Overstock and Galaxy Digital Shares Face Drawback from Crypto Bear Market
Since the start of 2018, the overall cryptocurrency market has struggled to maintain a recovery from its multi-month downtrend. In accordance with increased selloffs, companies heavily vested in the nascent digital asset class are starting to face drawbacks. Overstock Shares Plummet Despite tZERO Investment Online retail giant Overstock.com Inc. entered the cryptocurrency sector when it launched decentralized exchange tZERO in 2017. t0.com (tZERO), a majority-owned subsidiary of Overstock, was established with the mission of integrating commercial-scale blockchain applications into the financial sector through a new security token software. The recent selloffs in cryptocurrency, sending Ethereum and Bitcoin prices below key support levels, have catalyzed falling market sentiment for both digital assets themselves and the companies backing them. Overstock (OSTK) share prices declined 21 percent this week, marking total net losses of approximately $65 million in Q2 2018 thus far, according to MarketWatch. Related: tZERO Announces $270 Million Investment from GSR Capital
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