Crypto stocks tumble as bitcoin selloff continues

Updated: Wed, Jan 17, 2018
10:20 pm
Reuters
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A slew of blockchain- and bitcoin-related stocks sank on Wednesday following a steep fall in the price of the cryptocurrency over the past few days on fears of regulatory clampdowns.

Bitcoin, which skyrocketed nearly 2,000 percent last year and hovered near a peak of $20,000, slipped below $10,000 on the Luxembourg-based Bitstamp exchange on Wednesday, adding to a 20 percent slump over the last three days.

South Korea, Japan and China have all made noises about a regulatory swoop, and officials in France and the United States have vowed to investigate cryptocurrencies.

Shares of Riot Blockchain, Marathon Patent, Longfin Corp, Long Blockchain Corp and Social Reality Inc all fell more than 10 percent.

A number of these companies have changed their names and shifted their focus to cash in on the cryptocurrency wave.

Riot Blockchain, formerly a biotech company called Bioptix, shifted focus to become an investor in blockchain technology.

Long Blockchain was called Long Island Iced Tea Corp as recently as last month before it announced a change in its primary business strategy to blockchain technology from beverages.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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