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.

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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).

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Stocks Reporter

FXStreet

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