HIVE Blockchain (HVBTF) Stock is Down 60% From The Peak: But Why?
The collapse in the cryptocurrency space over the course of the past few days has been quite dramatic and it has also brought considerable pressure on the stocks of companies that are engaged in that sector. One such company is HIVE Blockchain (OTCMKTS:HVBTF), which saw its stock come under considerable trading pressure due to the fall in Bitcoin last week.
At this point, the HIVE stock has declined by as much as 60% since hitting its highest levels in 52 weeks in February this year. The stock soared from only 9 cents a share back in January this year to a high of $5.75 a share in February.
In this regard, it is important to note that just like the cryptocurrency sector at large, the HIVE stock also suffers from spells of extreme volatility and it is important for investors to be cautious when dealing with this stock.
Considering the sort of gains it generated earlier this year, it might be worthwhile for investors to keep track of the HIVE Blockchain stock at this point. Moreover, the possibilities of a rebound in the crypto sector could also act as a positive catalyst for a strong rebound for the HIVE stock.
One of the important factors to keep in mind regarding HIVE Blockchain is that the company is committed to clean and responsible cryptocurrency mining operations. At a time when Bitcoin collapsed due to Elon Musk’s tweet with regards to the environmental implications of the world’s biggest cryptocurrency, this is a highly important factor to future success.
The company’s mining activities are run in colder climates since it is not only efficient with regards to costs but also power. Cryptocurrency mining has been criticized for using high amounts of energy and HIVE’s responsible mining operations could make it stand out in a highly competitive industry. It could be a good idea for investors to include the HIVE stock in their watch lists.