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Summary
- Electric vehicle giant Tesla founder Elon Musk announced the company would stop accepting Bitcoin as a form of payment due to its high energy consumption and its effect on the climate.
- The news led to a crash in cryptocurrency and blockchain stocks.
- Online Blockchain and Quantum Blockchain Technologies witnessed a similar drop in share prices due to Musk’s comment.
Blockchain and cryptocurrency stocks fell sharply in the UK markets on Thursday after Tesla founder and billionaire Elon Musk expressed concerns over the high energy consumption of Bitcoin and stated the electric vehicle giant would no longer accept Bitcoins as a form of payment for its cars.
Musk’s decision led the price of Bitcoin to fall sharply and has caused a massive selloff in stocks linked with the cryptocurrency and blockchain segment.
In this article, we would take a look at 3 FTSE blockchain and cryptocurrency stocks which have given investors an annual return of over 200 per cent in the past year:
- Argo Blockchain PLC (LON: ARB)
Crypto miner Argo Blockchain was in a sombre mood with the news. It recently announced the acquisition of two data centres in Canada to ramp up its mining capacity.
(Source: Refinitiv, Thomson Reuters)
Argo Blockchain’s shares were trading at GBX 122.50, down by 15.52 per cent as of 13 May at 12:32 hrs GMT+1. The Software and Computing sectoral index stood at 1,935.47, down by 0.56 per cent.
The company’s market cap stood at £553.55 million, and its one-year return was at 2,484.33 per cent.
Also Read: All You Need To Know About Cryptomining And Argo Blockchain Plc
- Online Blockchain PLC (LON:OBC)
FTSE AIM All Share listed blockchain company Online Blockchain similarly witnessed a sharp fall in prices today. The company had announced on 11 May the completion of its trading platform Umbria completed the alpha version of its Layer 2 DEX.
(Source: Refinitiv, Thomson Reuters)
Online Blockchain’s shares were trading at GBX 40.00, down by 13.04 per cent as of 13 May at 12:45 hrs GMT+1. It’s market cap stood at £6.58 million, and its one-year return was at 240.42 per cent.
Also Read: Cryptocurrency Boom: Blockchain Stocks to Look for In 2021
- Quantum Blockchain Technologies PLC (LON:QBT)
Another FTSE AIM All Share blockchain firm Quantum Blockchain changed its name from Clear Leisure to Quantum Blockchain Technologies last week. The company also announced its plans to focus on quantum computing and blockchain and stated how it is building a research and development team with scientists from UCL and Milan.
(Source: Refinitiv, Thomson Reuters)
Quantum Blockchain Technologies’ shares were trading at GBX 1.65, down by 15.39 per cent as of 13 May at 12:47 hrs GMT+1.
It’s market cap stood at £17.50 million, and its one-year return was at 1,084.62 per cent.
