Colorado cryptocurrency company and homebuilder suffered big point drubbings on Monday, while a gold miner picked the momentum and managed to gain.
Colorado stocks fell over a huge percentage on Monday, the S&P 500 Index and the Dow Jones Industrial Average faced their biggest 1-day drops ever.
The Bloomberg Colorado Index which is a basket of stocks traded by 68 companies based in Colorado, suffered the drop of 3.2 percent and is down 1.5 percent for the year, the decline matches the decline in the Dow Jones. However, only one Colorado stock was up, a gold mining company.
54 Colorado companies in the index of the 68, fell Monday while 7 Colorado companies managed to rise and 7 companies remained even on the day.
Bankrate’s chief financial analyst, Greg McBride said in a commentary on the market, “Markets have been addicted to low-interest rates and global central banks pumping money into the financial system. As economies around the world are improving, this means higher interest rates and less stimulus from central banks. That’s why investors are throwing a hissy-fit. Not because anything is wrong.”
On Monday, Bitcoin has lost in value more than three-fourths of its value since Thursday, the coin was trading nearly $1.60 on Monday to $6,579 as it fell over 19 percent but managed to recover $7,054 later.
Cryptocurrency company Riot Blockchain which was top performing stock company in 2017 in Colorado with a gain of 640 percent, lost its value by 12 percent on Monday to $10.70, it was trading as high as $46.20 on December 19, 2017.
While a Denver-based coal mining company, Westmoreland Coal’s shares fell 6.8 percent on Monday. In addition, the shares of the company are down 20.7 percent in 2018 and are down 94.7 percent for the past 12 months.
Ascent Capital, Century Casinos, and Real Goods Solar are other companies that face a big loss on the day among Colorado stocks.
On the other hand, shares of Vista Gold was rising 4.6 percent on the day, the nervous investors managed to buck the trend.