SOS Stock Price: Sos Ltd extends decline as Bitcoin miners tumble during market sell off
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UNLOCK OFFER- NYSE:SOS fell by 2.79% during Thursday’s trading session.
- Bitcoin miners slump as growth stocks tumble during a late day downturn.
- SOS is banking on its recent investment in US crypto mining locations.
NYSE:SOS fell for the third straight day on Thursday as the broader markets continued to see downard selling pressure following a surge in the 10-year treasury yield rate. The key rate hit 2.9% on Thursday which is its highest level since 2018. Shares of SOS fell by 2.79% and closed the trading session at $0.44. The broader markets succumbed to the yield rate spike as all three major averages dropped lower into the close. The Dow Jones fell by 368 basis points, the S&P 500 lost 1.48%, and the NASDAQ plummeted by 2.07% during the session.
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As treasury yields surged on Thursday, growth sectors felt the bulk of the pressure as the NASDAQ extended its losses to nearly 17% so far this year. Bitcoin miners, like SOS, were beaten down as rivals like Ebang (NASDAQ:EBON), Canaan Inc ADR (NASDAQ:CAN), Riot Blockchain (NASDAQ:RIOT), and Marathon Digital Holdings (NASDAQ:MARA) were all trading well below water. The industry traded lower despite the price of Bitcoin rising during the session as the benchmark crypto nearly touched the $43,000 price level before falling back down to just below $41,500 at the time of this writing.
SOS stock forecast
While it’s been a tough year for SOS, the company is banking on its expansion over into the US. SOS recently established a new project in Price County, Wisconsin where it is building a Super-Computing and Hosting Center which will host over 18,500 supercomputers. It is unclear when SOS will begin to benefit from the mining activities, but needless to say, it’s a step in the right direction after China banned crypto mining earlier this year.
- NYSE:SOS fell by 2.79% during Thursday’s trading session.
- Bitcoin miners slump as growth stocks tumble during a late day downturn.
- SOS is banking on its recent investment in US crypto mining locations.
NYSE:SOS fell for the third straight day on Thursday as the broader markets continued to see downard selling pressure following a surge in the 10-year treasury yield rate. The key rate hit 2.9% on Thursday which is its highest level since 2018. Shares of SOS fell by 2.79% and closed the trading session at $0.44. The broader markets succumbed to the yield rate spike as all three major averages dropped lower into the close. The Dow Jones fell by 368 basis points, the S&P 500 lost 1.48%, and the NASDAQ plummeted by 2.07% during the session.
Stay up to speed with hot stocks' news!
As treasury yields surged on Thursday, growth sectors felt the bulk of the pressure as the NASDAQ extended its losses to nearly 17% so far this year. Bitcoin miners, like SOS, were beaten down as rivals like Ebang (NASDAQ:EBON), Canaan Inc ADR (NASDAQ:CAN), Riot Blockchain (NASDAQ:RIOT), and Marathon Digital Holdings (NASDAQ:MARA) were all trading well below water. The industry traded lower despite the price of Bitcoin rising during the session as the benchmark crypto nearly touched the $43,000 price level before falling back down to just below $41,500 at the time of this writing.
SOS stock forecast
While it’s been a tough year for SOS, the company is banking on its expansion over into the US. SOS recently established a new project in Price County, Wisconsin where it is building a Super-Computing and Hosting Center which will host over 18,500 supercomputers. It is unclear when SOS will begin to benefit from the mining activities, but needless to say, it’s a step in the right direction after China banned crypto mining earlier this year.
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