Crypto stocks slide after Powell says Fed can't own bitcoin
** Cryptocurrency and blockchain-related stocks slide in late afternoon trading on Weds after Fed chair Powell's comments
** "We’re not allowed to Bitcoin," Powell said at a press conference following the latest FOMC meeting
** In terms of the legal issues around holding Bitcoin, he said "that’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed"
** Bitcoin BTC=, world's biggest cryptocurrency, was last down about 5% around $101,000, while smaller crypto Ether ETH= off 6% at $3,698
** Shares of BTC stockpiler MicroStrategy MSTR.O down ~8%, and crypto exchange Coinbase Global COIN.O falling ~9%
** Crypto miners drop: Riot Platforms RIOT.O 14 %, Mara Holdings MARA.O ~11%, Core Scientific CORZ.O 10%
** Shares of retail trading platform Robinhood Markets HOOD.O down >10%
** ProShares Bitcoin Strategy ETF BITO.P and iShares Bitcoin Trust ETF IBIT.O both down ~5%
** BTC has rallied to record high of $108,379 amid growing hopes for a strategic reserve and expectations of a friendlier regulatory environment for cryptocurrencies under Donald Trump
** Meanwhile, equity markets extending losses in late trading with all three major indexes declining more than 2% .N
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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