SOS Stock Price: Sos Ltd extends decline as Bitcoin miners tumble during market sell off

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.

Stocks Reporter FXStreet

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.

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Stocks Reporter

FXStreet

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