The U.S. consumer price index rose 8.5% year-over-year in July, lower than analysts’ expectations. This led to Bitcoin and Ethereum prices jumping in the hopes that the Federal Reserve would ease its monetary policy tightening.
However, the pump might be temporary, and Bitcoin might continue its value shedding, despite the positive data. The crypto crash in May and June led to the market losing $1 trillion in value in a matter of weeks.
Popular investor Jim Rogers has warned about government control on cryptocurrencies as he thinks that governments would not want other currencies to compete with their currencies.
Given this backdrop, we think these crypto stocks, Riot Blockchain, Inc. (RIOT - Get Rating), Robinhood Markets, Inc. (HOOD - Get Rating), and Silvergate Capital Corporation (SI - Get Rating), might be best avoided now.
Riot Blockchain, Inc. (RIOT - Get Rating)
RIOT, with its subsidiaries, is engaged in cryptocurrency mining operations in North America. The company...
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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...