency accounts. Apparently, this all stemmed from an incident of fraud tied to one of Metropolitan's bank clients.

CHINA CRACKDOWN: According to a Bloomberg article out Monday, China is ramping up its regulations on online platforms and mobile apps that offer exchange-like services. "The government plans to block domestic access to homegrown and offshore platforms that enable centralized trading, the people said, without being more specific about how policy makers define such platforms," said Bloomberg.

PRICE ACTION: Shares of Bitcoin are down over 17% , while Ethereum is lower by 18%. Ripple is plunging almost 30% in afternoon trading. Shares of Bitcoin-related companies that trade on U.S. exchanges are lower including Overstock.com (OSTK), down 8.5%, Advanced Micro Devices (AMD), lower by over 1%, NVIDIA (NVDA), falling 2%, Square (SQ) plunging over 5%, Long Blockchain Corp (LBCC), down 2.6%, Eastman Kodak (KODK), lower by 9.5%, and both Marathon (MARA) and Grayscale's Bitcoin Investment Trust (GBTC) down over 10%.

 

Disclaimer: TheFly.com, Inc.'s staff does NOT provide any individual investment advice or money management assistance. TheFly.com, Inc.'s employees are not brokers, dealers or registered ...

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