Not too long ago, many cryptocurrency mining related stocks had rallied but the situation changed last week and one of the stocks in the sector that suffered was that of BitFrontier Capital Holdings Inc (OTCMKTS:BFCH).
Trading Data
On Friday, BFCH stock fell 12.10% to $0.0570 with more than 1.24 million shares, compared to its average volume of 1.95 million shares. The stock has moved within a range of $0.0560 – 0.0696 after opening trade at $0.0696.
Shareholder Update
This past Friday, the BitFrontier Capital stock suffered from a sharp selloff and went down by 12%. It should be noted that the selloff on Friday stretched its decline over the past week to as much as 22%. As it happens, the company actually made a key announcement on Friday and it could be a good idea to take a closer look at it.
The company provided an update to its shareholders with regards to its mining operations and also with regards to the progress that had been made in relation to its immersive cooling system.
BitFrontier Capital announced that although it had taken longer than expected to get the final components due to supply chain issues, it had finally managed to complete the much anticipated immersive cooling system. The company noted that those components are going to be delivered imminently. Once it is completed, there is expected to be a major reduction in electricity usage by BitFrontier Capital in its mining operations.
Technical Data
BFCH stock is trading below the 20-Day and 50-Day Moving averages of $0.0743 and $0.0890 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1128. The stock is down 22% in the past week.
