Cryptocurrency, digital assets and blockchain technology firm Net Savings Link Inc (OTCMKTS:NSAV) has had a pretty difficult time in the markets over the course of the past few days. Yesterday, the selloff continued and the stock tanked by as much as 4% as a consequence and took the losses over the course of the past week to as much as 14%.
Trading Data
On Thursday, NSAV stock fell 4.24%% to $0.0158 with more than 20.02 million shares, compared to its average volume of 29.58 million shares. The stock has moved within a range of $0.0152 – 0.0185 after opening trade at $0.0168.
Acquires Stake In Bqex Crypto Exchange
As a matter of fact, the company was actually in the news yesterday after it announced that it had managed to pick up a 10% stake in BQEX Ltd, which is one of the leading crypto exchanges at this point.
It was a significant development for the company considering the fact that it constituted the biggest transaction had been closed by Net Savings since it made an entry into the cryptocurrency industry.
The crypto industry is currently valued at $2 trillion and hence, the significant moves being made by Net Savings could bring it to the attention of investors who might be hunting for stocks in the sector. However, it seems that the investors were not entirely happy with the acquisition and that possibly led to the selloff in the stock on Thursday.
Key Quote
W. Y. Cheung, CEO of MNC stated, “We are very excited about this transaction, and we believe the synergy effect between our two parties will be in multiple folds. We continue to be evermore excited to be working with the management team of NSAV.”
Technical Data
NSAV stock is trading above the 20-Day and 50-Day Moving averages of $0.0213 and $0.0260 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0289.
