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Riot Platforms, Inc., a Bitcoin mining firm, is well-known for its engagement in the provision of special cryptocurrency mining computers. Its RIOT (NASDAQ: RIOT) stock surged over 100% in one month.
According to Tradingview, RIOT previously closed at the price of $6.87 USD, with an increase of 9.41%. Its pre-market price is at $7.00. However, the mining stock’s 52 week range is between $3.25 to $23.66, with an average volume of 13 Million. RIOT stock has a market cap of 1.148 Billion and noted an increase of 17.26% in one week.
However, the RIOT stock noted a drop of 16% in the last six months and almost 58% dip in one year. This decline in its stock price was clearly due to the harsh market conditions in the cryptocurrency market.
In the beginning of 2023, Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI), a Bitcoin mining exchange traded fund (ETF) surged more than 100%. It similarly noted the price surge in parallel with Bitcoin’s bullish price movements. Notably, WGMI jumped by a triple-digit percentage in less than one month. It represents a relatively small ETF that holds $2.64 Million assets under management.
Year 2022 was not good for the whole cryptocurrency world, and as RIOT Platforms, Inc. is a Bitcoin mining firm its relatively got affected due to bad market conditions. But the New Year brought new hope for cryptocurrencies. The most traded cryptocurrency, Bitcoin, marked its 90-days high at the price $24,167 recently. There is no doubt that the price of Bitcoin movement is somewhere affecting RIOT stock price. Since the beginning of this year, Bitcoin is performing bullish, thus it brings its relevant stock to climb the stairs with a bullish movement in its price.
According to a recent filing by Securities and Exchange Commission’s (SEC), Riot Platforms said that Chad Everett Harris, its Chief Commercial Officer, is leaving the firm. Harris’ exit from RIOT, as well as his positions with the firm’s subsidiaries, was determined to be a termination without “Cause,” as defined under the terms of his employment deal. However, he will be eligible to receive separation benefits if he enters into a separation agreement with RIOT, an expected move.
The departure of Harris comes after RIOT generated 26% more Bitcoin in December 2022 versus the prior month.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
