Why Trendy Bitcoin Stocks Like Bitcoin like stocks Blockchain Are Tanking – Nasdaq. Shares of several trendy bitcoin-related stocks-including Riot Blockchain RIOT , Longfin LFIN , and the Bitcoin Investment Trust GBTC -fell sharply.
Join the NASDAQ Community today and get free, instant access to portfolios, stock ratings, real-time alerts, and more! Thursday morning, despite gains throughout the broader markets. Today’s slump in bitcoin stocks comes alongside steep declines in several of the world’s most popular cryptocurrencies. For most of these cryptocurrencies, Thursday’s volatility represents a drop from new highs-which were witnessed after traders displayed hesitation toward the original Bitcoin earlier this week. Indeed, on Tuesday, Bitcoin tumbled while several notable altcoins, including Bitcoin Cash, soared.
The move was partially sparked by concerns over Bitcoin’s increased transaction fees and slow confirmation times-two issues that were highlighted by Bitcoin. An investment in Bitcoin right now I would say is the most risky investment one can make. I’ve actually sold all of my Bitcoins recently and switched to Bitcoin Cash,” Oldenburg said this week. Oldenburg’s caution ignited further interest in the aforementioned bitcoin alternatives, including Bitcoin Cash. Today’s retreat underscores the ever-present volatility that we see in cryptocurrency valuations, as investor sentiment surrounding these blockchain-powered digital coins shifts on a nearly day-to-day basis. For trendy stocks like Riot, Longfin, and GBTC, volatility in the crypto market causes volatility in their own valuations. These companies are still up significantly over the past three months, but their unprecedented runs seem to be losing steam.
Questions about the legitimacy of Riot’s business model, which sees the once-dying diagnostics machinery company invest in various firms involved in the bitcoin and Ethereum ecosystems, were exacerbated this week after the stock was targeted by Citron Research. The bar for finding good shorts has been lowered,” tweeted the famed short-selling firm on Monday. 2012, and then its stock price exploded after the company announced the acquisition of Ziddu. Want more stock market analysis from this author?
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Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Should I reverse Mortgage My Home? What cannot be denied is the astonishing run the largest cryptocurrency has had this year. 100,000, or anywhere in between. Think of it as a digital currency that does not need an intermediary to store or complete transactions. Bitcoin is powered by blockchain technology.