Riot Blockchain (NASDAQ:RIOT) news for Wednesday includes the rising price of bitcoin moving RIOT stock.
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Riot Blockchain is a company that focuses on mining cryptocurrency, such as bitcoin. Lately, bitcoin has been on a bit of a run that has it breaking past the $18,000 limit. This has it approaching levels previously unreached since late 2017.
That’s good news for Riot Blockchain not just because bitcoin is rising. With the increase in the price of bitcoin, other cryptocurrencies are also getting a boost. All of this benefits the company as cryptocurrencies are being taken more seriously this time around.
While investors may be worried about another crash, like what happened after the 2017 burst in bitcoin prices, that might not happen this time around. That’s due to there being more support for cryptocurrencies than what there was back then, reports CNN.
Riot Blockchain has also been in the news lately for changes to its Board of Directors. It announced yesterday that Hubert Marleau joined its Board following the departure of Remo Mancini.
Marleau joining the Riot Blockchain Board of Directors is worth noting due to his history. He’s a capital markets veteran that has served on more than 50 Boards of publicly-traded companies in his life. The 76-year old brings with him more than 50 years of experience in the capital markets field, which is a great boost to investor confidence in RIOT stock.
RIOT stock has been on a wild ride today. The stock started out up on Wednesday before falling to below yesterday’s close. As of the late morning, it’s down by 3.1%.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.