The stocks belonging to BTCS, the bitcoin company has been seeing a considerable amount of activity in the recent days. Being traded on OTCMarkets, the ‘Pure Play’ US public company has been under the weather lately as its stocks hit an all-time low.
The company’s stock prices have plunged steeply to trade at $0.06 a pop. As the price started to exhibit a downward trend, there has been a significant increase in the trade volumes. The increased trade volumes were a result of investors selling/liquidating their BTCS shares to prevent further losses. With investors panicking, it has been a field day for the shorters.
The company has been throwing a lot of warning signs, with the latest one being Spondoolies Tech, an Israeli company in which BTCS had made a significant investment filed for bankruptcy after the company’s employees filed a lawsuit for non-payment of salary. According to reports, BTCS made investments in Spondoolies Tech with the intention of merging with it on a later date, but with the Beersheva district court in Israel appointing a temporary liquidator for Spondoolies Tech, it is highly unlikely to materialize.
This year’s first quarter financial report of BTCS shows that the company