Riot Blockchain, Inc. shares fell more than 33% on Friday after a CNBC investigative report brought up concerns about equipment purchases, postponed annual meetings, insider selling, dilutive stock issuances at favorable terms to investors and more. After the story was published, CEO John O’Rourke called the report a “negative one-sided piece” and highlighted the company’s progress in building a diversified portfolio of investments.
The stock has been popular among many active traders due to its high volatility stemming from its focus on cryptocurrencies and blockchain technologies. For their part, bitcoin prices rose to nearly $20,000 late last year before falling sharply to about $7,000 and rebounding to nearly $9,500 today. These prices have heavily influenced Riot Blockchain as well as other cryptocurrency and blockchain stocks such as Eastman Kodak Company and Overstock.com, Inc. . (For more, see: Crypto Stocks Plummet as Currencies Sell Off.)
Riot Blockchain shares fell sharply lower to key support levels after a CNBC report, but traders will be closely watching these key levels. …read more
Read more here: Riot Blockchain Stock Falls 33% to Support After CNBC Report
Category: RIOT, KODK, OSTK