AMC to accept Ethereum, Litecoin besides Bitcoin for booking tickets

Highlights

• AMC Entertainment Holdings, Inc. (NYSE: AMC) said it will accept Ethereum, Bitcoin Cash, and Litecoin besides Bitcoin for booking online tickets.
• The AMC stock fell 1.71% to US$46.04 at the market close on Thursday.
• Bitcoin (BTC) was down 1.4%, Ethereum (ETH) fell 1.16%, and Litecoin (LTC) was down 0.89% at around 5:20 pm ET. However, Bitcoin Cash (BCH) was up 2.78%.

AMC Entertainment Holdings, Inc. (NYSE: AMC) said on Wednesday that it would accept Ethereum, Bitcoin Cash, and Litecoin besides already accepted Bitcoin for booking online tickets.

With the increasing popularity of cryptocurrencies, more and more companies are offering crypto services. The AMC stock fell 1.71% to US$46.04 at the market close on Thursday. The meme stock had attracted huge investor interest early this year.

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AMC has a market capitalization of US$23.63 billion. Its 52-week highest and lowest stock prices were US$72.62 and US$1.91, respectively.

AMC to accept Ethereum, Litecoin besides Bitcoin for booking tickets

The Leawood, Kansas-based AMC Entertainment has interests in the theatrical exhibition business and owns theaters in the US and Europe.

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Source - pixabay

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The stock gained 719% in one year, driven by retail investors active on social media forums; hence, it acquired the status of a meme stock.

For the quarter ended June 30, 2021, its revenue and net loss were US$444.7 million and US$343.6 million, respectively. In the comparable quarter of 2020, the revenue and net loss were US$18.9 million and US$561.2 million, respectively.

Bitcoin (BTC) price fell 1.4% to US$47,424.17, Ethereum (ETH) traded at 3,529.52, down 1.16%, and Litecoin (LTC) traded at $183.44, down 0.89%, at around 5:20 pm ET. However, Bitcoin Cash (BCH) was up 2.78% to US$635.39 at 5:27 pm ET, according to marketcap.com.

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According to analysts, although cryptocurrencies are setting a trend, companies are unable to capitalize on them. El Salvador was the first country to adopt Bitcoin as a legal currency.

The Salvadorian authorities had faced major technical glitches in the official cryptocurrency app, which was specially developed to popularize the cryptos, coinciding with the day of formal adoption. The government had supplied free coins worth US$30 in the wallets for users.

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Bottomline

There are more than 10,000 cryptocurrencies in the market, and picking the right one for you could be a challenge. However, investors must evaluate the companies and the cryptocurrencies carefully before investing.