- The cryptocurrency bloodbath is not limited to the currencies and tokens.
- Many companies that pivoted to crypto are getting whacked as well.
- Check the price of every major cryptocurrency live on Markets Insider.
Like adding "dot-com" to your company's name during the tech bubble of the late 1990s, simply adding the word "blockchain" has recently become a popular way to send a stock soaring. But, as most of the major cryptocurrencies post double-digit losses for the second day in a row on Wednesday, many of the pivot-to-crypto companies are getting whacked as well.
Many of the companies that decided to pivot to blockchain had no prior relation to the technology. As bitcoin hovers around the psychologically-important $10,000 mark, and Ethereum tests $1,000, many of the blockchain-pivoters have followed the currencies' decline.
Some companies' pivots make more sense than others. Kodak, the historic photo company, announced a new blockchain tech that would allow users to track down their copyrighted images on the web. Kodak, however, has fallen like the rest of them and is down 2.70% in early trading.
Many companies that pivoted to blockchain were hit on both Tuesday and Wednesday, as many cryptocurrencies were down heavily on both days.
Here's a roundup of some of the most notable companies and their moves.
- Eastman Kodak (KODK) Tuesday move: -7.61% Wednesday move: -2.70%
- Riot Blockchain (RIOT) Tuesday: -16.45% Wednesday: -5.25%
- Long Blockchain (LBCC) Tuesday: -2.39% Wednesday: +0.95%
- Future Fintech Group (FTFT) Tuesday: -9.93% Wednesday: +2.17%
- Seagate (STX) Tuesday: +0.49% Wednesday: -0.14%
- Longfin (LFIN) Tuesday: -8.45% Wednesday: -0.19%