- NASDAQ:RIOT crashes a further 13.15% as Bitcoin and other cryptocurrencies plummet.
- Despite RIOT’s recent investment in more assets, it is struggling to keep up with the everchanging crypto world.
- The crypto industry turned negative after Janet Yellen’s comments this week.
NASDAQ:RIOT investors have not had a very fun start to the new year as the stock continues to spiral downwards amidst a global correction in the price of several cryptocurrencies. Thursday marked the third straight trading session that RIOT has fallen, resulting in a 30% dip in the price of the stock from its 52-week high price of $29.28. Shares fell 13.15% to close the trading day at $19.35, mirroring the 13% dip in Bitcoin’s price which suffered its largest single-day loss since March when the global financial markets briefly entered into a bear market. Despite the terrible week Riot Blockchain is having, the stock is still up a remarkable 1,668% over the past 52-weeks.
RIOT recently added 2,500 new Antminers which are used to mine Bitcoin and other forms of cryptocurrency. In total, RIOT anticipates deploying over 37,000 Antminers by October of this year. While the company continues to battle rising hash rates and an ever-crowded market of Bitcoin miners, it is still positioned well to bounce back if, or perhaps more accurately when, the price of Bitcoin comes back up.
RIOT stock forecast
Much of the negativity this week around the cryptocurrency landscape was brought on by incoming Treasury Secretary Janet Yellen, who suggested that Bitcoin should be ‘curtailed’ as it is mainly used for nefarious purposes which she called ‘illicit financing’. Whether this is foreshadowing some sort of government regulation under the Biden administration remains to be seen but crypto investors turned bearish this week and the prices have suffered as a result.