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home / news releases / OBTC - Why did Riot Blockchain stock go down today? Bitcoin also drops

OBTC - Why did Riot Blockchain stock go down today? Bitcoin also drops

Osprey Bitcoin Trust Unit Ben Int
Shares of cryptocurrency miner Riot Blockchain (NASDAQ:RIOT) fell as much as 8.5% intra-day before recovering a bit as bitcoin (BTC-USD) appears to have found a level of resistance at $58K, sliding 3.4% to $55.5K. On a M/M basis, Riot (RIOT) (-6.7%) stock is outpaced by bitcoin (BTC-USD) (+23.5%), but still leads BTC by about 400 percentage points Y/Y, according to the chart below.  Riot (RIOT) shares are heavily influenced by how bitcoin is trading, so this diverging M/M performance may imply more upside for RIOT in the near-term as BTC climbs. Some great proxy-like benchmarks for the price of bitcoin (BTC-USD) are Grayscale Bitcoin Trust (OTC:GBTC -3.8%), Osprey Bitcoin Trust (OTCPK:OBTC -2.9%) and even MicroStrategy (MSTR -3.3%), a business analytics firm that is known to buy and "hodl" large piles of bitcoin. Most crypto miners are also trading deep in the red including: MGT Capital (OTCQB:MGTI -9.6%), Marathon Digital (MARA -4.8%), HIVE Blockchain (HIVE

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Why did Riot Blockchain stock go down today? Bitcoin also drops
Stock Information
Company Name: Osprey Bitcoin Trust Unit Ben Int
Stock Symbol: OBTC
Market: OTC
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