We’re looking at one blockchain stock today that is tanking on the stock market. HIVE Blockchain Technologies (TSXV:HIVE) is one of the few active blockchain companies still remaining after the hype of cryptocurrency and blockchain at the tail end of last year.
Let’s check in on how this blockchain company is doing now that the hype has dulled.
Blockchain Stock: HIVE Blockchain Technologies
At the time of writing, HIVE is trading at $0.28, which puts the stock down $0.03 or -8.33% on the TSX Venture Exchange. According to Yahoo Finance, the stock’s day range has been between $0.28 and $0.31. HIVE’s 52-week range has been between $0.24 and $3.70. Today’s price puts this blockchain stock near its lowest price point of the year.
With the downward slope of HIVE stock this year, the company is no doubt hoping for a better 2019 than it had for 2018. Will it manage to pull it off though?
That all depends on what the company is planning to do.
A recent announcement from HIVE Blockchain may be what this company needs to pull its stock price back up.
Blockchain Stock Announces New Partnership
On December 21st, just before the holidays kicked off into full swing, HIVE Blockchain Technologies announced a partnership with Amber AI.
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Amber AI is a global, diversified electronic trading firm that offers several institutional services. Amber AI uses machine learning and quantitative research to trade and provide liquidity in several different markets. The company has a large presence in New York, San Francisco, Hong Kong, and Beijing.
As the news release explained, the details of this partnership between the blockchain stock and the AI company are as follows:
- HIVE will be able to access Amber AI’s above-mentioned machine learning and quantitative research;
- HIVE will be able to use Amber AI’s research and technology to maximize the value of the cryptocurrencies it sells.
Will this new deal with Amber AI truly help to improve HIVE’s profitability, as the blockchain stock seems to believe? We’ll just have to wait and see.
What do you think?
Featured image: DepositPhotos © monsit
