Bitcoin Falls Sharply; Bitcoin Stocks GBTC, Riot Blockchain, Square Follow | Stock News & Stock Market Analysis – IBD
Bitcoin and its futures contracts took a sharp turn lower in midafternoon trading Wednesday, bringing down related stocks as well.
Other stocks in the cryptocurrency space also sold off. Riot Blockchain (RIOT) plunged 19%, Square (SQ) lost 4%, and Marathon Patent Group (MARA) eased 1%. Bitcoin Investment Trust (GBTC), an investment vehicle that tracks Bitcoin, was off just 0.6%. Overstock (OSTK), however, leapt 10%.
The drop underscores the volatility in the cryptocurrency market as more investors show interest in it. The SEC has recently urged caution for anyone considering investing in Bitcoin and other digital assets. UBS’ global chief economist this week called the cryptocurrency the "bubble to end all bubbles."
via Investor’s Business Daily
December 13, 2017 at 01:12PM