Bitcoin miningBitcoin PriceCointelegraph.comCryptocurrenciesStocks

Riot Blockchain stock plunges with Bitcoin as market correction deepens

RIOT stock was down by as much as 14.4% on Thursday.
Shares of Riot Blockchain (RIOT) and other cryptocurrency miners sold off sharply on Thursday, as Bitcoin’s (BTC) gravitational pull on the market continued to broaden. RIOT declined by as much as 14.4% during Thursday’s session, extending its losing streak to four days. The stock has declined 29% over that stretch and is down over 44% from its all-time closing high on February 17.At the time of writing, RIOT had pared most of its daily losses to trade above $43.00. Its market cap currently stands at just under $3 billion. RIOT has corrected sharply from its all-time high. Chart via TradingViewRIOT wasn’t the only crypto-focused stock to decline on Thursday. Shares of Marathon Digital Holdings (MARA), Hive Blockchain (HIVE) and Hut 8 (HUT) all posted heavy losses. The selloff by crypto miners coincides with a sharp correction in the price of Bitcoin, as the flagship cryptocurrency struggled to find support despite bullish industry news. Bitcoin’s price bottomed at $50,360 on Thursday, according to TradingView data. It has since reclaimed the $51,000 level, having declined over 9% in the last 24 hours. As Cointelegraph recently reported, a strengthening U.S. dollar may have taken the sails out of the BTC rally after Federal Reserve Chairman Jerome Powell hinted that monetary stimulus could be withdrawn due to substantial progress in the economy.Publicly-traded companies like Riot Blockchain provide investors with indirect exposure to digital assets like Bitcoin. With a strong focus on Bitcoin mining, Riot’s fortunes reflect underlying …
Story continues on Cointelegraph

Related posts
Cameron WinklevossCointelegraph.comCryptocurrenciesCryptocurrency ExchangeGeminiWinklevoss twins

Gemini exchange’s crypto custody doubled since January, reaching $25B

Gemini Custody has quickly emerged as a leading platform for institutional investors. The Tyler and Cameron Winklevoss-owned Gemini exchange announced a major milestone on Tuesday, as total cryptocurrency held in custody surpassed $25 billion for the first time. In charting its…
bitcoin regulationCointelegraph.comGovernmentPoliticsregulationUnited States

Ohio senator wants clarity for crypto tax reporting in proposed bill

Senator Rob Portman said lawmakers were “still pulling in information” on crypto to formulate the bill, implying he announced it to the public prematurely. A Republican lawmaker from Ohio is preparing legislation that would reportedly be aimed at preventing U.S….
Binance CoinCointelegraph.comFTX TokenHuobi TokenMarketsOKExPrice analysis

Exchange tokens bounce from key support levels as COIN looks for direction

Bitcoin’s sharp correction to $50,000 brought Binance Coin, FTX Token, OKex and Huobi Token to their lower support levels but data shows there is still a bullish case for exchange tokens. A lot of hype was built up before the…