Blockchain Stocks Continue to Struggle
Blockchain penny stocks are down this morning, making it not a good start to the week for this sector. However, most of the top cryptocurrencies are currently seeing gains on the crypto market.
Most times, when the cryptocurrency market is down, blockchain stocks fall with it. Today, however, this doesn’t seem to be the case, as blockchain penny stocks seem to be down despite a bear crypto market.
Let’s take a closer look at two blockchain penny stocks down today and their latest updates.
HIVE Blockchain Technologies Ltd. (TSXV:HIVE)
Based out of Vancouver, Canada, HIVE Blockchain operates as a cryptocurruency mining firm.
Last week, HIVE blockchain announced its First Quarter Financial Results.
“Our financial position has advanced despite challenging market conditions which have seen major cryptocurrencies come under pressure this year. We remain well capitalized and well positioned to achieve our goals of profitable deployment of capital to maintain our leadership position in the blockchain infrastructure industry,” said Harry Pokrandt, CEO and director of HIVE.
HIVE generated $10,660,664 in income in the quarter with a gross mining margin of $6,441,181 from mining digital currencies. The penny stocks company mined 17,555 newly minted Ethereum coins during the period that ended on June 30th, 2018. This is nearly double what it was the previous quarter, making it a 179% increase for the new quarter.
Despite a positive earnings report the penny stock is down today.
According to Yahoo Finance, HIVE is currently trading at $0.80 a share, down -$0.02 (-2.44%). Surprisingly, the stock saw a sharp drop after its earnings report was released. Usually, if a positive earnings report is released the company’s share prices do the opposite.
Global Blockchain Technologies Corp. (CSE:BLOC)
Also based out of Vancouver, Canada, Global Blockchain acts as a blockchain investment company. This penny stocks company has not had any recent big news in about three weeks.
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On August 21st, the company announced two major developments in its exchange division. Since then, the company’s stock has been all over the place.
Today, Global Blockchain’s stock is trading in the red. According to Yahoo Finance, BLOC is currently trading at $0.185 a share, down -$0.015 (-7.50%).
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