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Why Riot Blockchain Stock Fell Today

TheMotleyFool

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Shares of cryptocurrency-mining company Riot Blockchain (NASDAQ: RIOT) fell on Thursday as the price of Bitcoin (CRYPTO: BTC) keeps pulling back. In fact, something just happened to Bitcoin for the first time in three years and it could have investors reevaluating their assumptions about this space. As a result, Riot Blockchain was down 10% as of 3 p.m. EDT.

As of this writing, the price of Bitcoin has pulled back roughly 18% from all-time highs reached earlier this month. Riot Blockchain mines Bitcoin. Therefore, traders tend to buy and sell Riot Blockchain stock based on Bitcoin's movements. With Bitcoin down today, it's logical to expect Riot Blockchain stock to fall as well.

Image source: Getty Images.

Source Fool.com

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