At this point in time, Life Clips (OTCMKTS:LCLP) is regarded as one of the more notable companies in the crypto space but over the course of the past week it has endured a tough time in the markets. Over the course of that period, the stock suffered from an almighty selloff and tanked by as much as 40% as a consequence.
Trading Data
On Friday, LCLP stock moved down 2.78% to $0.0105 with more than 30.81 million shares, compared to its average volume of 26.38 million shares. The stock moved within a range of $0.0102 – 0.0120 after opening trade at $0.0114.
Life Clips’ Belfrics Subsidiary Grows Crypto Exchange Volume while Expanding Trading Opportunities with Forex and Derivatives Platform
However, despite the considerable selloff it may be the right time for investors to perhaps start focussing on Life Clips. This past Friday, the company came into focus once again after it made an announcement with regards to the subsidiary companies under its control under the Belfrics umbrella.
The company announced that the total volume in the exchanges under Belfrics had surpassed $1.5 billion and that also represented a major rise in volume on year on year basis. Such an increase can only be a good thing for Life Clips going forward but it seems that the development did not quite mean much to investors as the slide in the stock continued.
It may now be a good idea for investors to consider keeping track of the developments with regards to Life Clips and then make a decision one way or another.
Key Quote
“We have seen a tremendous revenue growth on our spot exchange,” said Praveen Kumar, Chief Executive Officer and Founder of Belfrics. “The spot exchange refers to where clients can buy and sell cryptocurrencies such as Bitcoin, Ethereum or our own coin, Belrium. This is what most people think of when they think of a cryptocurrency exchange.”
Technical Data
LCLP stock is trading below the 20-Day and 50-Day Moving averages of $0.0154 and $0.0171 respectively. However, the stock is above 200-Day moving average of $0.0191.
