In the meanwhile, the e-commerce company that allows customers to pay in cryptocurrency, fell by 11%. It ended the day with a loss of almost $200 million and $1.8 billion market capitalization. According to Bloomberg’s report, China is also working on its regulations for app-based and other online cryptocurrency services that are similar to its exchanges.
Square and Overstock aren’t the only companies that experienced these disastrous results. In a past few months, some smaller companies have also announced plans to move into the blockchain space. In some cases, they use the word “blockchain” to get some of the sufficient investor interest for anything even vaguely related to cyrptocurrencies and they’ve also tied themselves to the volatility in cryptocurrency prices.
On Tuesday, shares of Riot Blockchain, once a + firm dubbed Bioptix, shed 17% and Chanticleer, an owner of some Hooters locations, shed 4%.
Eastman Kodak, best known for their cameras, fell 8%. At the end of the month, the company has announced plans to offer a cryptocurrency under the name of KodakCoin, initially sending shares up by 60% on the day of the announcement.
Shares of Long Blockchain (Long Island Iced Tea) shed 2%. On Tuesday, the one-time drink maker declared his plans to merge with a U.K.-based firm, Stater Blockchain, which focuses on developing and organizing globally accessible blockchain technology solutions in the financial markets.