SOS Stock Price: Sos Ltd extends decline as Bitcoin miners tumble during market sell off – FXStreet

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NYSE:SOS fell for the third straight day on Thursday as the broader markets continued to see downard selling pressure following a surge in the 10-year treasury yield rate. The key rate hit 2.9% on Thursday which is its highest level since 2018. Shares of SOS fell by 2.79% and closed the trading session at $0.44. The broader markets succumbed to the yield rate spike as all three major averages dropped lower into the close. The Dow Jones fell by 368 basis points, the S&P 500 lost 1.48%, and the NASDAQ plummeted by 2.07% during the session.
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As treasury yields surged on Thursday, growth sectors felt the bulk of the pressure as the NASDAQ extended its losses to nearly 17% so far this year. Bitcoin miners, like SOS, were beaten down as rivals like Ebang (NASDAQ:EBON), Canaan Inc ADR (NASDAQ:CAN), Riot Blockchain (NASDAQ:RIOT), and Marathon Digital Holdings (NASDAQ:MARA) were all trading well below water. The industry traded lower despite the price of Bitcoin rising during the session as the benchmark crypto nearly touched the $43,000 price level before falling back down to just below $41,500 at the time of this writing.
SOS Stock
While it’s been a tough year for SOS, the company is banking on its expansion over into the US. SOS recently established a new project in Price County, Wisconsin where it is building a Super-Computing and Hosting Center which will host over 18,500 supercomputers. It is unclear when SOS will begin to benefit from the mining activities, but needless to say, it’s a step in the right direction after China banned crypto mining earlier this year.

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EUR/USD came under renewed bearish pressure in the early European session and fell below 1.0800 amid risk aversion early Friday. Although the data from the eurozone showed that the private sector business activity expanded at a robust pace in April, major European stock indices are trading deep in negative territory.
GBP/USD came under heavy bearish pressure on disappointing UK Retail Sales data on Friday and touched its weakest level since November 2020 near 1.2900. The mixed April UK PMI surveys don't allow the British pound to stage a recovery.
Gold came under some renewed selling pressure on Friday and dropped to a near two-week low, around the $1,930 region during the first half o the European session. Fed Powell's speech at an IMF event sounded extremely hawkish and all but confirmed a 50 bps rate hike.
Bitcoin price shows an interesting move to the downside to purge the sell-side liquidity before heading up to $46,200. Investors can expect BTC to stabilize between $40,100 to $40,500 and trigger a run-up to yearly open.
The meltdown in Wall Street, courtesy of Fed Powell’s hawkish reinforcement, exacerbated the pain in the stock. HYMC hit fresh monthly lows at $1.5100 before staging a modest comeback to settle Thursday up 1.95% at $1.5700.
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