Here's Why Riot Blockchain Stock Is Going Up and Down Today

Shares of cryptocurrency miner Riot Blockchain (NASDAQ: RIOT) were seeing volatility on Tuesday morning. The stock was up 7% as of 10:30 a.m. EDT. It's trading higher because Bitcoin (CRYPTO: BTC) hit an all-time high today. But Riot Blockchain is having a hard time staying up, perhaps because of something said by a former short-seller. 

Right before 8 a.m. EDT, the price of Bitcoin surpassed $63,000 for the first time, according to CoinDesk. For perspective, it was at about $6,800 at this time last year. Riot Blockchain is mining almost 200 Bitcoins per month according to an update for investors yesterday. Furthermore, the company's holding 1,565 Bitcoins currently -- worth almost $100 million and rising as the price of Bitcoin goes up. This is why the stock is up today.

Image source: Getty Images.

Continue reading

Source Fool.com