Firms That Anchored Themselves to Crypto Sink Alongside Bitcoin

  • Long Island Iced Tea plunges, Riot Blockchain down 20 percent
  • Microcaps that sought to ride bitcoin wave are wiping out

Bitcoin Tumbles Below $13,000

Long Blockchain might want to go back to selling soft drinks.

The recently rebranded firm fell as much as 33 percent Friday, as crypto-linked stocks get slammed with bitcoin suffering its biggest intraday shellacking in about three years.

Digital Power Corp., an aspiring miner of digital currencies, is down 27 percent; former biotech company Riot Blockchain is off almost 20 percent. LongFin Corp., which was up as much as 2,600 percent less than four sessions into its history as a public company, is sitting on a 15 percent loss.

This morning’s decline pushes Riot Blockchain into the red for the week after having been up more than 60 percent as of Tuesday; Long Island Ice -- excuse us, Long Blockchain -- and LongFin are still up at least 75 percent this week.

The pain continues for Future FinTech Group Inc., a company with no observable links to cryptocurrencies or blockchain technologies that nonetheless caught a massive bid after a CNBC anchor called attention to the business. Formerly known as SkyPeople Fruit Juice, the stock fell as much as 15 percent on the heels of a 25 percent loss on Thursday.

Cynics might say that these companies are finally living up to their names.

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