- The stock price of Riot Blockchain Inc (NASDAQ: RIOT) fell by over 12% pre-market today. This is why it happened.
The stock price of Coinbase Global Inc (NASDAQ: COIN) fell by over 6% pre-market today. There are no company-specific reports or filings that are associated with the decline so it appears there are external factors at play.
In this case, it appears that the activity in cryptocurrencies is causing the decline. Over the past week, the price of Bitcoin fell about 16% and it fell over 2.5% between 12 AM ET and 5:12 AM ET today. Ethereum and Dogecoin also both fell more than 4% today during the same time.
The drop in cryptocurrencies is being driven by uncertainties over the Federal Reserve inching towards tighter monetary policies at a time while inflation is climbing. Plus there are investor fears being caused by the Omicron variant of COVID-19.
Riot Blockchain is a company that focuses on mining Bitcoin, and through Whinstone, its subsidiary, hosting Bitcoin mining equipment for institutional clients. The company is expanding and upgrading its mining operations through industrial-scale infrastructure development and latest-generation miner procurement.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.