UBI Blockchain Internet Ltd (OTCQB:UBIA) stocks are down -30.22%, closing the day at $44.48. The stock closed at $63.74, making it down $-19.26 from yesterday. The stock hit all-time highs on Sunday the 18th, closing at $87.00 a share.
UBI Blockchain Internet, Ltd does not have specific operations. Back in November of 2016, it changed its name from JA Energy to UBI Blockchain Internet, Ltd. Before the name change, its primary focus was in designing a suite of modular, self-contained, automated, and climate controlled units for the distributed production of energy. It was founded back in 2010 and its headquarters are currently in Hong Kong. It currently holds 18 employees.
In the beginning of December, UBI’s stock increased almost eight-fold. The interest in most blockchain based stocks has increased exponentially this year, more specifically the last half as Bitcoin (BTC) futures were announced to launch on major exchanges on Wall Street.
Source: StockStreetNews
UBI Blockchain Internet Ltd’s stock growth is directly contributed to the launch of these Bitcoin futures. As the first and smaller exchange, launched its first set of futures contracts on December 10th, the stock rose 25% the following day and 61% the following day. In the run-up to the larger exchange, CME, launching its future contracts this past Sunday, December 17th the stock climbed another 20.65% the following day, the 18th.
Source: CoinMarketCap
UBI’s stock has since mirrored the price of Bitcoin in the way in which the cryptocurrency dropped nearly $2,000 in a single day after the futures were launched. BTC is currently selling at $16,541.50 a coin, down -5.76 percent. The world’s first digital currency is down .20 percent for the month but is up 1616.52 percent, year-to-date. Blockchain technology stocks and anything that has to do with the blockchain or cryptocurrency has been booming lately. We will continue to closely monitor the stock and provide more information, as more news develops.
Featured Image: depositphotos/StockPhotoAstur
