- NASDAQ:RIOT fell by 6.05% on Tuesday as tech and growth sectors had another ugly day.
- Riot continues to move alongside the price of Bitcoin, which makes for a volatile ride.
- Riot Blockchain makes a purchase of a Texas-based Bitcoin mining site.
NASDAQ:RIOT has been a stock that is not for the faint of heart as the Bitcoin mining firm continues its volatile trend into May. Tuesday saw the stock slide alongside the broader markets as the NASDAQ index recorded its single worst trading session in months. Riot dropped by 6.05% to close the day at $37.57, as the stock continues to trend lower as it falls well below its 50-day moving average price. Early shareholders still have little to complain about as the stock has returned well over 3,300% during the past 52-weeks from its low price of $1.10 per share.
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Much of Riot’s volatility is due to the fact that the stock is still directly tied to the constantly fluctuating price of Bitcoin. This week alone, Bitcoin has already hit its low price of just over $54,000 USD while also hitting a high price of nearly $59,000 USD, all within the past five days. While Bitcoin has struggled it has been the next wave of cryptos including Ethereum and Dogecoin that have been showing the most growth over the past couple of weeks. Ethereum alone has grown to a market cap of $380 billion, which has already led it to be more valuable than the market cap of Bank of America (NYSE:BAC).
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Riot also announced last week that it would be purchasing the largest Bitcoin mining facility in the United States, Whinstone Inc. The mining center is based in Rockland, Texas and spans over 100-acres of land and a 190,000 aggregate floor space. Whinstone comes with a low-price and long-term power deal for up to 750 megawatts, of which only 300 megawatts is currently being used.
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