Shares of crypto mining company Riot Blockchain (RIOT) plunged on Thusday, giving back a portion of a parabolic rally that was largely driven by news of a major boost in hash rate capacity. RIOT fell 20.4% to close at $62.03 on Thursday but was moving slightly higher in after-hours trading. At current values, RIOT has a total market capitalization of $4.2 billion, making it one of the largest companies in the blockchain industry. The sharp pullback follows a more than doubling in price between Feb. 10 and Feb. 17. The weeklong rally saw RIOT peak just below $78.00 before Thursday’s pullback. Since the beginning of the month, Riot’s stock price has gained a whopping 202%. RIOT began its most recent parabolic rally shortly after the company announced it expected to achieve a hash rate capacity of 1.06 exahash per second with the deployment of 2,002 S19 Pro Antminers. On Feb. 11, CEO Jason Les said :Just a few weeks prior, the company said it planned to achieve a hash rate capacity of 3.8 exahash per second by the end of 2021. When Cointelegraph last covered Riot Blockchain in Nov 2020, the stock was trading at $6, having gained 500% on the year. At the time, the Colorado-based company had appointed Hubert Marleau , the former director for the listing committee for the Toronto Stock Exchange, to Riot’s board of directors.
All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/riot-blockchain-stock-plunges-20-following-parabolic-rally
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