 "More drops in Big Tech pull stocks lower; Bitcoin drops another 20%")
US stocks are opening broadly lower, extending a weak streak into a third day.
The price of Bitcoin dropped another 20 per cent Wednesday, extending a sharp pullback in crypto assets over the past month, after China's banking association issued a warning over the risks associated with digital currencies.
Big Tech companies extended their declines on Wall Street. Amazon, Apple and Microsoft each fell more than 1 per cent. Coinbase, a cryptocurrency exchange operator that had an IPO last month, dropped 8 per cent.
The drop in Bitcoin follows a recent reversal by longtime Bitcoin advocate Tesla, which now says it will no longer accept Bitcoin as payment for cars.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)