SOS Stock Price: Sos Ltd drops lower as markets tumble to close the week

NYSE:SOS fell by 6.11% during Friday’s trading session.
Bitcoin drops back below $40,000 as investors go risk-off.
Institutions are still piling into Bitcoin mining as a new fund is started by Anthony Scaramucci.

Stocks Reporter FXStreet

NYSE:SOS saw its recent slide continue alongside a broader market meltdown to close out yet another losing week. On Friday, shares of SOS plummeted by 6.11% and closed the tumultuous trading week at $0.41. The closing price on Friday represents an all-time low for the Chinese crypto-miner, which was once a popular play on the Bitcoin market as recently as last year. The bearishness continued on Friday as the markets extended their recent declines. The Dow Jones sank by 981 basis points for its single worst performance since 2020. While the S&P 500 and NASDAQ fell by 2.77% and 2.55% respectively during the session.

Stay up to speed with hot stocks' news!

Equities were not the only markets under water as the crypto markets continued to trade in sympathy to the S&P 500. Bitcoin and Ethereum have both fallen below the key price levels of $40,000 and $3,000 respectively as of Friday afternoon, as both blue-chip crypto markets are now in the red for the week. As investors continue to move to a risk-off environment, we could see the same downward selling pressure in cryptocurrencies that we have seen in global stock markets as of late.

SOS stock forecast

Former Donald Trump-aide, Anthony Scaramucci, has started a new fund for Bitcoin mining through his investment fund, SkyBridge Capital. So far the fund has raised $7 million and has already invested in Bitcoin miner, Genesis Digital Assets. Some other mining companies that SkyBridge has invested in include Marathon Digital Holdings (NASDAQ:MARA) and Riot Blockchain (NASDAQ:RIOT).

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD rebounds from session lows, stays below 1.1650

EUR/USD is recovers modestly from session lows but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Three reasons to be bearish on Bitcoin

Bitcoin is holding up well taking into account the uncertainty stemming from the Middle East. Despite this week’s rally, the long-term outlook remains bearish. Here are three reasons why I think the storm for the largest cryptocurrency isn't over yet.

FX alert: When Energy still writes the macro script the Dollar holds the pen

The market is quietly sliding back into the trade nobody wanted to own, but everyone now has to respect again. The no quick off-ramp trade. Yesterday’s bounce in risk assets already looks less like a turning point and more like a classic relief rally in a market that briefly inhaled before realizing the room was still on fire.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.