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Bitcoin Pulls Back; New Blockchain Stocks Retreat

December 27, 2017 | By | Reply More

Bitcoin fell modestly Wednesday, following its attempt on Tuesday to recover from some brutal declines last week.

The volatile cryptocurrency was trading down 3.3% at $ 15,229.91 on Wednesday. It climbed above $ 15,000 on Tuesday after falling close to $ 12,000 last week and ending Friday just below $ 14,000.

X Bitcoin futures were tracking relatively close to the price of Bitcoin itself, with futures Cboe (CBOE) down 3.4% to $ 15,270 and CME Group’s (CME) Bitcoin futures down 3.7% to $ 15,200.

Ethereum slipped 1.7% to $ 760.06.

Among the companies that have been reborn as blockchain outfits, Riot Blockchain (RIOT) dipped 1% in the stock market today.

Riot on Tuesday said that an annual shareholder meeting, set to take place Thursday, had been adjourned until Feb. 1 to give stockholders extra time to vote on proposals concerning compensation, who to elect as directors and other matters.

Meanwhile, Long Blockchain (LTEA), an iced-tea company that just changed its name from Long Island Iced Tea Corp., skidded 12%, its third straight sizable loss since its 183% Thursday spike.

Long Island Iced Tea on Tuesday said it had entered into a $ 2 million convertible debt facility to support its move toward investing in blockchain technology.

India Globalization Capital (IGC), a medical-cannabis company based in Maryland that also has a heavy-equipment rental service, fell 12% on Wednesday, a day after it said it would use blockchain to address issues related to selling medical cannabis.

Parateum (TEUM), a company that provides mobile cloud communications services, slid 1.8% on Wednesday.

A day earlier, Parateum shares vaulted 121% higher after the company announced that it was able to support blockchain technology in its billing and settlement services.

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