Long Island Iced Tea Kills Plan To Buy Bitcoin Mining Rigs
Lengthy Blockchain (LBCC), which was called Long Island Iced Tea before it went all-in on cryptocurrencies, soared nearly two hundred percent the day that it introduced its new business version. However shares have plunged nearly fifty five percent there after.
And it seems that the enterprise is having a difficult time making the transition from a maker of bottles of non-alcoholic ny Iced Tea (uhh, what’s the point?) to blockchain powerhouse.
Long Blockchain said Friday it was abandoning a formerly announced plan to shop for bitcoin mining equipment and might awareness as an alternative on a merger with the UK-based firm Stater Blockchain.
However the selection to not go in advance with the purchase of the bitcoin mining rigs is a piece curious. in any case, long Blockchain said whilst it introduced the Stater deal just a few weeks in the past that the merger could “supplement” its acquisition of the bitcoin device.
Shares of lengthy Blockchain certainly rose a piece Friday, however it is really worth noting that trading extent changed into extremely light. And the overarching trend for the stock over the past few weeks remains down.
Bitcoin prices have tumbled after nearly hitting $20,000 in December. The charge briefly fell under $8,000 Friday due to fears of greater regulation global. Ethereum, litecoin, ripple, cardano and severa other cryptocurrencies have plunged as nicely.
India became the modern day government to announce more difficult new measures, joining South Korea and China. The Securities and exchange commission inside the U.S. has additionally sounded the alarm bell approximately crypto investments that would be fraudulent.
facebook (fb) has even announced it become banning ads that promote cryptocurrencies.
None of this is ideal news for lengthy Blockchain, or other groups that determined to hitch their wagons to the cryptocraze, handiest to observe their stock expenses plunge together with bitcoin and other digital currencies this yr.
A organisation now called rebellion Blockchain (insurrection) has plunged almost 60% up to now in 2018. closing yr, the organization modified its name from Bioptyx and modified its enterprise model from biotech to bitcoin.
LongFin (LFIN), a economic tech company that currently went public, and to begin with skyrocketed after pronouncing that it sold a blockchain microlender, has misplaced extra than a third of its value this yr.
And shares of a small organisation called Nodechain (VPTK) have dropped by means of greater than forty% this yr as well. Nodechain currently were given into the cryptocurrency mining commercial enterprise closing December. earlier than that, it become a maker of electronic cigarettes called Vapetek.
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