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.