Crypto company shares and funds closed sharply lower on Tuesday as bitcoin dropped briefly to a two-year low, even though the three major U.S. equity indexes ended higher.
Bitcoin BTCUSD, -0.17% tumbled to as low as $ 17,484 Tuesday, the lowest level since Nov. 2020, after Binance, the world’s largest crypto exchange, said it had signed a letter of intent to acquire the non-U.S. assets of rival FTX, which faces a “significant liquidity crunch.”
Read: Bitcoin falls to two-year low after crypto exchange Binance proposed to buy rival FTX
Bitcoin lost over 12% to around $ 18,374 over the past 24 hours, according to CoinDesk data. Ether ETHUSD, +0.14% fell 17.6% over the past 24 hours. The 50 largest cryptocurrencies, except some dollar-pegged stablecoins, are all in red Tuesday.
Shares in Crypto exchange Coinbase COIN, -10.78% closed down 10.6% at around $ 50.92, according to Dow Jones Market data. MicroStrategy MSTR, -20.55% finished 21% lower at around $ 211.8.
Mining company Riot Blockchain RIOT, -7.30% shares went down 7.4% to around $ 5.30, and Marathon Digital Holdings MARA, -5.14% shares lost 5.2% to $ 9.96. Another miner, Ebang International Holdings Inc. EBON, -1.44% shares dropped 1.4% to around $ 0.31.
Among crypto funds, ProShares’s Bitcoin Strategy ETF BITO, -13.39% plummeted 13.2% to $ 11.15, while its Short Bitcoin Strategy ETF BITI, +12.97% rallied 13.2% to $ 40.06. Valkyrie Bitcoin Strategy ETF BTF, -13.47% tanked 13.5% to $ 6.94, and Grayscale Bitcoin Trust GBTC, -12.40% dived 12.5% to $ 10.55.