What's Going On With Riot Platforms Stock Today?
Portfolio Pulse from Ryan Gustafson
Riot Platforms, Inc. (NASDAQ:RIOT) shares are trading lower following a slight decline in the price of Bitcoin. The decline in RIOT's stock price may be due to the volatility of Bitcoin, which surged to $29,397.30 on Monday but has since pulled back. This follows a now-refuted rumor of Bitcoin spot ETF approval that had initially caused a spike in Bitcoin and related stocks.
October 18, 2023 | 7:38 pm
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Riot Platforms' stock is trading lower due to the volatility in Bitcoin's price. The refuted rumor of Bitcoin spot ETF approval had initially caused a spike in Bitcoin and related stocks, including RIOT.
Riot Platforms' stock price is closely tied to the price of Bitcoin due to its business model. The recent volatility in Bitcoin's price, driven by the now-refuted rumor of Bitcoin spot ETF approval, has caused a decline in RIOT's stock price. As the rumor was refuted, the initial spike in Bitcoin and related stocks was reversed, leading to a decline in RIOT's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100