Bitcoin (BTC) and other blockchain tech stocks rebounded sharply on Tuesday after hitting this year’s low of $5800 early this month. The latest bull-run in cryptocurrency prices is supported by Coinbase’s announcement that U.S. regulators will allow the exchange to list tokens that are deemed as securities.
Bitcoin price jumped more than $1000 in the past 24 hours to the highest level since early June; the largest coin currently trades around $7400. Altcoins are also making similar strides.
eToro analyst Mati Greenspan claims, “The assumption is this is a combination of some short squeeze and some new money coming into the market has created the rally.”
Blockchain Tech Stocks Rebound
Blockchain tech stocks are also rallying along with the surprise gains from crypto coins.
Riot Blockchain, Inc. (NASDAQ:RIOT) is among one of the biggest gainers. Its share price grew more than 37% on Tuesday. Riot Blockchain Inc is focusing on supporting, building, and operating blockchain technologies. Its shares have a 52-week trading range of $3.45 – $46.20, with the market cap of $84 million.
Riot has generated first-quarter revenue of $900,000 compared to revenue of $200,000 in the previous quarter. The company has almost 8,000 operational mining machines at present. The blockchain company is working on the following key points to explore growth opportunities:
- The growth of cryptocurrency mining operations
- Investments in the blockchain and digital currency sector
- Creating and developing a virtual currency exchange
- Finding financing opportunities
- Evaluating options to monetize, partner or license the company’s assets
- Cost control initiatives
Overstock.com, Inc. (NASDAQ:OSTK) shares rose close to 10% on Tuesday. Although it is a U.S.-based online retailer, the company is planning to explore growth opportunities in the emerging cryptocurrency markets. It has recently launched its cryptocurrency token called tZERO. The company’s CEO Saum Noursalehi says, “The opportunity that must be seized by this business is mindboggling. It is going to be a game of ‘Who can innovate best and fastest?’ “
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