Seeking Alpha
2021-11-16 13:03:33

Bitcoin, other crypto under pressure after Twitter CFO comments on crypto

Bitcoin (BTC-USD), along with most other cryptocurrencies, drops after Twitter's (NYSE:TWTR) CFO said investing some of the company's capital in crypto assets such as bitcoin "doesn't make sense right now." Bitcoin (NYSEARCA:BTC) fell as low as $59.2K overnight, its lowest level since Nov. 1, according to CoinMarketCap. The world's largest cryptocurrency recently traded at $60.1K, down 8.2% over the last 24 hours. Ether (ETH-USD) drops 10% to $4.24K, Binance Coin (BNB-USD) slides 10%, Solana (SOL-USD) falls 9.2%, Cardano (ADA-USD), dips 8.3%, and Shiba Inu (SHIB-USD) declines 9.6%. Meanwhile, Twitter (TWTR) shares rise 0.3% in premarket trading. "We [would] have to change our investment policy and choose to own assets that are more volatile," Segal said in an interview with the Wall Street Journal. In addition to the volatility, the absence of accounting rules specifically for crypto assets is another deterrent. In recent months, large U.S. companies have urged the Financial Accounting

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