Riot Blockchain stock price: RIOT climbs to $4, eyes record-high it set at $4.58

Riot Blockchain Inc (NASDAQ: RIOT) shares post strong gains on Thursday.
Company announces large investment in digital currency miners.
Record-high RIOT set at $4.58 could be seen as next target.

Eren Sengezer FXStreet

After losing more than 8% on Wednesday, Riot Blockchain Inc (NASDAQ: RIOT) shares rose sharply on Thursday and gained 8.13% to close at $3.99. In premarket trading on Friday, RIOT is posting small losses at $3.95 but is still up more than 5% on a weekly basis.

RIOT stock news

Earlier in the month, the sharp upsurge witnessed in major cryptocurrencies prices provided a boost to RIOT and lifted it to a record-high of $4.58. However, after the company reported that quarterly mining revenue decreased to $1.9 million, compared to $2.4 million in the same three-month period in 2019, RIOT lost its traction and dropped all the way to $3.05 in mid-August.

On Thursday, Riot Blockchain announced that it reached an agreement with Bitmaintech PTE for the purchase of 8,000 Antminer S19 Pro Digital Currency Miners. According to Reuters, Riot will pay Bitmain approximately $17.7 million for the hardware. Moreover, Bitcoin price reached its highest level in a year at $12,486 earlier in the week and provided an additional boost to RIOT.

On the upside, a weekly close above $4 could help RIOT target $4.58 if Bitcoin price continues to edge higher. On the other hand, a selloff in major cryptocurrencies in the near-term could hurt RIOT and drag it to August low of $3.05. Below that level, the 50-day SMA could be seen as the next support at $2.8.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.