Applied Blockchain (APLD) shares tumbled again on Tuesday, falling 23% in midday action following the expiration of its initial public offering stock lockup and news that fellow crypto company Coinbase (COIN) was laying off 18% of its staff due to concerns about an impending recession.
Shares of the blockchain technology company opened at $1.26, sliding to a low of 98 cents in late morning. The stock recently changed hands at $1, down 23%, at approximately 11:30 a.m. ET.
Earlier Tuesday, Coinbase stoked anxiety about the state of the crypto markets by announcing that it was slashing its staff by 18% to ensure the company “stays healthy during this economic downturn.”
Applied Blockchain’s stock also plunged on Monday, closing down 53% at $1.30 amid a broader market sell-off and continued weakening of the crypto markets.
After market close on Monday, the company announced that a share lock-up agreement had expired for 36.4M of its common shares connected to its initial public...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...