When a stock jumps considerably within a short span of time, then it is often noticed that investors choose to take some of their profits off the table and that results in a decline in the stock price. That was the reason behind the decline in the Global Tech Industries Group Inc (OTCMKTS:GTII) stock yesterday after it had garnered strong gains recently.
Earlier on this week, the Global Tech Industries stock saw its stock soar after it announced that its cryptocurrency trading platform Beyond Blockchain was launched successfully. The company made the announcement on June 21 but the platform had been launched on June 18.
It is a significant development for the company considering the fact that cryptocurrencies continue to garner a lot of attention among people despite the recent fall across the board.
The company revealed that after the launch of the platform on Friday, it attracted steady stream of visitors. While some of them may have been Global Tech Industries Group shareholders others seemed to be first time visitors who wanted to take a look at Beyond Blockchain. In addition to that, many visitors set up their new accounts on the platform and also set up their digital wallets.
Market Reaction:
On Wednesday, GTII stock fell 19.50% to $1.40 with more than 353K shares, compared to its average volume of 474k shares. The stock has moved within a range of $1.3600 – 1.7700 after opening the trade at $1.56. Over the past 52-week, the stock has been trading within a range of $0.0121 – 4.5500.
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