Why did Riot Blockchain stock go down today?

Time:2022-01-03 Source: 1134 views Trending Copy share

Shares of cryptocurrency miner Riot Blockchain (NASDAQ:RIOT) fell as much as 8.5% intra-day before recovering a bit as bitcoin (BTC-USD) appears to have found a level of resistance at $58K, sliding 3.4% to $55.5K.
On a M/M basis, Riot (RIOT) (-6.7%) stock is outpaced by bitcoin (BTC-USD) (+23.5%), but still leads BTC by about 400 percentage points Y/Y, according to the chart below.
a96a26b17f93af1c7b0f9ad5646e3701.pngRiot (RIOT) shares are heavily influenced by how bitcoin is trading, so this diverging M/M performance may imply more upside for RIOT in the near term as BTC climbs.
Some great proxy-like benchmarks for the price of bitcoin (BTC-USD) are Grayscale Bitcoin Trust (OTC:GBTC -3.8%), Osprey Bitcoin Trust (OTCPK:OBTC -2.9%) and even MicroStrategy (MSTR -3.3%), a business analytics firm that is known to buy and "hodl" large piles of bitcoin.
Most crypto miners are also trading deep in the red including: MGT Capital (OTCQB:MGTI -9.6%), Marathon Digital (MARA -4.8%), HIVE Blockchain (HIVE -7.4%), Bit Digital (BTBT -9.9%), Hut 8 Mining (HUT -5.4%), Bitfarms (BITF -6.9%), Argo Blockchain (ARBK -2.8%) and ISW Holdings (OTCPK:ISWH -6.5%).

By: Max Gottlich

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