Cryptocurrencies experienced a sharp sell-off over the past couple of days following reports that China and South Korea were cracking down on trading activity. According to Bloomberg, Chinese regulators are targeting online platforms and mobile apps that offer exchange-like services. South Korean regulators also attempted to tighten control over cryptocurrency, according to The Wall Street Journal, but there has been a widespread backlash among its citizens.
The sell-off prompted many crypto-related stocks to move sharply lower over the past couple of sessions, including Riot Blockchain, Inc., which is trading about 20% lower over the past two days. While some crypto-related stocks are more focused on blockchain technology, the sell-off has affected all areas of the market. The positive news is that there seems to have been a modest rebound and a reduction in price declines in recent hours. (See also: Is the Cryptocurrency Bubble More Like Housing or Dotcom?)
Riot Blockchain and other crypto-related stocks moved sharply lower after cryptocurrency prices plummeted. …read more
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