Hive Blockchain Technologies (HVBTF) Stock Slumped And Now Recovery: Why?

The free fall in the crypto markets has come as a significant blow to the Hive Blockchain Technologies (OTCMKTS:HVBTF) (CVE:HIVE) stock, which had tanked by 22.50% earlier this session and making coming back a bit now.

Hive Blockchain Technologies (HVBTF) Stock Slumped And Now Recovery: Why?

Bitcoin, the world’s biggest cryptocurrency by market cap, has suffered losses of 20% and is trading at around $35000 a token at the time of writing. In fact, it had hit a low of $30260 a token at one point.

There has been no fresh news this morning regarding Hive Blockchain but back on Sunday, the company had announced that it was selling off its Norway-based subsidiary company Kolos Norway AS.

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Hive stated that a new low had ended the power subsidies meant for block reward miners and that was the reason behind the move from the company. The company decided to sell Kolos to the local municipal body and stated in the press release that it decided to focus more on its data center business.

HVBTF stock is now down 9.36% at $2.34 after hitting a session low of $2.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.