Riot Stock Rallies as Blockchain Tech Goes Mainstream

Riot Blockchain, Inc. shares soared more than 27% on Monday and exhibited significant volatility at the open on Tuesday. The move comes after JPMorgan Chase & Co., The Goldman Sachs Group, Inc., Citigroup Inc.  and other large banks completed a six-month test of the blockchain​ in the $2.8 trillion equity swaps market. The test saw a 100% success rate and demonstrated the ability to lower costs significantly. The news also sent bitcoin prices above the $8,000 mark for the first time.

On Tuesday, bitcoin prices fell more than 5% after Tether – an independent cryptocurrency – was hacked to the tune of $31 million. Tether’s development team is working to prevent the stolen tokens from being used, but the move could damage the credibility of blockchain technology. The positive news is that the move out of Tether could be beneficial for bitcoin, Ethereum and other more established cryptocurrencies. (See also: Tether Hack: Cryptocurrency Worth $31 Million Stolen.)

 

Riot Blockchain shares moved sharply higher on Monday after several large banks completed a test of blockchain technologies. …read more

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Category: RIOT, JPM, GS, C

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