Fundamental events have the ability to either increase the price of a stock or decrease the price. I don’t know about you, but that makes a considerable amount of sense. After all, if a company announces a negative event, it makes sense that shareholders might end up witnessing a drop in stock price. However, why is it that a company could announce a positive event and still see its stock price plunge?
That’s what Canadian company BIG Blockchain Intelligence Group (CNSX:BIGG) (OTCMKTS:BBKCF) is probably asking themselves right now.
What Happened Tuesday?
Today, BIG Blockchain Intelligence Group announced that it has entered into a partnership with Securrency, Inc. This is a significant announcement as it means BIG Blockchain’s proprietary cryptocurrency verification product will be added to Securrency’s integrated FinTech/RegTech platform. The verification product has been given the name BitRank Verified TM.
The CEO of the company, Lance Morginn, stated that BIG Blockchain created the BitRank Verified in order for it to be the “standard in ranking and verifying cryptocurrency transactions.” He added that for these reasons the company is “excited to sign this revenue-driving Channel Partner agreement.”
As I said before, this is extremely exciting news. Hence, I would have forecasted that BIG Blockchain would be seeing green today. When all is said and done, this partnership is going to benefit both BIG Blockchain and Securrency as the activities the companies are involved in will open a number of doors in the global markets where more and more companies are starting to adopt cryptocurrency technology.
That doesn’t seem to be the case, however. As of right now, BIG Blockchain is trading at $0.93 on the Canadian Securities Exchange. This puts the stock down $0.07, or 7.00%. The company currently has a market cap 68.60 million.
The Takeaway
Perhaps it’s just a one-off and the BIGG stock will be moving higher for the rest of the week. All I can suggest is that shareholders keep a close eye on company’s stock price going forward.
Featured Image: twitter
