Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

12 Stocks Getting Crushed By Bitcoin’s Rout

Courtesy of Benzinga.

12 Stocks Getting Crushed By Bitcoin's Rout

For bitcoin investors, the long holiday weekend can’t come fast enough. The price of bitcoin plummeted another 14 percent Friday, dipping as low as $11,622 before bouncing back to $13,390 in mid-day trading. At one point, the price of the cryptocurency was down more than 40 percent from its Sunday high of $19,856.

Extreme Volatility

There’s no obvious explanation for the extreme sell-off, which may simply be attributed to the exceptional volatility of the bitcoin market.

The recently-launched bitcoin futures contracts hit their “limit down” circuit breaker on Friday after losing 20 percent of their value. Trading of the contracts was temporarily halted. Coinbase, one of the world’s largest bitcoin exchanges, temporarily disabled bitcoin trading on Friday morning due to the extreme volatility as well.

Troubles Abroad

CNBC reported that cryptocurrency demand from South Korean and Japanese investors dropped sharply this week. Much of the global demand that has driven bitcoin prices higher in recent weeks has come from those two nations. South Korean cryptocurrency exchange Youbit filed for bankruptcy this week after a major security breach at the exchange.

Bank of Japan Governor Haruhiko Kuroda also referred to bitcoin’s huge 2017 gains as “abnormal” this week in a media conference.

Price Action

The horrible week for bitcoin extends beyond currency owners. A number of cryptocurrency and blockchain-related stocks and ETFs are taking a pounding on Friday as well:

  • Bitcoin Investment Trust (OTC: GBTC) is down 4.6 percent.
  • Future Fintech Group Inc (NASDAQ: FTFT) is down 11.6 percent.
  • Metropolitan Bank Holding Corp (NYSE: MCB) is down 5.4 percent.
  • ChinaCache International Holdings Ltd (NASDAQ: CCIH) is down 21.2 percent.
  • Nova Lifestyle Inc (NASDAQ: NVFY) is down 10.2 percent.
  • Seven Stars Cloud Group Inc (NASDAQ: SSC) is down 15.0 percent.
  • Net Element International Inc (NASDAQ: NETE) is down 27.9 percent.
  • Riot Blockchain Inc (NASDAQ: RIOT) is down 16.3 percent.
  • On Track Innovations Ltd (USA) (NASDAQ: OTIV) is down 14.2 percent.
  • Social Reality Inc (NASDAQ: SRAX) is down 13.3 percent.
  • Advanced Micro Devices, Inc (NASDAQ: AMD) is down 3.6 percent.
  • NVIDIA Corporation (NASDAQ: NVDA) is down 1.0 percent.

Related Links:

Here Are All The Ways You Can Buy, Trade, And Invest In Bitcoin

Does Bitcoin Actually Hold Any Value At All?

Posted-In: Bitcoin cryptocurrencyFintech Intraday Update Movers Trading Ideas Best of Benzinga


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!