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Crypto-Linked Stocks Tumble
Crypto-Linked Stocks Tumble

Crypto-Linked Stocks Tumble

Crypto-Linked Stocks Tumble

Companies that have seen their fortunes—and share prices—soar with the crypto-craze are now facing a little bit of a reality check, Bloomberg reported. As bitcoin slumped as much as 20% and ripple tumbled as much as 33%, firms that touted their links to the burgeoning blockchain industry, including Riot Blockchain Inc., Overstock.com Inc. and DPW Holdings Inc., have seen their shares tumble in US pre-market trading. Cryptocurrencies fell as investors speculated about the prospect of regulatory crackdowns for the decentralized market. DPW Holdings is the biggest peripheral loser from the slide so far, down 12% in pre-market trading. The company’s Coolisys Technologies unit is working on advanced technology power systems for digital mining of cryptocurrencies. Riot Blockchain, which rebranded as a blockchain company in October, fell 8.6% while Overstock.com, exposed to the craze through a subsidiary called Medici Ventures, fell 4.4%. Eastman Kodak Co., which saw its shares jump almost 200% last week after the company said it’s working with WENN Digital to offer a blockchain-based service for paying photographers, is trading 6% lower.

 

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