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Why Block Is Tumbling Today

TheMotleyFool

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Shares of fintech leader Block (NYSE: SQ) are tumbling 7.3% at 10:44 a.m. ET on Wednesday amid the fallout over the collapse of the FTX Token (CRYPTO: FTT) cryptocurrency exchange and its subsequent proposed buyout by rival Binance.

Block has tethered itself to Bitcoin (CRYPTO: BTC) as it wades deep into crypto, and owns $156 million worth as of the end of the third quarter. Anything with even a tangential relationship to the crypto space is being brought down today.

Image source: Getty Images.

Source Fool.com

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